Commercial law is the body of law that governs business and commercial transactions. It’s derived from a mix of common law, statute law and regulatory law. Commercial lawyers in Melbourne complete work that affects all aspects of business, including the formation of contracts, the sale of goods and services, employment law and insolvency. This quick guide to commercial law will go over what commercial law is and why it’s important.
What is Commercial Law?
Commercial law is a broad area of law that covers many different legal topics, such as:
- Contract law
- The law of the sale of goods
- Employment law
- Intellectual property
- Bankruptcy and insolvency
Commercial lawyers in Melbourne are usually experienced in multiple areas of the law. As commercial law is always evolving, possessing knowledge from adjacent legal fields is often necessary in order to maintain a robust understanding of commercial law.
Why Are Contracts in Commercial Law Important?
The law of contracts is arguably the most important area of commercial law, and one that commercial lawyers in Melbourne are regularly contacted to assist with. Contracts are important as they’re an agreement between two or more parties that creates obligations enforceable by law. The main purpose of a contract is to establish the rights and duties of the parties to the agreement. The law of contracts governs the formation, performance and enforcement of contracts.
How Are Sales of Goods Monitored in Commercial Law?
The law of sale of goods is the body of law that governs the sale of goods and services. The law of sale of goods is derived from common law, statute law and case law. The main purpose of the law of sale of goods is to protect the buyer’s interests by ensuring that the seller delivers the goods as promised and that the goods are of merchantable quality. Commercial lawyers in Melbourne can help consumers launch disputes against a company or sole trader who has sold them illegitimate goods or goods that do not perform as marketed and promised.
Is Employment Law Part of Commercial Law?
While employment law arguably spans multiple law areas, it is primarily associated with commercial law. Employment law is the body of law that governs the relationship between employers and employees. Employment law includes the law of contracts and the law of labour. The main purpose of employment law is to protect the rights of employees and to ensure that they’re treated fairly by their employers. Commercial lawyers in Melbourne are often tasked with helping to resolve disputes amongst employers and employees.
Intellectual Property in Commercial Law
Intellectual property law is the body of law that governs the protection of intellectual property, such as trademarks, copyrights and patents. The main purpose of intellectual property law is to protect the rights of creators and owners of intellectual property.
Bankruptcy & Insolvency in Commercial Law
Bankruptcy and insolvency law is another important body of commercial law. This particular body of law governs the insolvency of businesses and individuals and the due processes they must follow. Bankruptcy and insolvency law protects the rights of creditors and ensures they’re repaid as much as possible.