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What do you need to know about commercial law?

Commercial law, which is also known as trade law, is an important sector of law that applies to the way businesses engage in commerce with and treat one another. Commercial law is regulated by the Uniform Commercial Code, better known as the UCC, which is a grouping of laws that dictate the way leases are made, goods are sold and transactions are completed.

Every state is able to make modifications to the UCC laws, but all states have UCC laws. In these laws, there are a few terms you need to understand. These include:

  • Acquisition. A person or entity takes over a controlling interest in a company
  • Negotiable instrument. A note or check containing a promise to make a specific payment on demand
  • Mergers. One company absorbs another into itself
  • Security. Financial assets guaranteed to make sure debts get paid
  • Secured transaction. Transactions that create a security interest in parts of a property or a piece of personal property

It's a good idea to get a strong grasp of these terms before going into business and to refresh your knowledge of what they mean when you're working in a commercial environment.

What should you look for in a commercial law attorney?

If you are starting a business or are involved in commercial transactions, it's a good idea to have an attorney with a history of working in commercial law on your team. You'll want to find an attorney who has experience in this field and in the right state, so you know that they're giving you the best information possible.

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