L2 Flashcards
How does Goode define commercial law
The branch of law which is concerned with the rights and duties arising from the supply of goods and services in the way of trade
Whose rights is commercial law concerned with
Buyer and seller, and some times the rights of third parties and intermediaries as ling as they are business people
What are the characteristics if commercial law
It cares about the individual transactions between business people regularly engaged in the market not consumers or institutions
In what what ways is commercial law non interventionist
By the principles of the freedom and sanctity of contracts. It is not the courts place to guide agreements in a way unfavored by business prople
How is the law flexible enough to take account of recent business practices
By the judicial recognition of mercantile customs and usage
What are mercantile customs
A rule that has obtained the force of law in a particular locality
What is mercantile usage
A settled practice of a particular profession, norms that are not necessarily laws. They should be certain, well known and reasonable
Can a mercantile custom exist without a usage
No, that is why customs and usage is often used as synonyms
What is the benefits of arbitration to litigation
It is more flexible un the procedures, it is confidential, arbiters may have personal experience in the trade and there is a verry limited tight of appeal agains awards aka a low chance that it will be sent to another court
What are the advantages of legal harmonization
It fills the vacuum where national law is obscure, it avoids conflicting laws and forum shopping, it makes the law available in many languages. This makes the law more cheap efficient accessible and facilitates a common market
How is legal harmonization facilitated
Expert organizations make example laws that are then becomes a part if the law of each ratifying state
How is the term property used
To name a physical thing as well as a legal right in a thing
What are legal proceedings against the right of property called
Actions in rem
What are proprietary interests
Property related rights such as a banks right to a debtors property
What is personalty
Personal property
What are tangibles in realty property
The physical immovable property
What are intangibles in realty property
Land related rights know as incorporeal hereditaments like the right to pass it onto a descendant, the right to develop it or to pollute it
Is tue right of possession a tangible or intangible right of personal property
A tangible right apparently
Is the right of action in respect of property a tangible or intangible right of personal property
An intangible right
What is a chose
A pice of personal property that can be in action or in posession
What are the characteristics if choses in posession
It is a thing a person can have on their person it is physical, movable and visible
What are the characteristics of choses in action
It is the intangible right to benefit from a thing
Are documentary intangibles a chose in possession or in action
A choose in action
What does it mean that a chose in action is transferrable by assignment
That a person with title to a property can assign away that right to a buyer or beloved
Which is the most important chose in action
Negotiable instruments like cheques, bank drafts, promissory notes and bills of exchange
What is the characteristics of negotiable instruments
The ting in itself is treated as the chosen rather then the right it represents so it acts more like a chose in possession. This means that the holder of such have right to it even if it was stolen by an unrelated party
Does comercial law deal with realty
No
What constitutes sales of personal property
It is a kind if contract that involves the passing if property from the seller to the buyer
What types of personal property rights are there
Ownership and posession
What is the difference between ownership and posession
Ownership is the residual right left after the rights of cintrol or limited interest has been given to possessors. Owners have absolute title and possessors have relative title
