com.merce [Kom-ers] an interchange of goods or commodities, especially on a large scale between different countries (foreign commerce) or between different parts of the same country.
Latin: commercium - to trade together.
Antonym: Bernie Maddoff
Commercial law encompasses all aspects of trade - business structure; consumer law, competition law, commercial contracts, contracts for the sale and carriage of goods, consumer law, e-commerce, banking and guarantees, agency and bailment, personal property securities, and the manner in which the law of equity and tort impacts on businesses and business people.
In Aotearoa, the Commerce Commission is an agency that enforces legislation that promotes competition in New Zealand markets and prohibits misleading and deceptive conduct by traders. The Commission also enforces a number of pieces of legislation that, through regulation, aim to provide the benefits of competition in markets where effective competition does not exist. This includes in the telecommunications, dairy, electricity, gas pipelines and airport sectors.
The Commission is an independent Crown entity established under section 8 of the Commerce Act 1986, and is not subject to direction from the government in carrying out its enforcement and regulatory control activities. The Commerce Commission's purpose is to achieve the best possible outcomes in competitive and regulated markets for the long-term benefit of New Zealanders.
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