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LSDefine

Simple English definitions for legal terms

commercial law

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A quick definition of commercial law:

Commercial law is a set of rules that governs how businesses and consumers interact with each other. It covers many different areas, such as banking, contracts, real estate, and sales. The Uniform Commercial Code is a set of laws that most states have adopted to help regulate commercial transactions. It has 13 different sections that cover everything from general provisions to secured transactions. Commercial law helps ensure that businesses and consumers can work together fairly and efficiently.

A more thorough explanation:

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:

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.

commercial frustration | commercial speech

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JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
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20:50
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20:50
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JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
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im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
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JumpySubsequentDolphin
21:35
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JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
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22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
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JumpySubsequentDolphin
22:39
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JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
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