Commercial Law Law and Legal Definition
Commercial law is the body of substantive law that governs transactions between business entities. Commercial law includes all aspects of business, including advertising and marketing, collections and Bankruptcy, banking, contracts, negotiable instruments and trade in general with the exception of maritime transportation of goods (regulated by Admiralty and Maritime Law). It covers both domestic and foreign trade; it also regulates trade between states. The Uniform Commercial Code (UCC), which has been adopted in part by every state in the United States, is the primary authority that governs commercial transactions.
The following is an example of a case law referring to commercial law:
Commercial law is a phrase employed to denote the branch of the law which relates to the rights of property and the relations of persons engaged in commerce. [R.R. Co. v. Nat'l Bank, 102 U.S. 14 (U.S. 1880)].
