Legal Definitions - commercial law

Commercial law is a set of rules that governs business, trade, and transactions between consumers and businesses. It covers a wide range of areas, including:

• Banking
• Bankruptcy
• Consumer credit
• Contracts
• Debtor and creditor
• Landlord-tenant
• Mortgages
• Negotiable instruments
• Real estate transactions
• Sales
• Secured transactions

For example, commercial law regulates how banks operate, how businesses can declare bankruptcy, and how consumers can obtain credit. It also covers the legal requirements for contracts, such as what makes a contract valid and enforceable.

The Uniform Commercial Code (UCC) is a set of laws that has been adopted by most states in the US. It covers many areas of commercial law and is divided into 13 articles, including:

• Article 1: General Provisions
• Article 2: Sales
• Article 2A: Leases
• Article 3: Negotiable Instruments
• Article 4: Bank Deposits
• Article 4A: Funds Transfers
• Article 5: Letters of Credit
• Article 6: Bulk Sales
• Article 7: Warehouse Receipts
• Article 8: Investment Securities
• Article 9: Secured Transactions
• Article 10: Effective Date and Repealer
• Article 11: Effective Date and Transition Provisions

These articles provide specific rules and regulations for different types of commercial transactions. For example, Article 2 covers the sale of goods, while Article 9 covers secured transactions, such as when a lender takes collateral to secure a loan.