business law summary

Written and fact-checked by The Editors of Encyclopaedia Britannica

Below is the article summary. For the full article, see business law.

business law, or commercial law or mercantile law, 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.

warranty Summary

Warranty, a promise or guarantee made by a seller or lessor about the characteristics or quality of property, goods, or services. A warranty can be either “express” (i.e., explicit oral or written representations about the quality or identity of the item) or “implied” (i.e., inferred into the

Mansfield, William Murray, 1st earl of, earl of Mansfield, baron of Mansfield, Lord Mansfield

William Murray, 1st earl of Mansfield Summary

William Murray, 1st earl of Mansfield was the chief justice of the King’s Bench of Great Britain from 1756 to 1788, who made important contributions to commercial law. William Murray was the son of the 5th Viscount Stormont. Educated at Perth grammar school, Westminster School, and Christ Church,

agency Summary

Agency, in law, the relationship that exists when one person or party (the principal) engages another (the agent) to act for him—e.g., to do his work, to sell his goods, to manage his business. The law of agency thus governs the legal relationship in which the agent deals with a third party on

bankruptcy Summary

Bankruptcy, the status of a debtor who has been declared by judicial process to be unable to pay his debts. Although sometimes used indiscriminately to mean insolvency, the terms have distinct legal significance. Insolvency, as used in most legal systems, indicates the inability to meet debts.