Commercial law

1.  What is commercial law?

Commercial law deals with commercial or business related matters and it includes the drafting of commercial and financial agreements, regulatory compliance and the settling of commercial disputes.

2. Who needs commercial assistance?

Companies, close corporations, partnerships and sole proprietors would all require commercial assistance at one stage or another. This can be in the form of sale agreements or the handling of a complex commercial dispute.

In an ever changing corporate environment it is advisable for companies to understand their legal duties and obligations in order to ensure compliance with company laws and regulations.

3. Who can assist with commercial matters?

It is a specialised area of law and it sometimes require a multi-dimensional approach with input from various professional advisers including lawyers and accountants.

Corporate advisers must be able to provide legally sound advice and must also ensure that cost effective solutions are provided.

4. What is a contract?

A contract is an agreement between parties which gives rise to a legal obligation.

5.  What are the requirements for the conclusion of a contract

There are five requirements that have to be met before a valid contract can exist. These requirements are;

  • Consensus;
  • Contractual capacity;
  • Lawfulness;
  • Physical possibility and certainty; and
  • Formalities