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Merchant
 
 
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Merchants function as professionals who deal with trade
Trade

Tradeis the willing exchange of goods, Service , or both. Trade is also called commerce. A mechanism that allows trade is called a market. The original form of trade was barter , the direct exchange of goods and services....
, dealing in commodities that they do not produce themselves, in order to produce profit.

Merchants can be of two types:

  1. A wholesale
    Wholesale

    Wholesaling, historically called jobbing, is 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....
     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 merchant or retailer, sells commodities to consumers (including businesses).






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    Merchants function as professionals who deal with trade
    Trade

    Tradeis the willing exchange of goods, Service , or both. Trade is also called commerce. A mechanism that allows trade is called a market. The original form of trade was barter , the direct exchange of goods and services....
    , dealing in commodities that they do not produce themselves, in order to produce profit.

    Merchants can be of two types:

    1. A wholesale
      Wholesale

      Wholesaling, historically called jobbing, is 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....
       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 merchant or 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 (even achieving titles like that of merchant prince or nabob
    Nawab

    A Nawab or Nawaab was originally the subedar or viceroy of a subah or region of the Mughal empire. It became a high title for Muslim nobles....
    ) to low, such as in Chinese culture, due to the soiling capabilities of profiting from "mere" trade
    Trade

    Tradeis the willing exchange of goods, Service , or both. Trade is also called commerce. A mechanism that allows trade is called a market. The original form of trade was barter , the direct exchange of goods and services....
    , rather than from the labor of others reflected in agricultural produce, craftsmanship, and tribute.

    Significance in law


    In the United States
    United States

    The United States of America is a Federal government constitutional republic comprising U.S. state and a federal district. The country is situated mostly in central North America, where its Contiguous United States and Washington, D.C., the Capital districts and territories, lie between the Pacific Ocean and Atlantic Oceans, Borders of the U...
    , "merchant" is defined (under the Uniform Commercial Code
    Uniform Commercial Code

    File:Uniformcommercialcode.jpgFile:Uniformcommercialcodeconfidentialdrafts.jpgThe Uniform Commercial Code 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 U.S....
    ) 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

    Common law refers to law and the corresponding Legal systems of the world developed through legal opinion of courts and similar tribunals , rather than through statute law or Executive ....
     and the Uniform Commercial Code
    Uniform Commercial Code

    File:Uniformcommercialcode.jpgFile:Uniformcommercialcodeconfidentialdrafts.jpgThe Uniform Commercial Code 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 U.S....
     in the United States
    United States

    The United States of America is a Federal government constitutional republic comprising U.S. state and a federal district. The country is situated mostly in central North America, where its Contiguous United States and Washington, D.C., the Capital districts and territories, lie between the Pacific Ocean and Atlantic Oceans, Borders of the U...
    , 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. For example, 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. The UCC also contains a "merchant's confirmation" exception to the Statute of Frauds
    Statute of frauds

    The statute of frauds refers to the requirement that certain kinds of contracts be made in writing and signed.Traditionally, the statute of frauds requires a writing signed by the defendant in the following circumstances:...
    .

    See also


    • Agricultural marketing
      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....
    • Capitalism
      Capitalism

      Capitalism is an economic system in which wealth, and the means of producing wealth, are private property and controlled rather than commonly, publicly, or state-owned and controlled....
    • Commerce
      Commerce

      Commerce is a division of trade or production, costs, and pricing which deals with the Trade of goods and service from production, costs, and pricing to final consumer....
    • Distribution
      Distribution (business)

      Distribution is one of the four elements of marketing mix. An organization or set of organizations involved in the process of making a product or service available for use or consumption by a consumer or business user....
    • Mercantilism
      Mercantilism

      Mercantilism is an economic theory that holds that the prosperity of a nation is dependent upon its supply of Capital , and that the world economy of international trade is "unchangeable"....
    • Merchant marine
    • Merchant account
      Merchant account

      A merchant account is a contract under which an acquiring bank extends a line of credit to a merchant, who wishes to accept payment card transactions of a particular card association brand....
    • Sales
      Sales

      A sale is the pinnacle activity involved in selling products or services in return for money or other compensation. It is an act of completion of a commercial activity....