The business is in the sense of doing something for profit, it is an institution organized and operates to provide goods and services to the society under the incentives of provide gain. The debt handle litigation they are,
Trade regulations class action defense, construction, employment and labor relation, environmental, insurance, intellectual property, products liability, regulatory and administration, securities, white collar criminal defense, alternate dispute, resolution. Trade, in industry the production goods to satisfy the human wants. Trade and commerce are concerned with transferring goods to the people. It is an organized system for the exchange of goods towards the members of the industry. Commerce is classified into two group of activities namely trade, and aids to trade.
The product liability, production is the process of transforming of raw materials by factory methods into things wanted by the society for supply and sale. In factory workers change the shape of the existing materials. So the production in the creation of utility and them become more valuable to satisfy the human wants. The utility of a thing can be created, by changing the shape, a form, weight, color, smell or any other aspects to satisfy human wants, that is liabilities.
For example, steel goods and vessels are manufactured by iron ores. Threads, clothes, towels are prepared from cotton. Furniture’s are made by woods. All these activities in production are required for liabilities of the people in the society. The liability of the sold trader is unlimited. He is liable to pay all his business debts even out of his private property each partner in the firm is jointly and severally liable for the debts and obligations of the firm
The partner is apt to all the debts of the firm is unlimited, his own property is also liable for the firms debts. In firms the liability of the members is unlimited. They cannot be called upon to pay even a single pie out of their private property to pay off the company’s debts. Insurance, all the type of insurance except life insurance come under one classification has known as general insurance. The general insurance is a contract basically and all the three basic elements as almost good faith, insurable interest and indemnity must be preset in the general insurance contracts also.
Under general insurance, all other risks like fire, accident, thief…etc is covered. The Business and Commercial Litigation disputes and lawsuits involves, the breech of contract, real estate disputes, shareholders and partnership disputes, dissolution, complex accounting disputes, business torts, liability defense, creditor representation involved in foreclosures and collection. And the pursuit collection procedures, liabilities for unfair collection practices, provisional remedies: attachment, claim and delivery receivership, bankruptcy. It is already noted that insurance is basically a contract, between the insurers and insured. The consideration for the contract is the premium paid by the ones who insured so the contract must contain all the essential elements of the contract under the law of contract.