Commercial Law – Scope and Sources – US Law

“The concept of ‘commercial law’, or ‘commercial transactions’ as it is sometimes called, as a distinct field is relatively recent in the United States. The practicing lawyer may still think of law practice as ‘commercial’ to the extent that it involves any aspects of business, including even taxation, but the advent of the new Uniform Commercial Code has given a narrower ambit to the term ‘commercial’. The subjetcs included are sale of goods, bulk transfers, negotiable instruments (particularly promissory notes, drafts of bills of exchange, and checks), bank deposits and collections, letters of credit, documents of title (particularly stocks and bonds), and secured transactions (including assignments of accounts receivable.”

an excerpt from  An Introduction to the Legal System of the United States. By E. Allan Farnsworth. Published by Paker School of Foreign and Comparative Law. Columbia University in the City of New York.

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