Frequently Asked Questions about Business and Commercial Law
Q: What body of law governs a contract for the sale of goods?
A: A contract for the sale of goods is governed mainly by state law. Most states have adopted Article 2 of the Uniform Commercial Code (UCC) as part of their state commercial law. Article 2 provides rules for all phases of a sales contract including formation, modification, performance, and available remedies in the case of a breach.
Q: What body of law governs a lease of goods?
A: A contract for the lease of goods is also primarily regulated by state law. However, most states have adopted Article 2A of the Uniform Commercial Code.
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Business and Commercial Law Attorneys
Fischer, Porter & Thomas, P.C.
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Whether your business is just getting off the ground, or experiencing growing pains, the business and commercial law firm of Fischer, Porter & Thomas is available for insightful counsel and guidance.
Our business and commercial law lawyers handle diverse areas including start-up issues (business formation and choice of entity); organization matters (shareholder agreements, trials and arbitration mergers, dissolutions in northern New Jersey and Bergen County); transactions (contracts, leasing, licensing, government regulation compliance); employment law, commercial real estate; and business litigation (contract and trade secret disputes, non-compete agreements). Our many small to midsize business clients are located throughout northern New Jersey and in Rockland and Orange counties and the New York City metropolitan areas.
Business and Commercial Law - An Overview
Business law and commercial law are broad legal topics that encompass business, commerce, consumer transactions, and the formation and management of business entities. Some of the more important areas of commercial law include sales, secured transactions, negotiable instruments, and debtor and creditor law. Business law overlaps, but also includes the formation and management of business entities.
An attorney with experience in business and commercial law can help you with all of your questions.
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The Sale, Lease, and Distribution of Goods
Contracts for the sale, lease, and/or distribution of goods are primarily governed by state law. However, most states have adopted the Uniform Commercial Code ("UCC") with regard to these topics. An attorney who is experienced with the UCC can help you with your questions.
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Secured Transactions and Negotiable Instruments
Secured transactions and negotiable instruments are two important areas of commercial and business law. In a secured transaction a borrower agrees that the lender may take collateral owned by the borrower should the borrower default on a loan. It is a way to secure a loan. A negotiable instrument is a writing that promises the payment of a fixed amount of money. Both of these areas are essential to modern business loans and everyday transactions. An attorney with experience in business and commercial law can help you with your secured transaction and/or negotiable instruments questions.
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Consumer Credit: Debtor and Creditor Laws
Credit allows people to promise to pay in the future in order to buy or borrow in the present. Credit is vital to our commerce system and is used every day by businesses and consumers. An understanding of the law governing credit is vital to protect your own interests, whether you are the creditor, a business owner, an entrepreneur, or a lending agency. An attorney with experience in debtor and creditor law can help you with all of your questions.
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The Formation and Management of Business Entities
The forming and managing of business entities are important areas of business and commercial law. There are a variety of common business organization forms. However, most businesses are well served by a variation of one of the four major organizational forms. These major forms include: (1) the sole proprietorship, (2) the partnership, (3) the limited liability company, and (4) the corporation. Each form has its specific advantages and pitfalls. A core focus on liability and tax implications should guide a new business owner in his or her selection. A business and commercial law attorney can help you select and manage the business form that is best for you.
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The information in this Business and Commercial Law Information Center is intended to be general and may not address your particular litigation needs and/or business or commercial law issue. To schedule a confidential consultation with one of the experienced, widely respected trial attorneys who are business and commercial law attorneys, contact Fischer, Porter & Thomas.
From our offices in Englewood Cliffs, New York City, the trial attorneys at Fischer Porter Thomas & Reinfeld, P.C. represent clients throughout New York and New Jersey, including the following in New Jersey: Paramus, Englewood, Englewood Cliffs, Fort Lee, Teaneck, Alpine, Cresskill, Demarest, Edgewater, Cliffside Park, Ridgewood, Hackensack, Tenafly, Clifton and Jersey City. In New York, our lawyers assist clients throughout the New York City metropolitan area, including Nyack and Piermont, White Plains, Westchester, Manhattan, the Bronx, Brooklyn, Queens and Staten Island. Our law firm also represents clients throughout Bergen County, Essex County, Passaic County and Hudson County in New Jersey; as well as Nassau County, Bronx County, King County, Westchester County, Orange County and Rockland County in New York.
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