Special Report on
Commercial Law/UCC - Trends
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Commercial law refers to the body of law that pertains to commercial transactions. Its wide-ranging scope includes many different areas that affect businesses and individuals who enter into commercial transactions. Contracts, agency, bailments, carriers, sales, product liability, partnerships, corporations, unfair competition, secured transactions, property, commercial paper, insurance, and bankruptcy are all governed by commercial law. Modern commercial law in the United States evolved from a system of mercantile courts in England that administered a law known as lex mercatoria, or "law ...
As of March 1, 2010, Revised Article 1 was in effect in thirty-seven states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Minnesota, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, North Dakota, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, and West Virginia. State legislatures continue to grapple with the definition of "good faith," although the uniform § R1-201(b)(20) definition ... Read More
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