commercial law: Modern Commercial Law
In commercial countries of both the civil and common law systems there has been a considerable increase in the extensive use of commercial arbitration that is in many ways comparable to the former private courts of merchants. The American states have almost identical commercial statutes that considerably facilitate the flow of trade throughout the nation. In 1970, the Uniform Sales Act was superseded by the Uniform Commercial Code, amended in 1972 and 1977, which has been adopted by all the states, although it does not apply in certain sections of Louisiana. On the continent of Europe commercial law remains a separate subject matter with its special courts. Within the European Union , the European Parliament and the legislatures of member nations are working to unify their various commercial codes.
The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2012, Columbia University Press. All rights reserved.
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