A merchant is a businessman who trades Trade is the voluntary exchange of goods, services, or both. Trade is also called commerce or transaction. A mechanism that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and services. Later one side of the barter were the metals, precious metals , bill, paper money. Modern traders instead in commodities that he did not produce himself, in order to earn a profit In neoclassical economics, economic profit, or profit, is the difference between a firm's total revenue and its opportunity costs. In classical economics profit is the return to the employer of capital stock in any productive pursuit involving labor. These two definitions are actually the same. In both instances economic profit is the return to an.

Merchants can be one of two types:

1. A wholesale Wholesaling, jobbing, or distributing is defined as the sale of goods or merchandise to retailers, to industrial, commercial, institutional, or other professional business users, or to other wholesalers and related subordinated services. In general, it is the sale of goods to anyone other than a standard consumer merchant operates in the chain between producer and retail merchant. Some wholesale merchants only organize the movement of goods rather than move the goods themselves.
2. A retail Retailing consists of the sale of goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be individuals or businesses. In commerce, a "retailer" merchant or retailer Retailing consists of the sale of goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be individuals or businesses. In commerce, a "retailer", sells commodities to consumers (including businesses). A shop owner is a retail merchant.

A merchant class characterizes many pre-modern societies. Its status can range from high (the members even eventually achieving titles such as that of merchant prince or nabob A Nawab or Nawaab was originally the subedar (provincial governor) or viceroy of a subah (province) or region of the Mughal empire. It became a high title for Muslim nobles) to low, as in Chinese culture The Culture of China is one of the world's oldest and most complex cultures. The area in which the culture is dominant covers a large geographical region in eastern Asia with customs and traditions varying greatly between towns, cities and provinces, owing to the presumed distastefulness of profiting from "mere" trade Trade is the voluntary exchange of goods, services, or both. Trade is also called commerce or transaction. A mechanism that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and services. Later one side of the barter were the metals, precious metals , bill, paper money. Modern traders instead rather than from labor or the labor of others as in agriculture and craftsmanship.

Significance in law

In the United States ^ b. English is the de facto language of American government and the sole language spoken at home by 80% of Americans age five and older. Spanish is the second most commonly spoken language, "merchant" is defined (under the Uniform Commercial Code The Uniform Commercial Code , first published in 1952, is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America) as any person while engaged in a business or profession or a seller who deals regularly in the type of goods sold. Under the common law Common law is law developed by judges through decisions of courts and similar tribunals , rather than through legislative statutes or executive branch action. A "common law system" is a legal system that gives great precedential weight to common law, on the principle that it is unfair to treat similar facts differently on different and the Uniform Commercial Code The Uniform Commercial Code , first published in 1952, is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America in the United States ^ b. English is the de facto language of American government and the sole language spoken at home by 80% of Americans age five and older. Spanish is the second most commonly spoken language, merchants are held to a higher standard in the selling of products than those who are not engaged in the sale of goods as a profession.

Implied Warranty of Merchantability

When a merchant sells something, he or she is deemed to give an implied warranty of merchantability, guaranteeing that the product is fit to be sold, even if there is nothing in writing to this effect.

Merchant Confirmation Rule

The UCC also contains a "merchant's confirmation" exception to the Statute of Frauds The term statute of frauds comes from an English Act of Parliament passed in 1677 (authored by Sir Leoline Jenkins and passed by the Cavalier Parliament), and more properly called An Act for Prevention of Frauds and Perjuries. Many common law jurisdictions have made similar statutory provisions, while a number of civil law jurisdictions have. The Merchant Confirmation Rule states that if one merchant sends a writing sufficient to satisfy the statute of frauds to another merchant, the merchant has reason to know of the contents of the sent confirmation and the receiver does not object to the confirmation within 10 days, the confirmation is good to satisfy the statute as to both parties.

Firm Offer Rule

Under common law, an offer to purchase can be revoked at anytime before acceptance. However, dealing between merchants, an offer can be made 'firm' or irrevocable for a certain period of time. In order for a merchant to create a 'firm offer' it must satisfy the Statute of Frauds The term statute of frauds comes from an English Act of Parliament passed in 1677 (authored by Sir Leoline Jenkins and passed by the Cavalier Parliament), and more properly called An Act for Prevention of Frauds and Perjuries. Many common law jurisdictions have made similar statutory provisions, while a number of civil law jurisdictions have. When dealing between merchants, the Statute of Frauds will be satisfied so long as it satisfies an authentication under the UCC Section 2-205 (a signature/mark will do). This is called the firm offer In the United States, a firm offer allows merchants to make offers to buy or sell irrevocable for up to three months provided that the offer be put down in writing or otherwise authenticated. Such offers are defined by UCC § 2-205 of the Uniform Commercial Code of the United States rule. Provided this occurs, the offer will stay 'firm' for a period of 90 days. If the offer is for a longer period courts will limit the offer period to 90 days.

References

• The Merchant Class of Medieval London By Sylvia L. Thrupp [1]

See also

• Agricultural marketing Agricultural marketing covers the services involved in moving an agricultural product from the farm to the consumer. Numerous interconnected activities are involved in doing this. Agricultural marketing is best carried out by the private sector rather than governments and all stages of the chain must show a profit for the participants. Support to
• Capitalism Capitalism is an economic system in which the means of production are privately owned; supply, demand, price, distribution, and investments are determined mainly by private decisions in the free market, rather than by the state through central economic planning or through democratic planning; profit is distributed to owners who invest in
• Commerce Commerce is a division of trade or production which deals with the exchange of goods and services from producer to final consumer OR commerce is the exchange of goods and services from the point of production to the point of consumption to satisfy human wants. It comprises the trading of something of economic value such as goods, services,
• Distribution Physical distribution is one of the four elements of the marketing mix. An organization or set of organizations (go-betweens) involved in the process of making a product or service available for use or consumption by a consumer or business user
• Mercantilism Mercantilism is an economic theory, thought to be a form of economic nationalism, that holds that the prosperity of a nation is dependent upon its supply of capital, and that the global volume of international trade is "unchangeable". Economic assets are represented by bullion (gold, silver, and trade value) held by the state, which is
• Merchant marine Merchant Navy refers to the merchant fleet of a country, which varies in capacity. Seafarers on merchant vessels, who hold various military-like ranks and responsibilities and are sometimes members of various maritime trade unions, are required by the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers
• Merchant account A merchant account is a type of bank account that allows businesses to accept payments by debit or credit cards. A merchant account also serves as an agreement between a retailer, a merchant bank and payment processor for the settlement of credit card and/or debit card transactions
• Sales A sale is the pinnacle activity involved in the selling products or services in return for money or other compensation. It is an act of completion of a commercial activity.[not in citation given]

Categories: Commerce | Business and financial operations occupations | Distribution, retailing, and wholesaling Categories: Marketing | Supply chain management | Economics of service industries | Merchants |

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