Business law encompasses all of the laws that dictate how to form and run a business. This includes all of the laws that govern how to start, buy, manage and close or sell any type of business. Business laws establish the rules that all businesses should follow. A savvy businessperson will be generally familiar with business laws and know when to seek the advice of a licensed attorney. Business law includes state and federal laws, as well as administrative regulations.
Commercial law or business law is the body of law which governs business and commerce and is often considered to be a branch of civil law and deals both with issues of private law and public law. Commercial law regulates corporate contracts, hiring practices, and the manufacture and sales of consumer goods.
Scope of Business Law
The scope of business law is very wide and varied. It includes law relating to contracts, partnership, sale of goods, negotiable instruments, companies, insolvency, insurance, carriage of goods, etc.
Business law is concerned with the study of rights and obligations arising out of business transactions between business persons. Business persons are persons who carry on commercial transactions. They may be individuals, partnership concerns or joint stock companies.
Knowledge of business law is essential to merchants. It helps the merchants to avoid conflicts with the persons with whom he comes into business contacts.
Skills required in Business Law
- Academic ability.
- Drive and determination.
- Accuracy and attention to detail.
- Communication skills.
- Teamwork and leadership.
- Commercial awareness.
- Work experience.
- Oral Communication.
- Written Communication.
- Client Service.
- Analytical and Logical Reasoning.
- Legal Research.
- Knowledge of Substantive Law and Legal Procedure.
- Time Management.
Career Opportunities and Job Prospects in Business Law
Business lawyers are attorneys who focus their practice on business law. These attorneys can work for small or large law firms, government agencies or corporations. Many own their own private practices. They can also work for accounting or investment firms.
Paralegals are essentially legal assistants who work with lawyers to conduct research, draft documents and organize files.
An academic background in law could be beneficial for those interested in pursuing a career as a finance analyst in a business setting. These individuals must be knowledgeable about investing and risk management.
Corporate attorneys are there whenever a company has to see the inside of a courtroom. They represent the company in all legal dealings, whether the case is civil or criminal.
Corporate counsels provide advice on business law to a company. They also draw up contracts and write legal correspondence as needed. Corporate counsels may be involved with management, helping to create and maintain company policies, advising company officials of how to manage their legal risks and upholding the best legal practices for a company.
Work in all fields of business and finance, including audit, taxation, financial and general management. Some are engaged in public practice work, others work in the private sector and some are employed by government bodies.
Trading standards officer
They advise on and enforce laws that govern the way we buy, sell, rent and hire goods and services. Trading standards officers (TSOs) work for local councils advising on consumer law, investigating complaints and, if all else fails, prosecuting traders who break the law.
Admission Requirements for the study of Business Law in Nigeria
The O'level subject combination and requirements needed to study Business Law;
Five ‘O’ level credit passes to include English Language, Literature in English and Mathematics.
In UTME, please note that English Language is Compulsory for this course. Therefore, the three (3) other JAMB UTME subject combination needed to study Business Law under the Faculty of Law in the above Universities include;
» Any three Arts or Social Science subjects.