Commercial law covers complex contract and property law. The law of agency, insurance law, bills of exchange, insolvency and bankruptcy law and sales law are all important, and trace back to the mediæval Lex Mercatoria.
Agency is an area of commercial law dealing with a contractual or quasi-contractual tripartite set of relationships when an Agent is authorized to act on behalf of another to create a legal relationship with a Third Party.
Succinctly, it may be referred to as the relationship between a principal and an agent whereby the principal, expressly or impliedly, authorizes the agent to work under his control and on his behalf. Learn more about agencies from the North Carolina commercial lawyer.
Insurance law is the name given to practices of law surrounding insurance, including insurance policies and claims. Learn more about insurance law with the North Carolina commercial lawyer.
A bill of exchange or "Draft" is a written order by the drawer to the drawee to pay money to the payee. The most common type of bill of exchange is the cheque, which is defined as a bill of exchange drawn on a banker and payable on demand.
Bills of exchange are used primarily in international trade, and are written orders by one person to his bank to pay the bearer a specific sum on a specific date sometime in the future. Learn more about the bill of exchange with the North Carolina commercial lawyer.
Insolvency exists for a person or organization when total financial liabilities exceed total financial assets. A related financial condition, sometimes referred to as cash-flow insolvency, exists when a person or organization can not meet its financial obligations as they come due.
Insolvency is not a synonym for bankruptcy, which in the US is a determination of insolvency made by a court of law with resulting legal orders intended to resolve the insolvency. Learn more about insolvency with the North Carolina commercial lawyer.
Bankruptcy is a legally declared inability or impairment of ability of an individual or organizations to pay their creditors. Creditors may file a bankruptcy petition against a debtor in an effort to recoup a portion of what they are owed. In the majority of cases, however, bankruptcy is initiated by the debtor. For more information about the commercial law, then visit North Carolina commercial lawyer for more details.