It also called business law deals along with the principles of commerce and business. It covers matters such as trading and sale of goods, loan, bank transactions, and guarantee matters and other things linked to the laws of commerce or trade.
Commercial law (sometimes termed as business law) is the body of law that governs business and commerce. It is frequently considered to be a branch of civil law and deals both with issues of public law and private law. Commercial law regulates corporate contracts, hiring practices, & the manufacture and sales of consumer goods. Several countries have adopted civil codes which contain comprehensive statements of their commercial law.
Commercial law governs the broad areas of trade, business, commerce, sales, and consumer transactions. Commercial law covers various issues regarding law, such as, banking, contracts credit transactions, bankruptcy, secured transactions, real estate and others. There are many laws at the state and federal level governing commercial law practices.
Commercial law is divided into different articles as shown folowing:
• Sales• Leases• General Provisions• Bank Deposits• Negotiable Instruments• Letters of Credit• Funds Transfers• Bulk Sales• Investment Securities• Warehouse Receipts• Effective Date and Repealer• Secured Transactions• Effective Date & Transition Provisions
A commercial use is one which is undertaken for a business reason, instead of educational, hobby, recreational, or other purposes. Usually such uses are attributed to a for-profit entity, instead of an individual, university or other educational institutions, or non-profit organizations (such like charities, public libraries, and other organizations formed for the promotion of social welfare).
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