Commercial Law Fundamentals

Introduction to Commercial Law

• Commercial law, also known as business law, is the body of law that governs business and commercial transactions.
• It is a branch of private law that deals with the rights, obligations, and relationships of businesses and individuals engaged in commerce.

Sources of Commercial Law

• Statutes: Federal and state laws that regulate business activities, such as the Uniform Commercial Code (UCC) and the Federal Trade Commission (FTC) Act.
• Common Law: Court decisions and precedents that shape commercial law, such as contract law and tort law.
• Administrative Regulations: Rules and regulations issued by government agencies, such as the Securities and Exchange Commission (SEC).

Key Concepts

• Contract Law: The law governing agreements between parties, including contract formation, performance, and breach.
• Sales and Lease Law: The law governing sales of goods and leases, including warranties, warranties, and remedies.
• Negotiable Instruments: The law governing commercial paper, such as checks, drafts, and promissory notes.
• Secured Transactions: The law governing secured debts, including mortgages, liens, and security interests.

Commercial Entities

• Sole Proprietorship: A business owned and operated by one individual.
• Partnership: A business owned and operated by two or more individuals.
• Corporation: A legal entity that separates ownership from management.
• Limited Liability Company (LLC): A hybrid entity that combines elements of partnerships and corporations.

Commercial Dispute Resolution

• Litigation: The process of resolving disputes through court proceedings.
• Alternative Dispute Resolution (ADR): Methods of resolving disputes outside of court, including arbitration, mediation, and negotiation.

International Commercial Law

• International Sales of Goods: The law governing international sales of goods, including the United Nations Convention on Contracts for the International Sale of Goods (CISG).
• International Trade: The law governing international trade, including tariffs, trade agreements, and customs regulations.

Commercial Law Overview

• Deals with the rights, obligations, and relationships of businesses and individuals engaged in commerce.
• A branch of private law that governs business and commercial transactions.

Sources of Commercial Law

• Statutes: Federal and state laws that regulate business activities, e.g. Uniform Commercial Code (UCC) and Federal Trade Commission (FTC) Act.
• Common Law: Court decisions and precedents that shape commercial law, e.g. contract law and tort law.
• Administrative Regulations: Rules and regulations issued by government agencies, e.g. Securities and Exchange Commission (SEC).

Key Concepts

• Contract Law: Governs agreements between parties, including contract formation, performance, and breach.
• Sales and Lease Law: Governs sales of goods and leases, including warranties, remedies, and contract terms.
• Negotiable Instruments: Governs commercial paper, such as checks, drafts, and promissory notes.
• Secured Transactions: Governs secured debts, including mortgages, liens, and security interests.

Commercial Entities

• Sole Proprietorship: One individual owns and operates the business, with unlimited personal liability.
• Partnership: Two or more individuals own and operate the business, with joint and several liability.
• Corporation: A legal entity that separates ownership from management, with limited liability for shareholders.
• Limited Liability Company (LLC): A hybrid entity that combines elements of partnerships and corporations, with limited liability for owners.

Commercial Dispute Resolution

• Litigation: Resolving disputes through court proceedings, involving judges, juries, and lawyers.
• Alternative Dispute Resolution (ADR): Methods of resolving disputes outside of court, including arbitration, mediation, and negotiation.

International Commercial Law

• International Sales of Goods: Governs international sales of goods, including the United Nations Convention on Contracts for the International Sale of Goods (CISG).
• International Trade: Governs international trade, including tariffs, trade agreements, and customs regulations.