Fundamentals of Commercial Law

Commercial law, often known as ‘mercantile law’ or ‘trade law’, is the body of law that governs the conduct of people and businesses engaged in commerce. This body of law alleviates challenges and misunderstandings faced by economic actors. These laws are not created out of thin air but are the result of extensive and careful analysis conducted by groups of stakeholders and elected officials over the centuries. This course covers the core concepts of commercial law and shows you how these laws are enacted to affect local and international trade. We begin with a demonstration of how contracts are negotiated and drafted for various business transactions. We then examine the different judicial systems of the United Kingdom and compare them to the legal system of Northern Ireland. We explain how governments are formed and laws passed.

Business organisations are often dependent on legal systems that govern contracts, trading and other commercial activity. We define ‘business organisations’ and compare ‘incorporated’ and ‘unincorporated’ companies. Individuals who share the same vision will sometimes come together to share a company's liabilities and profits. To achieve this aim, they might form a legal relationship known as a ‘partnership’, which is usually formed by a written agreement between two or more individuals or companies. We lay out the three types of partnerships and their characteristics. We then study the history and responsibilities of the UK Department of Trade and Industry. The course also covers the World Trade Organisation (WTO) and outlines its five guiding principles and some of the global providers of credit information.

The course then introduces you to the UK Parliament’s Sales of Goods Act and how it regulates commercial and contract law with respect to goods that are sold and bought. We describe the legislative style used to promulgate UK legislation that defines consumer law, buyers' and sellers' legal duties and more. Finally, We discuss the role of the UK's competition law and explain how disputes between the Crown and the Parliament are resolved. A knowledge of commercial law is crucial for the proper functioning of a business and legal trade between individuals, corporations and nations. This course has no prerequisites and is designed for anyone interested in starting their own business or partnership. Sign to learn how to overcome the stumbling blocks you may encounter on your path to becoming a successful entrepreneur.