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Commercial law (or business law), [1] which is also known by other names such as mercantile law or trade law depending on jurisdiction; is the body of law that applies to the rights, relations, and conduct of persons and organizations engaged in commercial and business activities.
For example, chefs are generally unlicensed, though opening a restaurant may require permits, inspection, and employee training or instructional signage. Becoming a brain surgeon typically only requires a medical license; the substantial additional training and experience required to perform this operation competently is managed by the ...
The official 2007 edition of the UCC. The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States.
At common law, only the essential terms were required in the signed writing. Under the UCC, the only term that must be present in the writing is the quantity. The writing also does not need to be one document, but if there are multiple documents, they must all obviously refer to the same transaction, and they all must be signed.
In almost all U.S. jurisdictions, prospective attorneys seeking admission to a state bar are typically required to demonstrate knowledge of the MRPC by achieving a sufficiently high score on the Multistate Professional Responsibility Examination. [4] [5]
WW Cook, A treatise on the law of corporations having a capital stock (7th edn Little, Brown and Co 1913) vol I; WO Douglas and CM Shanks, Cases and Materials on the Law of Management of Business Units (Callaghan 1931) Robert C. Clark, Corporate Law (Aspen 1986) A Cox, DC Bok, RA Gorman and MW Finkin, Labor Law Cases and Materials (14th edn 2006)
Share examples of potential costs for noncompliance, such as legal fees, fines, or reputational damage. Documentation: Policies create a paper trail that can protect the company in disputes or audits.
Most legal jurisdictions specify the forms of ownership that a business can take, creating a body of commercial law applicable to business. The major factors affecting how a business is organized are usually: The size and scope of the business firm and its structure, management, and ownership, broadly analyzed in the theory of the firm ...