Business law, also known as commercial law or mercantile law, is a set of rules that governs the dealings between two people involved in the commercial matters. All the legal commercial matters are executed via agreement, convention, or national or international legislation. A business law is important for maintaining law and order between the two parties. It helps in resolving the disputes and establishing the usually excepted standards. It protects the rights and liberties of the people involved in a business or with government authorities and customers.
What is Business Law?
A business law features a national constitutional framework ensuring fair trading between businesses and consumers. Australian Government Legislation protects the consumers and ensures to promote fair trading. The Australian business law governs the business interactions conducted between customers, suppliers, and other businesses. Also, it helps in outlining the rights of the business and business owners whenever any conflict occurs.
Why A Business Law Is Important?
A commercial law is highly essential for maintaining a perfect law and order amongst the parties dealing in commercial matters. It also includes all the matters related to the setting up of a business and the rules to run it. As per this law, everything related to a business including starting up, managing, running, closing, or selling a business are involved. This law helps in resolving disputes and protecting the rights and liberties of the people involved in a particular business or trading.
Types of Business Law
There are different types of business laws such as:
1. Consumer Laws: As per the Australian Consumer Law (ACL), there is a regulation on unfair contract terms, safety law for the products, guaranteed consumer rights, unsolicited consumer agreements, and many more things are covered.
2. Competition Law: Australian government offers a fair-trading system for businesses as well as consumers. This framework is managed and governed by the Australian Competition and Consumer Commission (ACCC). It also offers advice on business rights and obligations.
3. Product Liability Regulation: Australia also has a framework for regulating the safety of the product and its information standards. These standards are crafted for ensuring harmful products that are not marketed in Australia. These standards are imposed by the Australian Competition and Consumer Commission (ACCC).
4. Environmental Legislation: The environment protection is governed jointly by Australian Government, state and territory governments, and local governments. They make sure that the business is following all environmental protection methods.
5. Privacy Laws: A national privacy legislation that is governed by the Office of the Australian Information Commissioner (OAIC) take a look on how a business assesses, collects, and stores the personal information, which are sensitive in nature.
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