Dec 21 2012
Business Law
Business Law – A brief description of Business law and what it entails.
Business law (also known as commercial law) is the area of law that dictates and interprets the rules and regulations regarding commerce, business matters, and business transactions. This area of law has many facets that deal with matters such as, employment practices, contractual issues, the manufacturing and distribution of goods and services as well as intellectual property rights just to name a few.
Business law, pertaining to contracts, monitors the fulfillment of financial obligations readily agreed upon in those contracts. Lawyers who handle contracts for businesses or corporations typically participate in the drafting, editing, and execution of these agreements. They make sure that all the parties named in the contract adhere to the outlined stipulations and assist in making changes when necessary. For example, buying or selling a company typically demands the participation of a business law attorney that will draft a contract on behalf of the seller outlining the previous, verbally agreed upon guidelines. The buyer will also have a business lawyer review the drafted contract and each attorney will follow through to ensure the proper execution of the contract.
Another function of a business attorney is to make sure that certain contracts or transactions proceed according to the laws that govern that particular area. For example, if someone was to open a bar or nightclub in a certain area or community, a business law attorney would review possible zoning laws that may prohibit a business of that type to operate in a certain area based on restrictions that the local government has established. Laws of this type are always different from community to community and can evolve from the local, state, and federal levels. It is important for business law attorneys to be well versed in all of these areas.
As mentioned above, business law also involves the drafting and editing of rules and regulations regarding employment practices. Lawyers who handle this aspect of business law must review the guidelines set forth by a prospective employer and make sure that these rules are legally relevant. These laws include such things as preventing discriminatory behavior and drafting rules that effectively create boundaries for accepted behavior as a guide for both the employer and employees. Business law attorneys serve to write these rules and assist in changing them when it is necessary to do so.
Intellectual property is another large segment of business law that deals with creative concepts or inventions. Intellectual property law protects the ideas of inventors or other individuals from those who try to “copy” or “steal” the idea for any type of gain. There are different types of classifications such as trade secrets, copyrights, trademarks, and patents that all cover different types of creative ideas, designs, and inventions under their prospective umbrellas. A business attorney who deals in intellectual property will review an idea, determine whether anyone else has developed the same concept before, and design a parameter that will protect said idea. Business law attorneys who specialize in intellectual property must also be versed in international business law, to some extent, due to the scope or reach of a certain idea that they are protecting, as well as, the impact or restriction that another country’s laws may have on an idea or invention.
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