Whether you want to pursue your career as a commercial lawyer or are a business owner who needs to hire a commercial lawyer, it is crucial to know about Australian commercial law to make an informed decision.
As the name suggests, commercial law talks about business-related sales and trades. However, many other aspects are also involved in this law. Read this article to learn more about commercial law and why commercial law is important for your business.
What Is Commercial Law?
Commercial law constitutes all the laws related to sales and trade. It includes laws on the sales of goods, finance, business contracts, insurance, taxation, partnerships and bankruptcy. It determines the legal rights and obligations of the business owners in several types of contracts, such as guarantees, purchase of goods, agency agreements, and contracts for carriage and goods.
Branches Of Commercial Law
Commercial law deals with a variety of laws, so it is divided into different branches for clear demarcation. Here are the various branches of commercial law:
Property law looks after the transactions related to different types of properties. It mainly constitutes a transfer, rental of immovable property, sale, lease and the ambit bailment of movable property.
Corporate law governs the entity from where the corporate gets the power. It deals with the management, formation and termination of corporations. It works on the legal provision in matters, such as raising capital, redemption of shares, mergers and acquisitions, election of directors, prevention of insider trading and distribution of dividends.
Contract law deals with the formation and enforcement of contracts between two parties. It ensures to include the elements of a valid legal contract and the solutions available to the parties in case any breach of contract happens by chance.
Business regulation law covers the implementation of government rules and regulations for business organizations, labourers, factories and trade unions.
Tax law deals with the government levy of direct and indirect taxes on all business transactions, such as excise, capital gain, sales, profit distributions, taxes and income.
Intellectual Property Law
Intellectual property law covers the patents, copyright and trademarks of innovative and creative works.
Characteristics Of Commercial Law
Whilst commercial law covers a lot of laws under its umbrella, there are five basic characteristics that define it:
Commercial law is related to the particular office of a professional sector, such as business and trade.
The progressive law keeps on updating depending on the changes in the commercial exercise in a particular geographical location.
Customary is the major element that is covered in commercial law, which includes the commercial traditions of the country.
Commercial law operates beyond the national border and regulates international trade transactions between different companies or between individuals.
Commercial law is a part of private law also; thus, it focuses on the trade transactions between individuals, seeking the regulation and benefits of both parties if they adhere to the legal framework.
The different commercial entities, both international and national, use the law to resolve conflicts. This results in forming a corpus of historic decisions that will further become the basis for future laws and decisions.
Importance Of Commercial Law
Now, let’s understand why commercial law is important.
Commercial law is very important for ensuring that all economic activities are performed properly. It sets the structure for intervention by the public authorities if required, as it is in protecting the customers.
Commercial law also governs the financial system, given the amount of money that is generally handled in commerce. It also determines the relationship between legal entities and clients and companies, as well as buyers and sellers.
What Do Commercial Lawyers Do?
The various commercial legal facets of a company are dealt with by commercial lawyers or commercial law firms in Sydney. However, it depends on the area in which the lawyer is an expert. The majority of transactional work is devoted to safeguarding the client’s enterprise through the control of numerous risks. For example, interpreting the law to determine how to shield the client from responsibility for statements made on his website.
A wide variety of commercial agreements and common legal language, like disclaimers, are also routinely handled by commercial lawyers at commercial law firms in Sydney.
Skills Needed To Be A Commercial Lawyer
Commercial law is a broad field that involves a lot of contractual work. As a result, it calls for someone with strong, great research skills and a keen sense of curiosity.
A commercial lawyer must stay current on all rule and regulation changes, as well as gather in-depth knowledge of their client’s industry and the variables that influence how they conduct business.
Besides these, attention to detail is important to become a commercial lawyer, as small mistakes in a contract or agreement can cause a huge problem for the client’s business. Team management is also important as a lot of people, which includes staff members and colleagues, work together.
How Madison Marcus Can Help You
Do you now know why commercial law is important?
Commercial law ensures that business contracts and transactions are done right and abide by governmental rules and regulations. Not everyone is well-versed in the ever-changing rules and regulations in Australia. Thus, it is necessary to hire a commercial lawyer or a commercial law firm in Sydney to assist in all these things for safe and secure business operations.
If you are looking for experienced and professional lawyers, then you can reach out to us at Madison Marcus. We are a leading commercial law firm that hosts lawyers from all domains. Our expert lawyers have intensive knowledge about their subjects, so you will get the best legal services available.
For all enquiries, contact us here.