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Commercial Law > Introduction To Comercial Law > Flashcards

Introduction To Comercial Law Flashcards

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1
Q

How is commercial law defined

A

It is widely recognized not to be definable but it is agreed upon that it has something to do with commerce

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2
Q

Is commercial law based in transactions or institutions

A

Transactions

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3
Q

Does commercial law concern consumers or merchants

A

Merchants

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4
Q

What is the main focus of commercial law

A

Contracts and the usage of markets

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5
Q

Does commercial law focus on cases where transactions are many and uniform or few and unique

A

Many and uniform

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6
Q

Are non contractual obligatory laws such as those regarding tort, bankruptcy, equity and trust included in commercial law

A

No

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7
Q

Are laws regarding the structure and mechanics of institutions such as banks, partnerships, insurance companies, corporations and the like included in commercial law

A

No

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8
Q

Which is the most common of contracts

A

The contract of sale with its associated contracts off carriage, warehousing, insurance and finance

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9
Q

Is commercial code applicable to non commercial transactions

A

Not really

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10
Q

What is the UCC

A

The American unified commercial code which is a simple and workable single source of truth for commercial law in the us except Louisiana

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11
Q

What is the purpose of commercial law

A

To provide standards and conflict resolution with as little hassle and bureaucracy as possible

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12
Q

What needs do business have with the law

A

They require their agreements to be upheld, the require the verdicts to be predictable, they need the law to be flexible enough to keep up with the latest business practices and they need their disputes to be resolved quickly and cheaply

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13
Q

What is the difference between arbitration and litigation

A

Litigation is when the court decides on a verdict after processing all the evidence while arbitration is when the parties come to an agreement which can be quicker and more cost effective

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14
Q

What are the philosophical pillars of arbitration

A

Fairly resolve the issue with an impartial tribunal with utmost haste, the parties are free to decide how the dispute is resolved with only such safeguards that are in public interest which is the only time the quirt may intervene

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15
Q

What is adr in the context of the court

A

Alternative dispute resolutions

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16
Q

What is leave to apeal

A

The granting of permission from a court to allow a superior court to examine a case

17
Q

Does the court assume equal bargaining power between the parties when they signed the contract

A

Yes

18
Q

What was the lex mercatoria

A

The international law of merchants during the middle ages

19
Q

How was the underlying principles of commercial law changed after ww2

A

The lazes fair freedom and sanctity of contracts philosophy was exchanged for a more social welfare approach where protecting consumers and the economically weaker were put in focus. This is when consumer law and commercial law split

20
Q

How has laws harmonized internationally

A

Efforts have been made to harmonize the law code between countries and legislators take inspiration from each other. Further more required norms and legislature is often woven in to complete contracts by international businesses

21
Q

What are the advantages to harmonizing law internationally

A

Completes more cases, less ability shopping for loop holes and tax havens, saves time and increases understanding in international business

22
Q

What is the force working against harmonization

A

Nimbys, everyone wants everyone else to adopt their code and hates to engage with what is forign

23
Q

What is meant by the freedom and sanctity of contracts

A

That it is assumed that contracts are signed willingly and therefor they shall be upheld by the court

24
Q

How are the words in contracts commonly interpreted by courts

A

As a standard business person would so no slang or niche interpretation. Where business lingo lies here i expect it depends on the parties and the industry

25
Q

What is more important semantics or business common sense in a contract

A

If semantics open an interpretation that goes against business common sense that interpretation is invalid

26
Q

What is the goal when a court analyzes a contract

A

To discover what the parties meant with the contract and what the meaning of the agreement entailed with the background facts they have enabled

27
Q

What is a custom or usage

A

A norm of trade in a particular area that can be woven in to a contract and be legally binding ad long as it is sensible and does not contradict the law

28
Q

Are un conventions law

A

Not realy, they become laws when incorporated into the legislation of nations

29
Q

What is international law

A

Rules recommended by international organizations

30
Q

Why might un conventions make bad laws

A

Because they represent multicultural compromises which are often confusing and inefficient

31
Q

What has historically been the courts opinion on equity in commercial law

A

It would be unwelcome as it would complicate things and thinking of others goes against the historically selfish creed of commerce

32
Q

How does public law affect commercial law

A

Public entities may enter and transact in the commercial arena, public bodies regulate markets and they seek to enforce human rights

33
Q

Which are the eight principles of commercial law

A

Party autonomy, predictability, flexibility, good faith, self help, security, protection of third parties and rights

34
Q

What is the consequence of party autonomy in comercial law

A

That parties can make their own contracts and sign them freely doing so making their own laws. If contracts go against equity contracts win unless in gross violation of social interest

35
Q

How van you use flexibility of the legal code in your favor

A

By sticking to a niche interpretation and hope you get away with it or by announcing the niche advantage to the business community and hoping it goes main stream

36
Q

Is good faith a requirement in english law

A

Not really, only when arguing about definitions of the contract and when equity is involved

37
Q

What is meant by self help in commercial law

A

That one may act upon the law and terminate contract and reposes assets without consulting a court as long as you don’t disturb the peace

Commercial Law (8 decks)

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