DEFINITION

• Commercial Law deals with the sale and distribution of goods, the financing of credit transactions and negotiable instruments.

• Most aspects of Commercial Law are governed by the Uniform Commercial Code (UCC), where adopted by the states, and applicable state and federal law.

• The UCC is a uniform law that covers commercial transactions, including the sale of goods, secured transactions and negotiable instruments.

• Most states have adopted all or part of the UCC into their own state statutes.

• Business Law deals with overlapping issues, but also encompasses the forming of business entities (corporations, partnerships, joint ventures and limited liability companies).

• Business Law also generally includes business litigation and advice on such issues as shareholder rights, commercial leasing, consumer protection, mergers and acquisitions, and contracts.

FIND A BUSINESS & COMMERCIAL LAW PRACTITIONER IN YOUR AREA.

More information on Businesses and the Law

RELATED PRACTICE AREAS

Taxation Law
Employment Law -- Employer
Contract Law

BUZZWORDS

Acquisition - The act of becoming the owner of certain property like a business entity.

Consumer Protection - Law designed to protect consumers against unfair trade and credit practices involving faulty or dangerous goods.

Joint Venture - A business undertaking by two or more persons engaged in a single defined project.

Limited Liability Company - A company within which the liability of each shareholder is limited to the amount individually invested.

Merger - The absorption of one company which ceases to exist into another that retains its own name and identity.

Negotiable Instruments - A written document signed by the maker that includes an unconditional promise to pay a sum of money.

Secured Transaction - A business arrangement by which a borrower gives collateral to the lender to guarantee payment of an obligation.