The Importance of Commercial Law for My Future Career

The commercial law is very vital to have in my future career since I am Bcom Accounting student, this means that my career will be certainly be in the finance or other careers. Commercial law is important because it will govern trade between businesses and consumers, it creates regulated systems that is fair for all parties involved in trade by conducting it in a reasonable manner. Commercial law will help to resolve disputes and conflicts; outline the legal responsibility of a business and consumers; it helps in understanding and managing financial transactions.

In my future career I am bound to have some sort of conflict or dispute with stakeholders. I will be able to resolve those issues with commercial law because it will resolve any conflict or dispute I may encounter in future by making use of following stages negotiation, mediation, arbitration and litigation. Therefore, that is why commercial law is vital for my career in future.

Commercial law outlines the legal responsibilities of a business and consumers, when engaging with other businesses or customers it will be very important to know my legal responsibilities and obligation as business or as a customer; I have to know that I am obligated by a set of legal and ethical responsibilities. I must be able to outline terms and conditions to other stake holders, they are also obligated to fulfil their obligations just I am supposed to. Therefore, this will protect me and the other parties involved from any disputes and conflicts which will also help me from having a law suit on my name.

The commercial world is also vast industry with a lot of transactions taking place it will be vital for me to understand and manage the financial transactions that take place in my career line. Transactions are bound to occur, being able to manage and understand them is vital for a successful career or business. When in an entity that operates with high volumes of financial transactions it is vital for one to know how to manage these transaction and also understanding how they work, will assist in achieving career goals because I will be having an advantage against my competitors.That is why commercial law is very important for my career because everything I have to do must be lawful and reasonable with the standards that have been set out by the law.

My career would be a disaster without commercial law due to it will help me to understand and manage financial transaction; outline the legal responsibilities that I have as a business and consumer. Commercial law will assist in dealing with conflicts and disputes that may arise in the near future; having commercial law will improve my career’s chances of being a success positively so it very vital to have it in my future career.

References

1. Linkilaw, business structure 2016 , commercial law,
2. Commercial Law Is Essential For Your Success, viewed on 20 March 2020, https://linkilaw.com/business-structures/commercial-law/