The commercial law or commercial lawIt is the branch of Private Law that is constituted by a set of norms that regulate everything related to the acts that the law qualifies as commercial acts. In short, it is the branch of Legal Law that regulates commercial activity.
Commercial law is considered autonomous, since its existence does not depend on any other discipline of legal order because it has its own normative system, it has its own jurisprudence and philosophy.
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The main function of Commercial Law, is to ensure the proper functioning of economic activity and reestablish the laws so that the Consumer Protection Law is complied with.
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In this article you will find:
Sources of Commercial Law
Commercial Law, bases its development mainly from three sources:
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The law: Considering that commercial law is also a form of positive law, it has its own written and published rules of the regulations and conditions that establish commercial law. Common law will take its place in the event of any inconsistency in said law.
- Custom: Knowing that commerce arose long before commercial law arrived, it must inherit the specific commercial traditions and rules of each community or region.
- Jurisprudence: It is the interpretation of the laws, carried out by the jurisdictional bodies. It is listed as the most notable interpretive source of Positive Law when there are legal gaps.
Characteristics of Commercial Law
The following basic characteristics define what Commercial Law is:
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- It is a professional right: it was created in order to resolve conflicts in activities that properly concern merchants.
- It is an individualistic right: as it belongs to private law, it leaves aside the decisions where public powers intervene, and puts more emphasis on private law.
- It's a common law: because it is based on the commercial traditions of the countries.
- It is a progressive right: commercial law is progressive because it is based on the dynamics of commercial activity.
- It is global or internationalized: economic and commercial activities are intrinsic to the globalization process. Therefore, commercial law has had to internationalize in the same way, for which various institutions are working on its international regularization.
Importance of Commercial Law
Economic and commercial activities are highly complex, which require great transparency in their regulations. Commercial law seeks, among other things, to achieve a fair and ethical balance in economic activities.
Branches of Commercial Law:
Commercial law covers a large number of processes: commercial, economic and commercial.
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- Banking law: is one that normalizes the exercise of banks and other financial entities.
- Bankruptcy law: contains the rules relating to everything related to debtors and creditors.
- Contract law: is one that is related to contracts, obligations and commitments acquired voluntarily when accepting a contract.
- Corporate law: called company law or corporate law, it is dedicated to entrepreneurs and their business associations.
- Industrial property law: it is one that protects the productive exercise, industrial innovation, the way in which industrial activities act, organize and develop.
- Exchange law: refers to everything related to securities, investments and shares.
- Maritime law: is responsible for regulating commercial transactions of goods and services between regions and countries through the merchant marine.
Examples of Commercial Law
A simple example of the use of commercial law is made up of international commercial agreements and regulations. Here are other examples of commercial rights:
- Check: it is a security, an accounting document where a named person is authorized. Through this, the banking institution is authorized to pay a certain amount of money to a beneficiary.
- I will pay: it is a payment commitment, where a person indicates that he will pay an amount of money in a certain period of time.
- Actions: it is a security, where a corporation indicates the value of the fractions that make up a capital stock.
- Buy and sell: It is a contract where one person is obliged to deliver a certain thing, and the other to pay a price either in money or in something that represents it.
- Commission: indicates the percentage charged for the transaction.
- Credits: It is a commercial operation where a money loan is made for a certain amount. The applicant agrees to return the requested amount with accrued interest.
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