COMMERCIAL LAW

commercial law.

1. The substantive law dealing with the sale and distribution of goods, the financing of credit transactions on the security of the goods sold, and negotiable instruments. • Most American commercial law is governed by the Uniform Commercial Code.

— Also termed mercantile law.

“Although the term commercial law is not a term of art in American law it has become synonymous in recent years with the legal rules contained in the Uniform Commercial Code.” Jonathan A. Eddy & Peter Winship, Commercial Transactions 1 (1985).

2. LAW MERCHANT.