Explore Business Law

What is Business Law?

Although no singular accepted technical business law definition exists, the term is typically associated with a broad scope of legal areas integrated with business operations. The field of business law generally includes constitutional and legal standards as well as administrative guidelines. These regulations are imposed by various governmental agencies, including both the federal and state levels. For example, the federal government sets a minimum wage that all employers across the country must adhere to.

Key components of business law courses are business ethics, employment and business contracts, business structures and applicable regulations, commercial business law and information pertaining to bankruptcy, financing, and security issuance. Because the field has such a broad scope, most business law courses will cover either the fundamental components or have a specialized focus. Focused areas of business law include contract law, business ethics, business finance, human resource law courses, and many more.

Business law guidelines and courses improve the safety and fairness of business operations for companies, employees, and customers. There are regulations in place to prevent businesses from mistreating employees, companies committing fraud, managers participating in corrupt activities, and countless other possible occurrences. Business law guidelines have continued to develop as businesses and the economy have changed over time.

Having a basic understanding of business law and its relevant guidelines can greatly improve the efficiency and success of any business. Employees, managers, students, and educators are all better able to assist their place of work when they have some knowledge of what is and is not permitted. Business law is also beneficial to anyone who might start their own business, as a part of fundamental business law courses is dedicated to the types of businesses as well as related guidelines and financing options.