Business law.
Business laws exist to create reliable standards for companies to follow. Most business transactions fall under contracts law, concerning themselves with issues such as uniformity and creating standards that are easy to follow in the ordinary course of business.
Main Purpose
Business laws create consistent, predictable standards. While laws that govern businesses vary by state, they all have certain requirements that reduce risk and uncertainty between parties that enter into formal agreements.
Enforcement
Many business relationships form over contracts. In order to encourage the formation of business relationships, laws must provide enforcement that allows contractual relationships to stay intact.
Predictability
Predictable business laws allow people in business to enter into multiple transactions with the assurance that each transaction receives a certain level of protection. For example, a commercial leasing business may sign multiple leases in a single day. They can do this because of the predictable ways in which states govern lease transactions.
Uniformity
Uniformity saves time in business law. When business owners rely on the same laws to conduct business, they need to know that state agencies and courts apply the laws in a uniform fashion. Judges frequently consider the potential for uniformity when they interpret any area of business law.
Uniform Commercial Code
The U.S. Small Business Administration defines the uniform commercial code (UCC) as "a comprehensive set of laws governing commercial transactions between U.S. states and territories." Not all states have adopted the entire UCC, but they have all adopted a version of the code.
Tags: business relationships, enter into, have adopted, Purpose Business, they have