Contractual relations, as the cornerstone of all commercial transactions, have resulted in the development of specific bodies of law within the scope of business law regulating:

(1) sale of goods-i.e., implied terms and conditions, the effects of performance, and breach of such contracts and remedies available to the parties;

(2) the carriage of goods, including both national and international rules governing insurance, bills of lading, charter parties, and arbitrations;

(3) consumer credit agreements; and

(4) labor relations determining contractual rights and obligations between employers and employees and the regulation of trade unions.