Any company that sells a product should have an attorney with expertise in both commercial and business law as well as knowledge in your specific industry. By not hiring a legal team with these qualities you run the risk of losing contracts that can result in loss of profits, as well as possible legal penalties if the other party decides to take legal action against you.
Many companies choose to hire a commercial law attorney only after they find themselves in a legal dispute. Unfortunately, by then there is most likely very little an attorney can do. By hiring an experienced commercial attorney who already knows the laws specific to your industry and state, before a problem arises, you ensure there is less likely to be legal issues going forward. The law firm of Ferguson, Rawls, and Raines has the valuable expertise needed to have the best possible legal team protecting your assets.
Commercial law, or sometimes referred to as business law, is the body of laws that govern commercial and business transactions such as the distribution of goods, forming a company, mergers, acquisitions, property issues, hiring practices, and financing of certain transactions. These specific laws also apply to legal documents that relate to the preparation and negotiation of contracts.
While business law is regulated by both state and federal law, commercial law is governed primarily by the uniform commercial code. The uniform commercial code is divided into multiple articles that cover a broad range of legal issues that can arise during a business transaction such as laws regarding the sale of goods, negotiable instruments, bank deposits, secured transactions, and lease of goods. The UCC has been adopted in all states in some form and may be used, or modified as the state sees fit. Virginia has adopted the WCC but has modified it in a number of places.
Not all commercial transactions are governed by the uniform commercial code. While the code states it applies to the sale of goods including almost any moveable object, it does not apply to services or real estate. The UCC also provides special rules for merchants who typically deal in those type of goods, as opposed to non-merchants who only buy or sell them occasionally. General commercial law principles only require parties to perform their contractual duties to the best of their abilities to avoid a breach. Under the UCC, a contract will be breached if the product, or delivery of products, fail to comply with the agreement.
When choosing a commercial attorney, it is essential to make sure that the law firm you select has expertise not only in your particular field but is familiar with the uniform commercial code laws specific to Virginia as well. Having an informed and well-versed attorney in commercial law to explain how the law applies to you and your situation and suggest the correct course of action can be invaluable. The law firm of Ferguson, Rawls, and Raines has the legal expertise required for all your commercial and business law needs. Contact us today to find out how we can assist your company.