What is covered under the Business Law?
Company law is mostly used when referring to the business law. Both public and private law is covered by this branch of law. Public law regulates the behavior of people in a society while private law regulates on behave of parties in a contract. The parties to a contract are governed by private law while public law governs all members of the society. When we say parties to a contract, we mean all the people in a contractual relationship.
A contractual agreement has various elements. The following is an attempted explanation of these terms. An offer is an agreement to do or not to do something and is made in exchange for one to act accordingly. The consent given to act according to the offer made is known as acceptance. A consideration is the willingness of the parties to act with consideration of the law. Individuals are bound by the law to undertake in the activities spelled out by the contract and this is known as the mutuality of obligation. Parties should of the required legal age s that they can be bound legally by the contract and this is referred to as the consensual capacity and competence. A written instrument requires that certain contracts be in written form.
Business has a wide scope. This is a good opportunity for the lawyer practicing commercial law.The practice of company law has attracted various law firms. They avail their services for entities in need. Hiring such lawyer will enable your business to operate smoothly.These lawyers should have the relevant academic and legal certifications that allow them to practice. The necessary field experience will allow them to carry out their work effectively. Since business law entails a wide coverage, the firm should be organized into various teams of experts. The lawyer should be fully equipped to practice in their areas of specialization. The teamers should be driven by the same goal of meeting clients’ needs. Teamwork will allow them to serve their clients better. This will give a good overall performance to the company. For them to market their skills easily, they should develop a good work ethic.
A good law firm should also offer training to recent law graduates. The law firm will have the chance to replace retiring lawyers with a young pool of lawyers.This facilitates the existence of the firm to the unforeseeable time in the future. Newly established law firms lack the competitive advantage that firms that have been in the existence for a long time have. Business law is truly a big branch of law.