Commercial law focuses on the laws that support companies and businesses as they produce and transact in products and services. This area of the law is quite broad and covers the rights and obligations of parties in different types of transactions. At the heart of many of these exchanges is a contract (or agreement) that defines each party’s expectations.

1. Marko Vujosevic
Understanding
Commercial Law

2. Under-
standing
Commer-
cial Law

3. Contract Elements
It is difficult for parties to transact without a
defined agreement. In the business world,
a lack of a contract means neither party has
an assurance that the other will honor their
obligation. For this purpose, a contract has
the following elements:
• Offer: A party looking to enter into an
agreement must make an offer that
defines the terms, with the intention of
entering into a legally binding agree-
ment.
• Acceptance: The party to whom an of-
fer is made has the opportunity to ac-
cept and convey this to the first party.
• Consideration: This is regarded as
the promise to do something that is
included in the contract. For example,
one party can promise to deliver a cer-
tain quantity of product, while the oth-
er promises to pay a certain amount
when the delivery happens.
Commercial law focuses on the laws that
support companies and businesses as they
produce and transact in products and services.
This area of the law is quite broad and covers
the rights and obligations of parties in different
types of transactions. At the heart of many of
these exchanges is a contract (or agreement)
that defines each party’s expectations.

4. about this topic, visit the
blog of Marko Vujosevic.
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more