A Synopsis of USA Commercial Law - Case Study Example

Most of this interrelationship has been in the pursuit of economic furtherance toward independence and financial freedom (Morrison 171). There is no other thing that brings great minds and persons to a round table as does business; which is the greatest single contributor to global correlations and well-being. With a widespread need to do business together given the penchant of humans to default and become complicated, there is a need for regulation of the occurrences and rules that govern this relationship (Sullivan & Sheffrin 98). The answer to this regulatory approach of leveling the playing field of business relationships and transactions lies in Commercial Law which defines the aspects that come into play in all forms of business transactions. In the US, it is called, The USA Commercial Law or simply Business Law (Sealy 291). 

Before the discussion of the seven questions of interest, it is necessary to give a short introduction of the USA Commercial Law and its application as regards the areas in which it comes into play. USA Commercial Law is the law that has been devised to govern commercial and business transactions and is usually considered a branch of Civil Law that takes care of public and private issues within the law (Morrison 45). The expanse of Commercial Law is as wide as its application. During its inception into the economic world, it received opposition like any other new entrant regulatory measure as it was felt that it would limit players’ grip on their businesses (Sealy 61). With time, it became apparent that it was the missing link that was required to bring normalcy and sanity to domestic, local, international, and global business (Morrison 66). Over time, the law has been refined to be more articulate to meet the specific requirements of different areas of business engagements. In a snapshot, Business Law or Commercial Law covers the following key areas of business engagements among others (Sullivan & Sheffrin 133):

• Principal and Agent
• Carriage by Land and Sea
• Merchant Shipping
• Guarantee
• Marine, Fire, Life, and Accident Insurance
• Bills of Exchange and Partnership
• Regulation of Corporate Contracts
• Hiring Practices.
• The Manufacture and Sales of Consumer Goods

In the US, Commercial Law is a utility of both the States and the US Congress: under their policy that governs police power for the former and under its power and responsibility to regulate issues concerning interstate commerce for the latter (Sullivan & Sheffrin 127). Given the many issues that come into play when considering business law, there have been attempts at harmonizing US Commercial Law with other areas of influence and this has resulted in what is referred to as the Unified Commercial Code in all the fifty states of the US with further adoption by US Virgin Islands, the Commonwealth of Puerto Rico and District of Columbia (Burnham 78). To reinforce the authenticity and relevance of the US Commercial Law, these modifications have effectively widened its application to more issues so that it is now better placed to handle the areas of interest. These regulatory schemes that control the issues regarding commerce in the US include such codes as those Safety Laws, Privacy Laws, and Food and Drug Laws (Burnham 101).