Unlike statute law, common law entails all the conventions developed by judges through court decisions rather than through the executive (Halbert & Ingulli, 2003). Common law, as such, cuts across the whole spectrum of the legal system with various expectations. It covers issues such as contracts, torts, property relations, and status. Practically, common laws are more complicated as the court’s decisions are normally bound to specific jurisdictions (Halbert & Ingulli, 2003).
The most common law in the business fraternity is the United States trademark law. During the late 18th century, unfair competition and tort in business inspired Thomas Jefferson to propose for protection of trademarks under the commerce clause (Halbert & Ingulli, 2003). In 1870, the congress failed in its attempts to implement the law into the US constitution through the establishment of federal regimes aimed at protecting trademarks. However, it was not until 1881 that the implementation of the law finally succeeded and became an act under the commerce clause (Halbert & Ingulli, 2003). In the preceding years, 1905 and 1946, several revisions were made to the law granting trademark authority to the United States Patent and Trademark Office (USPTO). To ensure that the law effectively protects the rights of businesses and organizations there is an allowance for more changes on the law.
As an entrepreneur, the trademark law has enabled customers to distinguish my products from other similar products in the market. In this regard, my business has progressively expanded and has been shield from counterfeit goods. Similarly, the local authorities, through the commerce statute, have enabled my business to acquire legal ownership of some geographic business regions. Regardless of the significance of the law to my business, I think that businesses can be effectively protected from the threat of counterfeit goods if the USPTO trademark body has more authority (Halbert & Ingulli, 2003). In my line of business, upcoming entrepreneurs normally struggle to meet the costs demanded in the enforcement of private lawsuits. It would have been cheaper to enforce these laws if USPTO is has enough mandate to enact criminal penalties against counterfeit businesses challenging our existence.