Business Law & Legal Definition
Business law encompasses the law governing contracts, sales, commercial paper, agency and employment law, business organizations, property, and bailments. Other popular areas include insurance, wills and estate planning, and consumer and creditor protection. Business law may include issues such as starting, selling ,or buying a small business, managing a business, dealing with employees, or dealing with contracts, among others.
The Uniform Commercial Code (UCC), which governs sales and commercial paper, has been adopted in some form by almost all states. There are agencies at the state and federal level which adminster the law in such issues such as employment affairs and consumer and credit protection. The laws aim to protect fair business practices and due process rights for aggrieved workers and others.
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