Features of international commercial law Flashcards
There is one source of international commercial law
False, there is no one standard
What is commercial law
Laws regarding contracts between private parties
What is trade law
Laws about trade agreements that stifles or encurages trade
What is company law
Laws about the organization of companies
How does Block Leib differ between commercial common law, commercial code and commercial regulation
Commercial common law concerns dissagreements aboout contract interpretation resolved through litigation, commercial code is a legislative recasting of past judgements while commercial regulation concerns binding obligations which cannot be recast
Are there international commercial regulation
Not realy since no one can enforce it worldwide
What are the two core guiding principles of commercial law
Predictability and flexibility
What is freedom of contract
The right of people to decide what contracts they sign and to negotiate the terms of contracts
Name some sources of international law
ICC, UNIDROIT, UNCITRAL, and industry specific associations such as GAFTA the grain and feed association
What is the ICC
the international chamber of commerce
What is the UNCITRAL
United nation commition of international trade law
What is UNIDROIT
The international commition for the unification of private law
What is lex mercantoria
The law of merchants, trade customs of merchants durring the middle ages
Most contracts are created from scratch
No most of the time there are standard contracts where only minor aspects are negotiatied
What are ethical clauses in contracts
Requirements of ethical conduct baked into the contract f.ex between two parties in a supply chain, they are often hard to enforce as contracts are only between imediate neighbours in the chain and many members may lack the ability to persue compensation
