Law in the financial sphere
There are many disciplines of law that govern and regulate matters in the financial sphere. Here are some of the important ones.
Company Law - This branch of law has developed from the concept of the law of trusts. There is a principle where there is a clear separation between the ownership of property and the control of property. The company law of the modern times and as we see it today all started with the Joint Stock Companies Act of 1856. This law was passed in the United Kingdom. This law enabled all the investors to easily register themselves and then gain a limited liability.
Commercial Law – Is yet another branch of law which deals with certain other issues like contract and property law under its purview and control. There are many other legal subjects that full under its regulation and these include law of agency, sales law, insurance law, insolvency, bankruptcy law and bills of exchange as well. There are two main acts which have been crucial in the formation of the modern commercial law that everyone deals with today. These two acts are The UK Sale of Goods Acts and the US Uniform Commercial Code. These two acts have the main principles that define the code of commercial law.
Admiralty Law – Is called Law of the Sea and this basically regulates the trading and transport across the seas and oceans of the world. This law tries to regulate the traffic across the waters which are outside the boundary and hence outside the control of the country. There is the difference with the ordinary commercial law that the shipping companies operate with. The admiralty law encompasses many other things as well and these include salvage, maritime liens, and even damage done to passengers and so on. This is basically a very wide ranging legal discipline which tries and regulates the order of the water bodies which include the seas and the oceans.
Intellectual Law – Comes into play when it tries to protect the original work of the creators along with the work that they are aiming to preserve. It is all about regulating intellectual property and all the rights that come along with it. These include copyrights, trademarks, patents, and related rights. All these arise in the industrial, literary, artistic and other suchlike related fields.
Restitution – Is the law which deals with the process of giving back a certain object to its rightful owner as gain through the task of recovery.
Unjust enrichment – Is another branch of civil law where if someone has gained or been enriched on an unfair or unjust basis, then that particular transaction can be reversed or revoked. This revoking can be done even if that transaction had no solid basis to it. The unjust enrichment law is the third pillar of civil law and the other two are contract and tort.
