Which area of law deals primarily with financial transactions between individuals or legal entities?

Business law is the area that primarily focuses on financial transactions between individuals or legal entities. It encompasses a wide range of legal topics pertinent to the operation of businesses, such as contracts, sales, agency, partnerships, corporations, and secured transactions. Since financial transactions are foundational to most commercial activities, business law lays out the legal frameworks and regulations that, for example, govern purchases, loans, leases, and the sale of goods.

In contrast, criminal law deals with actions that are offenses against society at large, imposing penalties such as imprisonment or fines for illegal activities. Family law focuses on legal issues related to family relationships, such as divorce, child custody, and adoption, rather than financial transactions between businesses. Labor law governs the rights and responsibilities between employers and employees, primarily concerning employment regulations, workplace conditions, and rights at work, which does not specifically address financial transactions between parties.