There are several fields of law each handling a particular aspect of the law. For instance, there is the criminal law on one hand addressing complaints that are criminal in nature and the civil law on the other hand. It is under civil law that business law, otherwise known as commercial law falls.
Commercial law in particular can have a great impact on your business. This field of law is responsible for the regulation of commerce and trade. As such, the rights and duties that relate to your business are governed by commercial law.
Legislation impacts on businesses both positively and adversely. For instance, several employment laws that have been enacted in the United Kingdom in the recent past have been to the detriment of the employers. The same case applies to legislation on anti-discrimination, health and workplace safety regulations as well as data protection regulations. All this recent legislations do not augur well with many United Kingdom company directors. In most cases, the employers are the business owners as well.
There are however multiple instances of how the law can help your business. This includes reliance on intellectual property laws which provide that original designs, products and inventions should be credited to whoever came up with them and as such patented or copyrighted. Having done this, your business can reap perpetually and have sole rights to do so with respect to its original products, designs or inventions.
The law also provides the framework for all commercial transactions in that it regulates contracts and similar commercial agreements. As such, you can refer to the law before entering into a contract on behalf of your business. At the same time, you can rely on a provision of the law to render a certain agreement void and unenforceable before the courts thereby ridding your business of liability.
Into the bargain, the law comes in handy while your business determines its relationship with creditors and other parties. This is evident in the requirement that each business must be regulated by certain terms and conditions. Your business can come up with such terms and conditions as are necessary to meet its objectives and limit its liability. It is however noteworthy that while coming up with such terms, you must invariably act within the ambit of the law.
The law can help your business during instances of marketing. Your businesses’ marketing department ought to be familiar with tort law so as to avoid libel claims. This can in turn save your business a fortune as many businesses lose a lot of money by meeting such claims.
Those in the advertising department also need to have a grasp of the principles regarding defamation so as to identify defamatory statements directed at your business (by other advertisers) and effectively lay claim on such grounds. Damages obtained from such claims are all to the credit of your business.
Arguably, the law is the cornerstone of all business transactions. Consequently, it is desirous for business owners and the management alike to be familiar with the laws that be.
Blandy and Blandy Solicitors is a regional firm of lawyers and solicitors in Reading, Berkshire at the heart of the Thames Valley. We are highly regarded for the quality of our legal services with eleven of our practice areas rated in the legal directories and twelve of our partners recognised by Chambers and Partners legal directory as ‘Leaders in their field’.