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LSDefine

Simple English definitions for legal terms

commercial law

Read a random definition: contributory negligence

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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texaslawhopefully
22:30
@KnowledgeableRitzyWasp: That all sounds great. It sounds like it has fairly diverse cuisine for a smaller city
KnowledgeableRitzyWasp
22:31
yeah there are so many good cuisines in ithaca
renard99
22:31
@lilypadfrog: that’s a pity I’da be liking them all
texaslawhopefully
22:31
Only food I’m going to miss for sure if I leave Texas is texmex
Eggan
22:31
waspy hasnt had thai food in ithaca yet. ithaca thai is so good
KnowledgeableRitzyWasp
22:32
^^^^ truuuuuu
Eggan
22:32
there are two major thai places and they have very similar names bc a divorced husband and wife own them lol
Eggan
22:32
personally i think taste of thai is better than taste of thai express but thats just me
KnowledgeableRitzyWasp
22:32
i had pho tho and it was really good and huge portions
texaslawhopefully
22:32
Glad they have good Thai food, I love Thai food! Can’t wait to visit :)
Eggan
22:33
when tex goes to ithaca i want to come
Dkk
22:34
Crying Tiger, best Thai dish.
KnowledgeableRitzyWasp
22:35
damn im so hungry all i had today was a curry tonkatsu and buldak
KnowledgeableRitzyWasp
22:35
and it was a lil baby noodle cup
KnowledgeableRitzyWasp
22:35
vvv hungry
Eggan
22:36
curry tonkatsu so yummeh
Eggan
22:36
whats even open rn? pizza?
KnowledgeableRitzyWasp
22:36
CTB is it i think
Eggan
22:37
is collegetown pizza not open
Eggan
22:37
i used to get a slice from there or wings over at like 1am after my shift at the restaurant
Dkk
22:48
Ross Ulbricht free. God Bless Trump. Huge win.
JeremyFragrance
22:54
agreed
texaslawhopefully
22:55
This is an interesting read: https://thedispatch.com/article/birthright-citizenship-trump-implications/
Dkk
23:01
I mean, idk how it's possible to end birth right citizenship without amending the constitution because to me the 14th amendment is pretty clear about it.
KnowledgeableRitzyWasp
23:02
ross ulbricht tried to hire a hitman to kill 5 people
KnowledgeableRitzyWasp
23:02
i am not that sympathetic to him
Dkk
23:04
@KnowledgeableRitzyWasp: That might have been an FBI agent. It was most likely him and he was most likely doing it to retrieve stolen funds that corrupt FBI agents stole, but yeah moral gray area but me personally, cool with hitmen. It's not like it is uncommon to hire hitmen. I don't think the action itself is necessarily wrong but the intent behind it can be.
Dkk
23:05
Like, Boeing whistblowers being killed by hitmen = wrong but a guy hiring hitmen to retrieve stolen funds = good to me.
texaslawhopefully
23:05
@Dkk: Yeah, for sure. My guess is it'll go to SCOTUS and it'll be 8-1 or 7-2, saying that EO was unconstitutional.
Dkk
23:06
Indeed. I need a count for how many exectuive orders he has signed and how many already have pending lawsuits.
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