UNDERSTANDING COMMERCIAL LAW IN AUSTRALIA

Commercial Law: An Overview

Commercial law means the practice area comprising those regulations and statutes that apply to businesses and individuals and regulates the roles of business owners, employees, and consumers within the business domain. It includes within its ambit the areas such as banking and finance, trade practices, taxation, consumer protection, corporation and securities law etc.

Australian commercial law derives its authority from various sources. The primary body regulating commercial law in Australia is Australian Securities and Investments Commission (ASIC). This authority administers legislations such as the Insurance Contracts Act, 1984, the Business Names Registration Act, 2011, the Corporations Act, 1991 and the National Consumer Credit Protection Act, 2009 etc.

This blog titled, ‘Understanding Commercial Law in Australia’ aims to understand what is commercial law in Australia, its ambit, and its various functions.

Functions of Commercial Law

If you want to understand commercial law in depth, it is pertinent to understand the nature of commercial law. The nature of commercial law can be well understood by defining its essential functions. Henceforth, some of the essential functions of commercial law are as follows:

• Commercial law is responsible for establishing a well-defined taxation system. It also provides for the tax enforcement guidelines that every business in Australia needs to comply with.
• Business ethics, procedural law, substantial law, and other court systems are considered as the foundational guideline for any business.
• Protection of intellectual property rights such as trademarks, designs, copyright, trademark etc. is one such area where commercial law has a key role to play in. Commercial law also provides for how the infringement of intellectual property rights is done and what are the remedies one can avail in case of infringement.
• Commercial law provides for the procedure for establishing new corporations and establishments.
• It includes within its ambit the environmental laws that are responsible for regulating and mitigating the impact of businesses on environment. It also provides for the imposition of penalties on corporations that fail to minimize pollution, environmental destruction and toxicity.
• The advent of digitization has forced the commercial law to include within its ambit the computer law regulations to regulate the impact the digitization on area of business law.
• Commercial law finds its close connection with other business organizational laws relating to partnerships, sole ownership, limited liability corporations etc.
• It comprises rules pertaining to the rights of the employees, minimum wages, safety at workplace, insurance and overtime compensation etc.
• Commercial law prescribes the guidelines and penalties for the competition and anti-trust practices that businesses might adopt for their own interests.
• The statutes for contracts such as breach of contract, breach of trust, remedies for breach, drafting, rights assignment, transactions, agreements etc. are also included within the domain of commercial law.

Conclusion

Commercial law is a dynamic field of law and not static. It has changed and continuously evolved over years to keep itself updated with the recent times. The prime reason for such a dynamic nature can be attributed to the globalization and ease of doing business conducted through online platforms. Henceforth, it wouldn’t be wrong to say that in order for the businesses to survive efficiently, commercial law has to adapt to global business trends and technological advancements.

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