Early History of Corporation and Contract Law

Jul 8th, 2015
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Law that addresses business activities cover a broad range of economic topics including laws related to contracts, corporations, and trusts and monopolies. Responsibility for governmental oversight has greatly changed through time and is split between various governmental parts. For example, the Supreme Court has had relatively little affect on contract and corporate law where states have the primary responsibility for oversight. The federal government has responsibility in certain situa- tions, such as interstate commerce

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SupremeCourtDRAMACases ThatChangedAmericaSupremeCourtDRAMACases ThatChangedAmericaDaniel E. Brannen, &Dr. Richard Clay HanesElizabeth Shaw, EditorVOLUME 4BUSINESS LAWFEDERAL POWERS ANDSEPARATION OF POWERSFEDERALISM AND STATE POWERSLABOR AND LABOR PRACTICESMILITARY LAWNATIVE AMERICANSTAXATIONANTITRUST,BUSINESS,CORPORATE ANDCONTRACT LAWLaw that addresses business activities cover a broad rangeof economic topics including laws related to contracts, corporations, andtrusts and monopolies. Responsibility for governmental oversight hasgreatly changed through time and is split between various governmentalparts. For example, the Supreme Court has had relatively little affect oncontract and corporate law where states have the primary responsibilityfor oversight. The federal government has responsibility in certain situations, such as interstate commerce.Early History of Corporation andContract LawOne of the most common types of business worldwide is the corporation.A corporation is a business that has been formally chartered (grant ofownership rights) by a state. It gains its own identity apart from the owners and investors. Chartering corporations has a long history. In the sixteenth century English merchants faced the dangers of the high seas bothS u p r e m eC o u r tD r a m a8 2 1from weather and pirates. The shipping businesses sought protectionfrom financial responsibility for cargo losses. As a result, early corporat

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