business law: Information from Answers.com

Legal rules and principles bearing on business organizations and commercial matters. It regulates various forms of legal business entities, including sole proprietors, partnerships, registered companies with limited liability, agents, and multinational corporations. Nearly all statutory rules governing business organizations are intended to protect creditors or investors. In addition, specific bodies of law regulate commercial transactions, including the sale and carriage of goods (terms and conditions, specific performance, breach of contract, insurance, bills of lading), consumer credit agreements (letters of credit, loans, security, bankruptcy), and relations between employers and employees (wages, conditions of work, health and safety, fringe benefits, and trade unions). It is a broad and continually evolving field. See also agency; corporation; debtor and creditor; intellectual property; labour law.

For more information on business law, visit Britannica.com.

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