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Simple English definitions for legal terms
board of trade
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A quick definition of board of trade:
Board of Trade: A group of business leaders who work together to help and protect businesses. They may also run a place where people can buy and sell things like crops or metals. A long time ago, there was a group of important people who made decisions about trade and foreign places. Now, the government takes care of those things.
A more thorough explanation:
A board of trade is an organization that serves to advance and protect business interests. It can also refer to an organization that operates a commodities exchange.
For example, the Chicago Board of Trade is a well-known board of trade that operates a futures exchange where commodities such as corn, wheat, and soybeans are traded.
In history, the Board of Trade referred to the Lords of the Committee of the Privy Council who had jurisdiction over trade and foreign plantations. Today, the responsibilities of this committee are carried out by the Ministry for Trade and Industry.
Overall, a board of trade is an important organization that plays a significant role in the business world by promoting and protecting the interests of its members.