Difference between revisions of "Business law" - New World Encyclopedia
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'''Commercial law''' or '''business law''' is the body of law which governs [[business]] and [[commerce]] and is often considered to be a branch of [[civil law]] and deals with issues of [[private law]] and [[public law]]. Commercial law regulates [[corporation|corporate]] [[contract]]s, [[hiring|hiring practices]], and the [[manufacturing|manufacture]] and [[sales]] of [[consumer]] [[chattel|goods]]. Many countries have adopted [[civil code]]s which contain comprehensive statements of their commercial law. In the United States, commercial law is the province of both the [[Congress]] under its power to regulate interstate commerce, and the states under their police power. Efforts have been made to create a unified body of commercial law in the US: the most successful of these attempts has resulted in the general adoption of the [[Uniform Commercial Code]]. | '''Commercial law''' or '''business law''' is the body of law which governs [[business]] and [[commerce]] and is often considered to be a branch of [[civil law]] and deals with issues of [[private law]] and [[public law]]. Commercial law regulates [[corporation|corporate]] [[contract]]s, [[hiring|hiring practices]], and the [[manufacturing|manufacture]] and [[sales]] of [[consumer]] [[chattel|goods]]. Many countries have adopted [[civil code]]s which contain comprehensive statements of their commercial law. In the United States, commercial law is the province of both the [[Congress]] under its power to regulate interstate commerce, and the states under their police power. Efforts have been made to create a unified body of commercial law in the US: the most successful of these attempts has resulted in the general adoption of the [[Uniform Commercial Code]]. | ||
| + | The '''Uniform Commercial Code''' ('''UCC''' or the Code) is one of a number of [[List of Uniform Acts (United States)|uniform acts]] that have been promulgated in conjunction with efforts to harmonize the law of [[sale]]s and other commercial transactions in all 50 states [[U.S. states|states]] within the [[United States|United States of America]]. This objective is deemed important because of the prevalence today of commercial transactions that extend beyond one state (for example, where the goods are manufactured in state A, warehoused in state B, sold from state C and delivered in state D). The UCC deals primarily with transactions involving personal property (moveable property), not real property (immovable property). | ||
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| + | The UCC is the longest and most elaborate of the uniform acts. It has been a long-term, joint project of the [[National Conference of Commissioners on Uniform State Laws]] (NCCUSL) and the [[American Law Institute]] (ALI). Judge [[Herbert F. Goodrich]] was the Chairman of the Editorial Board of the original 1952 edition [http://www.ali.org], and the Code itself was drafted by some of the top legal scholars in the United States, including such luminaries as [[Karl N. Llewellyn]], [[Soia Mentschikoff]], and [[Grant Gilmore]]. The Code, as the product of private organizations, is not itself the law, but only recommendation of the laws that should be adopted in the states. Once enacted in a state by the state's [[legislature]], it becomes true law and is codified into the state’s code of statutes. When the Code is adopted by a state, it may be adopted verbatim as written by ALI/NCCUSL, or may be adopted with specific changes deemed necessary by the state legislature. Unless such changes are minor, they can affect the purpose of the Code in promoting uniformity of law among the various states. | ||
Various regulatory schemes control how commerce is conducted, privacy laws, safety laws (i.e. [[OSHA]] in the United States) food and drug laws are some examples. | Various regulatory schemes control how commerce is conducted, privacy laws, safety laws (i.e. [[OSHA]] in the United States) food and drug laws are some examples. | ||
| + | |||
| + | ==See also== | ||
| + | *[[List of business law topics]] | ||
| + | *[[Contract]]s | ||
| + | *[[Corporate law]] | ||
| + | *[[Intellectual property]] | ||
| + | *[[Letter of credit]] | ||
| + | *[[Negotiable instrument]] | ||
| + | *[[Property law]] | ||
| + | *[[Financial regulation]] | ||
| + | *[[Tax law]] | ||
| + | *[[Arbitration]] | ||
==External links== | ==External links== | ||
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Commercial law or business law is the body of law which governs business and commerce and is often considered to be a branch of civil law and deals with issues of private law and public law. Commercial law regulates corporate contracts, hiring practices, and the manufacture and sales of consumer goods. Many countries have adopted civil codes which contain comprehensive statements of their commercial law. In the United States, commercial law is the province of both the Congress under its power to regulate interstate commerce, and the states under their police power. Efforts have been made to create a unified body of commercial law in the US: the most successful of these attempts has resulted in the general adoption of the Uniform Commercial Code. The Uniform Commercial Code (UCC or the Code) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states states within the United States of America. This objective is deemed important because of the prevalence today of commercial transactions that extend beyond one state (for example, where the goods are manufactured in state A, warehoused in state B, sold from state C and delivered in state D). The UCC deals primarily with transactions involving personal property (moveable property), not real property (immovable property).
The UCC is the longest and most elaborate of the uniform acts. It has been a long-term, joint project of the National Conference of Commissioners on Uniform State Laws (NCCUSL) and the American Law Institute (ALI). Judge Herbert F. Goodrich was the Chairman of the Editorial Board of the original 1952 edition [1], and the Code itself was drafted by some of the top legal scholars in the United States, including such luminaries as Karl N. Llewellyn, Soia Mentschikoff, and Grant Gilmore. The Code, as the product of private organizations, is not itself the law, but only recommendation of the laws that should be adopted in the states. Once enacted in a state by the state's legislature, it becomes true law and is codified into the state’s code of statutes. When the Code is adopted by a state, it may be adopted verbatim as written by ALI/NCCUSL, or may be adopted with specific changes deemed necessary by the state legislature. Unless such changes are minor, they can affect the purpose of the Code in promoting uniformity of law among the various states.
Various regulatory schemes control how commerce is conducted, privacy laws, safety laws (i.e. OSHA in the United States) food and drug laws are some examples.
See also
- List of business law topics
- Contracts
- Corporate law
- Intellectual property
- Letter of credit
- Negotiable instrument
- Property law
- Financial regulation
- Tax law
- Arbitration
External links
- Commercial Law — Articles & Definitions
- topical listing of US commercial law from Cornell's Legal Information Institute
- a similar site posted by Georgetown Law Center
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