As the commercial world becomes more complicated, so does commercial law.
Unsurprisingly the wide range of types of commercial law, including contracts, consumer protection laws and dispute resolution, each have their own complexities which can cause more confusion as to which type of commercial law relates to you.
In the following article, let’s go through the different types of commercial law available to you.
What is Commercial Law?
Commercial law governs how businesses and consumers can function within a commercial environment. Basically, it is the interaction between the law and commercial dealings.
What Types of Law are Considered Commercial Law?
Contracts
Contracts are agreements between businesses and/or individuals which set out the promises and obligations of each party. If someone fails to do their part, parties can then seek remedies. Well-written contracts enable businesses and individuals to limit their risk, resolve disputes easily, and ensure good commercial relationships.
Lawyers can, but are not limited to, assist with the following:
- Ensuring your rights and obligations are expressed fairly within a proposed contract; and
- Providing you with advice on the next steps if someone breaches their contract with you.
Property Law
Property law covers the following:
- Real property: land and buildings;
- Personal property,: cars, jewelry, bank accounts and shares; and
- Intellectual property: patents, trademarks and copyright.
Property law depicts the rights and responsibilities in relation to property such as the abovementioned. This can include regulating how property is bought, sold, leased and used, and how disputes regarding property are managed.
Lawyers can, but are not limited to, assist with the following:
- Preparing contracts for the sale, purchase or lease of commercial property;
- Reviewing the terms and conditions of lease agreements to ensure your interests are protected; and
- Handling potential disputes in relation to your rights to own and use commercial property.
Corporations Law
Corporations law is governed predominately by Corporations Act, which depicts the structure of companies, and how they run. This involves everything from creating a business, or when merging with, buying or selling another business. It also outlines the rights and obligations of shareholders or company directors.
Lawyers can, but are not limited to, assist with the following:
- Negotiating the terms of the sale or purchase of businesses;
- Ensure your business is compliant with the Corporations Act and other relevant laws;
- Advise on the restructuring of your business; and
- Advise on director, shareholder and investor responsibilities;
Competition and Consumer Law
The Australian Consumer Law (ACL) applies to all companies and trade, including international businesses that conduct business in Australia. It protects businesses from unfair outcomes and ensures consumer protections and guarantees by preventing unfair contract terms, faulty products or misleading advertising.
Lawyers can, but are not limited to, assist with the following:
- Advise businesses on how to ensure they are compliant with the ACL; and
- Handle disputes between businesses and consumers.
Employment Law
There are rules around relationships between employees and employers, including working conditions and fair wages. Both the employer and employee must be aware of these when deciding on their employment agreement as businesses must follow legal guidelines, and employees should be treated fairly. The majority of this is covered by the Fair Work Act.
Lawyers can, but are not limited to, assist with the following:
- Advise on and draft employment contracts; and
- Handle disputes involving unfair dismissal or the terms of an employment contract.
Privacy and Data Protection Law
The Privacy Act regulates how businesses can handle personal or sensitive information of individuals. The management and protection of this data is important for customers, particularly in our digital age.
Lawyers can, but are not limited to, assist with the following:
- Ensuring businesses are compliant with the laws on how to handle and protect personal information; and
- Advise and handle disputes if an individual has complained a business has misused their personal information.
Further Related Types of Commercial Law
Whilst the list above covers the practice areas that appear most commonly in commercial law, commercial law may also interact with:
- Tax law;
- Insolvency and debt recovery;
- International trade laws;
- Environmental law; and
- Criminal issues (such as fraud).
Summary
The nature of commercial law means it can interact with almost anything, reflecting how involved the commercial world is in everyday life.
However, this does not, and should not, make it impossible to understand the different types of commercial law. This guide identifies the primary types of commercial law and briefly defines each to aid in understanding the rights and responsibilities for commercial dealings.
Dettmann Phair Lawyers -Your Trusted and Experienced Legal Professionals
At Dettmann Phair Lawyers, our experienced commercial dispute lawyers have engaged in all forms of the dispute resolution process and can assist you with your matter.
To explore your options, call one of our expert litigation lawyers at Dettmann Phair Lawyers today at (02) 9412 4500 or complete our enquiry form online.
Author
About the Author
Damian Phair, principal at Dettmann Phair Lawyers, brings over 20 years of legal expertise to his role. As an experienced practitioner in commercial law, Damian's extensive experience encompasses complex commercial agreements, dispute resolution, and litigation. His strategic approach and in-depth knowledge allow him to share valuable insights and practical advice, helping businesses navigate the intricacies of commercial law effectively. Email: dphair@dettmanns.com Phone: 0294124500
