What is Commercial Law: Course Duration, Admission 2025, Colleges, Salary & Scope

The branch of law which deals with all business, commerce, and consumer interactions falls under the category of Commercial Law or Corporate Law. It deals with both private and public law issues and is a branch of civil law. It includes various legislations such as the Sale of Goods Act, Indian Contract Act, Negotiable Instrument Law, and Bankruptcy Law. Due to its ever-changing nature, Commercial Law is a developing field of law and therefore requires trained professionals for addressing complex contractual regulations. 

Those who are interested in Business Law and Corporate Law can study similar subjects in this course as well. Plus, you can also study International Business Law as a part of the curriculum. 

Commercial law is a basic and fundamental aspect of the today's business world. Studying it can equips you with:

Understanding of Business Transactions: As a subset of general legal knowledge, business law exposes students to legal rules governing various operations of a business such as contracts, sales, and financing.

Problem-Solving Skills: Issues related to the ability to compare the legal aspects of business and suggest appropriate actions.

Risk Management: Sensitization of skills for analysis of legal implications of business functions/propositions.

Negotiation Skills: Knowledge of the legal issues enhances your ability to barter in contracts in commercial law.

Career Opportunities: Covers the opportunity to a vast number of areas of law such as business law, corporate law, banking law, law of patents and trademarks, and international business law.

Candidates who have strong analytical and problem-solving skills must pursue this course since drafting and executing contracts require presence of mind and critical thinking abilities. Moreover, candidates who are passionate about establishing a career in commercial space and work with companies or National Company Law Tribunal must definitely pursue LLM or PG Diploma in Commercial Law after completing LLB. Commercial Law in India is a popular course offering exciting career opportunities to professionals. 

The qualifying requirements can vary from institution to institutions and also depends on course level. However, some general guidelines apply:

• Educational Background: Most courses require a bachelor's degree (LLB) in any discipline.
• Law Degree: For advanced commercial law courses or those focusing on legal practice, a LLD degree may be required.

To practice Commercial Law or any specialisation in Law, you will typically need to:

• Complete a LLM degree: This is a PG professional degree course that provides students with the foundation for legal practice.
• Pass the bar exam: This licensing exam is required to practice law in a particular jurisdiction, such as AIBE.

Some institutions, especially for postgraduate or professional programs, may require entrance exams. These exams could assess your legal knowledge, analytical skills, and aptitude for legal studies. Examples include the LSAT (Law School Admission Test) or the CLAT (Common Law Admission Test).

Course content can vary, but common topics include:

The Law of Contract: Offer and acceptance, consideration, capacity, terms of the contract, breach of contract, and remedies for breach of contract.

The Sale of Goods: Contract formation, sale and transfer of ownership and risk, implied terms in contract of sale, rights of parties for breach of contract of sale.

Company Law: Different forms of trading, incorporation and classification of companies, corporate management and control, rights and powers of the shareholders and duties of directors.

Agency Law: Agency formation and dissolution, legal relationship between principal and agent.

Negotiable Instruments: Laws governing negotiable instruments such as bills of exchange, promissory notes, cheques.

Secured Transactions: Formation of securities, types of assets that can be given as a security, priority of securities.

Consumer Protection Law: Measures a consumer can take in case of infringement of certain rights in commercial transactions.

Competition Law: Laws that govern anti-competitive practices such as monopolies and cartels.

 Some of the top entrance exams that candidates can give for admission in LLM Commercial Law degree include:

• TSPGLCET
• LSAT India
• KIITEE
• ULSAT
• CLAT

The following colleges offer Certiifcate courses in Commercial Law which can be either pursued in full-time or part-time mode. They are:

• Online Certificate in Business and Commercial Laws by NLUD
• Online Certificate in Business and Commercial Laws by NUJS
• Certificate in Cooperation, Cooperative and Business Laws by IGNOU

The possible positions that graduates can go for include corporate lawyers, legal advisors, compliance officers, contracts managers, business analysts, and positions in the government and regulatory agencies. Moreover, it becomes also useful for the entrepreneurs and business owners as they are able to know how to manage legal issues connected with their companies.

Many online education portals also offer courses in Commercial Law which can be accesssed by learners as per their pace. Some of these courses are:

• Legal Contracts and Agreements for Entrepreneurs by Coursera
• Corporate & Commercial Law I: Contracts & Employment Law by Coursera
• Contract Law: From Trust to Promise to Contract by edX
• Corporate and Business Law by Udemy
• International Business Law by Udemy

Clients of a Commercial Lawyer usually include insurance companies, real estate companies, banks, government agencies, etc. They can work for various businesses and offer expertise in drafting and negotiating of contracts. They can also represent various business organations in the court and advise them on various multinational treaties. They can also advise small business organisations in compliance related matters and help investors in mergers and acquisitions.

To become a Commercial Lawyer, you first need to possess an LLB degree. You can enroll in an LLB course right after class 12 or even after graduation. Once the LLB programme is over, you can enroll in an LLM Commercial Law degree course. Those interested can also look for Commercial Law Diploma courses at postgraduate level. Candidates must also clear AIBE in order to be eligible for practising as an advocate in courts across India.