commercial transaction

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commercial transaction

in law, the core of the legal rules governing business dealings. The most common types of commercial transactions, involving such specialized areas of the law and legal instruments as sale of goods and documents of title, are discussed below. Despite variations of detail, all commercial transactions have one thing in common: they serve to transmit economic values such as materials, products, and services from those who want to exchange them for another value, usually money, to those who need them and are willing to pay a countervalue. It is the purpose of the relevant legal rules to regulate this exchange of values, to spell out the rights and obligations of each party, and to offer remedies if one of the parties breaches its obligations or cannot perform them for some reason.

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Encyclopedia Britannica, 2008. Encyclopedia Britannica Online.
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