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Business Law

"The chief business of the American people is business."

-President Calvin Coolidge in a 1925 speech to the American Society of Newspaper Editors.

What is Business Law?

The purpose of this guide is to provide a starting point and very general overview of Business law topics and links to resources that expand on those topics.  This is not a business law treatise and is not intended to advocate or expound on any particular approach to business law.  The University of Illinois offers a wide range of business law courses that do provide thorough explanation and guidance. 

Broadly speaking, business law it encompasses any law that governs the rights, relationships, and conduct of individuals and organizations engaged in commerce, trade, and sales. It sets legal standards for how businesses operate, ensuring fairness and consistency in transactions. This area of law covers everything from contracts and sales to agency, employment law, and intellectual property (IP).

 

A key function of business law is to provide a framework for forming and running businesses. It includes rules on establishing companies, partnership structures, and corporate governance. Business law also regulates mergers, acquisitions, tax, and bankruptcy, helping to resolve disputes and maintain market stability.

Additionally, business law protects both businesses and consumers. It ensures compliance with regulations such as consumer protection laws, antitrust laws, and environmental standards. By defining legal responsibilities and remedies, it helps prevent fraud, promotes ethical practices, and supports a healthy economic environment.

Business Law at the University of Illinois

  Business law shapes companies and commerce, financial markets, and the economy more broadly. The Illinois Business Law Program highlights business-law expertise and activity within the College of Law, including in the areas of corporate governance, M&A, antitrust, securities law, bankruptcy, and tax. The Program aims to promote excellent scholarship and enrich business-law education and engagement at the College of Law.

You can check out a list of current business law classes offered at UIUC here, or check out the independent, peer-reviewed student publication, the Illinois Business Law Journal  here.