Like every legal area, Business Law also has some characteristics of its own. These characteristics help understand this branch of law and how it is applied. Are they:
Universalism, Internationality Or Cosmopolitanism
This characteristic concerns the fact that Business Law at sequoia legal has some universal aspects, that is, common to several other countries – it is different from what happens with Civil Law, for example, which is unique in each State.
This attribute is mainly due to the globalization of the economy, which has created a kind of “international trade.” It would be unfeasible to do business between different countries with different commercial laws, a set of similar practices adopted worldwide has emerged. This standardization of rules of Business Law is what gives it a universal character.
With the intensification of international business, the need arose to standardize the rules relating to credit instruments (such as duplicates and checks, for example), the main form of circulation of wealth. The Uniform Law, adopted in Business Law in several countries, standardized the rules applicable to checks, promissory notes, and bills of exchange.
Onerous is everything that has a burden, a burden. In Business Law, the entrepreneur offers his products or services on the market with the primary objective of making a profit – which cannot be obtained if these products and services are offered free of charge.
This means that the activity regulated by this branch of law, as a rule, involves acts that are not gratuitous. This is different from what is observed in Civil Law; for example, there are rules on free legal acts, such as lending and pure donations.
Informalism Or Simplicity
Business activity is exceptionally dynamic. As it seeks to meet some of the immediate basic needs of society – such as food and clothing, for example – demanding too much bureaucracy and formality would harm this activity. For this reason, Business Law at sequoia legal values informality or simplicity: as a rule, rigid forms are not necessary for the practice of acts in business activity.
This is why the branch does not have so many laws of its own compared to other areas of law. Some standard contracts in our day-to-day do not even have a specific legal basis – this is the case with factoring and credit card contracts. In these cases, the uses and customs are more valued.