Business and commercial law is an area of law that is governed by a number of laws. It includes tax law, property law, contract law, and debtor and creditor law. The articles in this section of the site are geared to help you understand the basic laws of this area.
Contract law
Contract law in business and commercial law describes the legal relationship between two or more people. It provides rules governing the formation of agreements and the enforcement of contracts. Generally, it explains when a contract is enforceable, when it is not enforceable, and what the injured party can do to remedy the situation.
A contract is a written agreement between two or more people, which specifies the obligations and rights of the parties. Most businesses use contracts for various reasons. For example, a written contract makes it easier to enforce the agreement.
Contracts can be formal written agreements, informal oral promises, or handshake deals. They can be for the sale of goods, services, or real estate.
The Uniform Commercial Code (UCC) is a collection of guidelines and regulations on commerce. Each state has adopted some version of UCC.
Property law
Property law is the science of governing the transfer of ownership, use and possession of property. This includes land, water, personal items and other forms of property. It may also involve the creation of legal commons in the air and water and other forms of intellectual property.
Laws on property vary from state to state. They cover things like eminent domain, the sale of immovable properties, the drafting of contracts and more. Some property laws are even enacted by federal government.
In addition to the state laws, local governments often create their own zoning regulations to limit the uses of a particular piece of property. Businesses are affected by zoning rules. Depending on the nature of a particular business, the restrictions may be more or less specific.
Tax law
Business and commercial law are the legal rules that govern the formation, management, and distribution of businesses. It includes issues like business contracts, product defects, and interactions with third parties.
A tax lawyer is a legal professional who specializes in tax law. These professionals may work on their own or on a team. In addition to specializing in tax law, they may have a range of experience. This can include working for corporations, government agencies, and nonprofit organizations. They may also prepare for trials, negotiations, and hearings.
Taxation is a very important aspect of business and commercial law. Whether you own a sole proprietorship or a corporation, taxes can affect you. Depending on your type of business, you may be subject to business profits and taxes, partnership taxes, or corporate earnings taxes.
Debtor and creditor law
Debtor and creditor law is the study of how to seek repayment from non-insolvent debtors. It is a complex area of law encompassing both substantive and procedural facets. While the most common manifestation of this type of law involves bankruptcy proceedings, it can be applied to all manner of financial calamities.
The best way to describe this branch of law is to highlight the major statutory and legal frameworks. This includes a plethora of laws that govern how and when creditors can seize and liquidate debtor property. In some instances, a debtor may be required to furnish a piece of property to his or her creditor in exchange for compensation.
A creditor’s lien is a claim against a debtor’s property, such as a home, vehicle, or other asset. If the debtor does not repay the loan, the creditor can sell the property, with the proceeds being used to pay off the loan.
NYU Law Venture Fund
The NYU Law Venture Fund is an entrepreneurship and innovation program that supports alumni entrepreneurs and offers summer and equity investments. It is part of the Social Enterprise & Startup Law Group at NYU School of Law.
Students from the NYU Law Entrepreneurial Law Clinic have the opportunity to practice and refine their legal skills while engaging in real business deals. These students build corporate documentation, negotiate complex business deals, and provide legal advice. They also develop a writing portfolio.
The center’s faculty and students work to solve issues that affect the world. They are experts in compliance, international business law, innovation, and intellectual property.
In recent years, new niche communities have formed. For instance, the community of SEVEN (Students Electing Value, Equality, and Empowerment) is a student group that builds a network of student founders. Their work has included projects such as Walking Merchandise, which supports social change workers and promotes sustainable consumption and environmental practices.
