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Though the business world undergoes constant change, commercial laws generally have remained static. TheCommissioners on Uniform Laws, in conjunction with the American Law Institute and other organizations, periodically revises the articles of the U. However, the revision process of the U is typically slow and deliberate. Recent revisions to Article governing the sale of goods and Article governing secured transactions took several years to complete. Thus, not only is commercial law substantially uniform throughout the United States, but also those who conduct business can proceed with commercial transactions with some degree of certainty as to the law that governs those transactions.
A broad concept that describes theSubstantive Lawthat governs transactions between business entities, with the exception of maritime transportation of goods regulated byAdmiralty and Maritime Law.Commercial law includes all aspects of business, including advertising and marketing, collections andBankruptcy,banking, contracts, negotiable instruments,Secured Transactions,and trade in general. It covers both domestic and foreign trade; it also regulates trade between states.
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The term commercial law describes a wide body of laws that govern business transactions. TheUniform Commercial CodeU, which has been adopted in part by every state in the United States, is the primary authority that governs commercial transactions. The U is ided into nine articles, covering a broad spectrum of issues that arise in commercial transactions. These articles govern the following sales of goods, leases of goods, negotiable instruments, bank deposits, fund transfers, letters of credit, bulk sales, warehouse receipts, bills of lading, investmentSecurities, and secured transactions.
A number of other laws also govern business transactions. For instance, although Article of the U governs bank deposits, federal law in the form of statutes and regulations prescribe requirements forBanks and Bankingin general. Likewise, federal law governs such issues related to commercial law as bankruptcy and debt collection. Many of the federal laws related to commercial transactions are codified in title of the U.S. Code.
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Although the U controls most aspects of domestic commercial law, theCommon Lawof contracts, as well as other state laws, still applies to some s of transactions that arise in business, such as contracts for ternational Lawis likewise an important component of this area. For instance, the United Nations Convention on Contracts for the International Sale of Goods has been ratified by approximately nations, representing twothirds of the worlds trade.
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Banks and BankingCheckContractsMercantileMerchanleNorth American Free Trade AgreementPromissory NoteSales LawUniform Commercial CodeWarranty.
n. all the law which applies to the rights, relations and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales. In recent years this body of law has been codified in the Uniform Commercial Code, which has been almost universally adopted by the states. SeeUniform Commercial Code
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