Commercial law is a common branch of commercial business and products. It is a branch of law per trade, it is independent. The branches of law that trade is most related to are debts and civil law. Commercial law is examined under 6 sub-titles. These are: Commercial Business Law, Corporate Law, Negotiable Documents Law, Transportation Law, Maritime Trade Law and Insurance Law.
Characteristics and Systems of Commercial Law
- It gives importance to the rules of commercial law, customs and traditions.
- Commercial law is a branch of private law.
- More formalities are at the forefront to ensure public confidence in business transactions.
- The principle of equality of parties, which we are accustomed to seeing in the field of private law, is subject to limitations in commercial law.