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Commercial law focuses on the sale and distribution of goods, as well as financing of certain transactions. Commercial law is primarily regulated by the Uniform Commercial Code (UCC), which is a model set of laws regarding the sales of goods, leases of good, negotiable instruments, and secured transactions. All states have adopted some form of the UCC, though each state is free to make its own modifications to the laws as it sees fit. Because many states have modified at least some of the UCC provisions to fit their needs, it is important to hire a lawyer familiar with the UCC as it has been enacted in your state. Other commercial law terms to know include:

Negotiable Instrument – A document that contains an unconditional promise to pay a specified amount of money on demand or at a specified time

Merger – The absorption of one company by another

Acquisition – The obtaining of a controlling interest in a company

Secured Transaction – A transaction intended to create a security interest in personal property or fixtures of a property

Security - A financial asset, such as a mortgage, provided to make certain that a debt obligation is fulfilled

Each industry faces its own unique commercial law issues. An attorney with experience in the type of business that your company conducts will be able to help you find legal solutions that also takes business ethics and industry practices into consideration.

Changes may occur in this area of law. The information provided is brought to you as a public service, and is intended to help you better understand the law in general. It is not intended to be legal advice regarding your particular problem or substitute for the advice of a lawyer.

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