Business law touches everyday lives through every contractual relation. 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.

Therefore, the correct option is E.