Commercial law

Commercial law governs transactions and relationships involving businesses and merchants, including the rights and duties created by selling goods, providing services, and financing trade.

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Contract law: The law governing agreements and the obligations they create. Commercial agreements rely on its rules for formation, interpretation, breach, and remedies.
Uniform Commercial Code: A model set of United States laws governing commercial transactions, adopted with variations by states. Its articles supply widely used rules for sales, leases, payment, and secured credit.
International commercial law: Rules and practices governing commercial transactions that cross national borders. Cross-border trade adds questions of governing law, jurisdiction, and international conventions.
Consumer law: The law governing transactions between businesses and individuals acting mainly for personal purposes. Its protections qualify ordinary commercial rules when a business sells to an individual consumer.
Sale of goods: The legal rules governing transactions in movable goods. Sales of goods form a central part of commercial transactions.
Incoterms: Standard trade terms published by the International Chamber of Commerce for allocating delivery responsibilities and risks. They clarify delivery, costs, and risk transfer in international sales contracts.
Commercial arbitration: Private adjudication of commercial disputes by an arbitrator or tribunal. Businesses often choose arbitration to resolve disputes under a contract.
Corporate law: The law governing corporations, including their formation, internal governance, and relations with shareholders. It focuses on company structure and governance rather than transactions between commercial parties.
Agency law: The law governing relationships in which one person acts on another’s behalf. Businesses use agents to negotiate and conclude transactions that can bind their principals.
Letter of credit: A bank’s undertaking to pay a beneficiary when specified documentary conditions are met. It enables payment in trade while separating the bank’s obligation from disputes over the goods.