A commercial transaction involves the core of legal rules governing business dealings. Some of the most common types of commercial transactions include financing, lending, and the purchases and sales of assets and business lines. Every business will participate in a commercial transaction at some point, if not on a daily basis.
Every commercial transaction is different and includes unique requirements and peculiarities. However, the one underlying factor in every commercial transaction is the transmission of economic values. During this transmission, materials, products and/or services will be exchanged for another value, usually money, to those who are willing and able to pay the counter-value.
It is vitally important for business owners to understand the complex laws surrounding commercial transactions so that they can benefit in the long run from these transmissions. This area of law is vast, and covers the majority of business activities that do not involve noncommercial relationships like those in family law and succession. In fact, the historical development of commercial transactions began with the maritime law created by the seafaring Phoenicians who lived in the eastern Mediterranean and progressed to the commercial law of the Romans.
As a business owner, you should understand the laws that govern the exchange of values and spell out the rights and obligations of each party. This knowledge will prove useful for finding a remedy if one of the parties breaches its obligations or is unable to perform them for some reason. The most common type of transaction, the sale of goods, involves the transfer of ownership of a good or property for a price. The selling of goods involves the formation of a sale contract and other documents that ensure the sale goes smoothly.
There are legal obligations that both the seller and buyer will be held to during the process of the transaction, and it is beneficial to have a goal or strategy in mind when you begin initial negotiations for the sale. It is always wise to consult a business law attorney who can provide legal assistance with the development of principal objectives and other concerns for your proposed transaction. A knowledgeable legal exert can help you negotiate a resolution for any disputes, as well as draft the documents needed to protect your rights throughout.
There are both short-term and long-term advantages to every commercial transaction, but you must protect your rights to these advantages before your transaction begins. A skilled business lawyer will be able to help you construct a contract to minimize the likelihood of any potential disputes so that you can be confident in your business transactions in the future.
The expert legal team at the Law Offices of Ian D. Brodsky, LLC has extensive experience with commercial transactions in Chicago. Regardless of whether you are dealing with buying or selling a business, financing, or real estate deals, the firm is capable of providing you with high-quality legal support and guidance. The Chicago business attorneys at the firm take into account commonly litigated issues and will help you construct a contract that will minimize the possibility of future disputes. Founding attorney Ian D. Brodsky served as an Administrative Law Judge at the Illinois Commerce Commission prior to founding his own firm. He understands the challenges that businesses face and he is intimately familiar with the laws that govern commercial litigation and transaction matters. Call a Chicago business attorney at the firm today and learn more about your rights at http://www.windycitylegal.com/.
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