What is the definition of commercial law?

Commercial law is a branch of law that deals with the transactions and operations of businesses. It is the body of law that governs business entities such as corporations, partnerships, and other business organizations. Commercial law typically covers all aspects of business, including contracts, sales, agency, banking, insurance, negotiable instruments, bankruptcy, and other forms of business law. In Virginia, commercial law is regulated by the Virginia Code, which outlines the applicable laws that must be followed by businesses in the state. This code is divided into several sections and includes topics such as the formation of corporations, limited liability companies, and partnerships, as well as laws related to contracts, estates and trusts, bankruptcy, secured transactions, consumer protection, and more. Generally, commercial law attempts to provide businesses with a legal and predictable framework for operations, as well as protection for buyers and sellers against fraudulent activity. Thus, commercial law ensures businesses can accurately and safely conduct their business, and provides both buyers and sellers with the assurance that they will be dealt with fairly.

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