Simple English definitions for legal terms
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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.
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:
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.