Commercial Law
Commercial law encompasses the legal rules and regulations that govern business and commercial transactions. It covers areas such as contracts, sales, negotiable instruments, and business organizations. Commercial law aims to provide a framework for businesses to operate within, ensuring fair and ethical practices while also protecting the rights and interests of all parties involved in commercial activities.
3 Key excerpts on "Commercial Law"
eBook - ePubThe World of Maritime and Commercial Law
Essays in Honour of Francis Rose
- Charles Mitchell, Stephen Watterson, Charles Mitchell, Stephen Watterson(Authors)
- 2020(Publication Date)
- Hart Publishing(Publisher)
...Amongst those admitting defeat was Disney: ‘“Commercial Law” is an expression incapable of strict definition, but which is used to comprehend all that portion of the law of England which is more especially concerned with commerce, trade and business.’ 8 Others persisted. So Gutteridge usefully observed: The object of commerce is to deal in merchandise and, if we adopt this criterion, Commercial Law can be defined as the special rules which apply to contracts for the sale of goods and to such contracts as are ancillary thereto, namely, contracts for the carriage and insurance of goods and contracts the main purpose of which is to finance the carrying out of contracts of sale. 9 That captures the traditional reach of mercantile law, but perhaps focuses excessively on tangible property and international trade. The late Professor Peter Birks usefully posited the distinction between (i) conceptual categories of law, such as the law of obligations, property law, and unjust enrichment, defined at a level of abstraction and typically found in most developed legal systems, and (ii) contextual categories of law, grouped around some identifiable sphere of activity, such as shipping law or banking law. 10 Where does Commercial Law belong within this divide? Goode’s textbook boldly essays a comprehensive and, to some extent, conceptual definition, being concerned with ‘that branch of the law which is concerned with rights and duties arising from the supply of goods and services by way of trade’. 11 The conceptual unity lends the subject some intellectual dignity...
eBook - ePub- Radha Jethu-Ramsoedh, Maud Hendrickx(Authors)
- 2019(Publication Date)
- Routledge(Publisher)
...8 International Commercial Law Legal considerations often play a subordinate role in international business. Profit is in trade not in legal rules. The major part of international trade does not cause any legal problems, but day- to- day reality proves differently. Business is tough and financial interests are often huge. No single, uniform international Commercial Law governing foreign business transactions exists. The international company must pay particular attention to the laws of each country within which it operates. Managers must be familiar with the legal systems in the countries where they do international business. They should also be aware of the nature of the legal profession, both domestic and international, and the legal relationships that exist between countries. In order to keep the risk of legal problems as small as possible when trading internationally, it is vital to dwell on a number of legal aspects which are discussed in this chapter. Legal system Basic agreement/pre-agreement Business transaction Escape clause Substantive law Applicable law Task allocation Cost/risk sharing Indemnity agreement Quality hallmark Counterfeiting Exclusive rights Two-dimensional designs Three-dimensional designs Piracy Customs authorities Mediation International procedural law Corruption: Multinationals find new ways to tackle graft When Aldo Fumagalli decided to expand Candy, the Italian home appliances manufacturer, into Russia five years ago and open the company’s first plant there, he expected the usual instances of bureaucracy and corruption. What he did not expect was that it would take weeks for the company’s trucks to even make it across the border. He recalls that the trucks spent weeks circling the country, trying to find a customs clearance point at which they could enter...
eBook - ePubIntroducing Globalization
Ties, Tensions, and Uneven Integration
- Matthew Sparke(Author)
- 2012(Publication Date)
- Wiley-Blackwell(Publisher)
...We shall come back to these latter topics in Sections 6.2 and 6.3, where there will be occasion to discuss some of the national forces that continue to complicate the globalization of human-rights law. To begin with, though, we start here by considering the more consequential global expansion of Commercial Law that has been advanced through the last two decades by trade agreements and the associated development of global arbitration, global conventions, and the global business practices of law firms. The history of medieval merchant law gives us some clues as to why and how Commercial Law lies on the cutting edge of today’s transnational law-making. As merchants traveled far and wide through Europe to different trade fairs in the late middle ages, they needed to find ways to settle their disputes and have their business practices and contracts protected. They did so in part by agreeing to let merchant courts intervene in cases of conflict over breaches of contractual agreement. Established in trade centers on important trade routes where merchants came together, these courts were also administered by merchants as well as serving their needs. They therefore operated a system of customary law outside the traditional feudal systems of medieval government by lords, princes, and the church. This externality of merchant courts from feudal government meant that they were deprived of formal state powers of enforcement. However, they were nevertheless able to use the commercial force of exclusion – that is, refusing market access to traders who had been found guilty – to make merchant law meaningful for the trading parties brought together in the merchant courts. Meanwhile, feudal lords and princes themselves tolerated the merchant courts as separate sites of legal authority because of the increased trade and tax-collection possibilities they brought to local areas of rule. The parallels between the medieval law merchant and today’s transnational Commercial Laws are many...
