Commercial law governs business, consumer transactions, and commerce. In the US, Congress and state governments regulate business law, while the Uniform Commercial Code (UCC) aims to unify commercial law. Consumer credit is regulated by the Consumer Credit Protection Act and the Uniform Consumer Credit Code (UCCC). International trade has led to a need for harmonized international business law codes, with the EU requiring states to adopt certain rules and regulations. The UN Convention on Contracts for the International Sale of Goods (CISG) is a recognized treaty in this field.
Commercial law is the body of law that governs the broad and sometimes vague areas of business, consumer transactions, and commerce. Commercial Law Enforcement has developed a specific set of laws that apply to business, business, and commercial transactions. This branch of civil law deals with both simple and complex matters often involving public and private sector law issues. Commercial law regulates the sale and distribution of goods and the correct procedure for paying for transactions.
Many nations operate under civil codes which are made up of detailed statements relating to commercial law. In the United States (USA), business law is regulated by Congress under the power granted to it to regulate interstate commerce and by state governments under the jurisdiction of the police power. The laws of commerce in the United States were adopted from the 17th century merchant principles of law and were incorporated into the common law for the first time. The US federal government attempted to have some form of unified commercial law by passing the Uniform Commercial Code (UCC).
Domestically, commercial laws are of concern to consumers, as laws are usually enforced to regulate consumer law. In the United States, the consumer credit industry is regulated by the commercial arm of statutory law. Credit is what allows a consumer to finance a purchase over time instead of paying the full cost at the time of the transaction. Credit cards are a common form of consumer credit used by consumers in most parts of the world. Individuals, companies and banks also provide this financing through various mortgages and loans.
In 11 US states and Guam, the Uniform Consumer Credit Code (UCCC) has been passed to protect consumers attempting to obtain credit to finance various transactions, ensure credit is available to consumers, and regulate fair industry practices of credit. Federally, the Consumer Credit Protection Act was passed to regulate the consumer credit industry. It goes further to protect against discrimination in the granting of credit to consumers and to regulate the correct practice of collections.
Internationally, trade has grown tremendously, leading to a surge in the importance of international trade laws. The need for unified or harmonized international business law codes has become obvious as revealed by the jointly sponsored international survey of lawyers conducted by Lexis Nexis and the International Bar Association. He revealed that while the practice of law is still predominantly domestic, there is a convergence of laws in the fields of commerce and investment. Interviewed lawyers from eight countries agreed that some international standardization of trade and investment law would greatly benefit international trade.
The European Union (EU) has made this harmonization of private law essential in its objective of developing its internal market. The EU requires all states joining the Union to sign contracts and adopt certain rules, regulations and statutes that encourage the harmonization of international trade laws before final acceptance. Another way this concept is being explored is through the ratification or adoption of treaties governing commercial law. The most recognized treaty in this field is the United Nations (UN) Convention on Contracts for the International Sale of Goods (CISG). There are many other instruments used to regulate and harmonize trade law domestically and internationally, and as international trade continues to increase, the development of new methods of harmonization can prove vital.
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