L2

Question 1

How does Goode define commercial law

Answer 1

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

Question 2

Whose rights is commercial law concerned with

Answer 2

Buyer and seller, and some times the rights of third parties and intermediaries as ling as they are business people

Question 3

What are the characteristics if commercial law

Answer 3

It cares about the individual transactions between business people regularly engaged in the market not consumers or institutions

Question 4

In what what ways is commercial law non interventionist

Answer 4

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

Question 5

How is the law flexible enough to take account of recent business practices

Answer 5

By the judicial recognition of mercantile customs and usage

Question 6

What are mercantile customs

Answer 6

A rule that has obtained the force of law in a particular locality

Question 7

What is mercantile usage

Answer 7

A settled practice of a particular profession, norms that are not necessarily laws. They should be certain, well known and reasonable

Question 8

Can a mercantile custom exist without a usage

Answer 8

No, that is why customs and usage is often used as synonyms

Question 9

What is the benefits of arbitration to litigation

Answer 9

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

Question 10

What are the advantages of legal harmonization

Answer 10

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

Question 11

How is legal harmonization facilitated

Answer 11

Expert organizations make example laws that are then becomes a part if the law of each ratifying state

Question 12

How is the term property used

Answer 12

To name a physical thing as well as a legal right in a thing

Question 13

What are legal proceedings against the right of property called

Answer 13

Actions in rem

Question 14

What are proprietary interests

Answer 14

Property related rights such as a banks right to a debtors property

Question 15

What is personalty

Answer 15

Personal property

Question 16

What are tangibles in realty property

Answer 16

The physical immovable property

Question 17

What are intangibles in realty property

Answer 17

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

Question 18

Is tue right of possession a tangible or intangible right of personal property

Answer 18

A tangible right apparently

Question 19

Is the right of action in respect of property a tangible or intangible right of personal property

Answer 19

An intangible right

Question 20

What is a chose

Answer 20

A pice of personal property that can be in action or in posession

Question 21

What are the characteristics if choses in posession

Answer 21

It is a thing a person can have on their person it is physical, movable and visible

Question 22

What are the characteristics of choses in action

Answer 22

It is the intangible right to benefit from a thing

Question 23

Are documentary intangibles a chose in possession or in action

Answer 23

A choose in action

Question 24

What does it mean that a chose in action is transferrable by assignment

Answer 24

That a person with title to a property can assign away that right to a buyer or beloved

Question 25

Which is the most important chose in action

Answer 25

Negotiable instruments like cheques, bank drafts, promissory notes and bills of exchange

Question 26

What is the characteristics of negotiable instruments

Answer 26

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

Question 27

Does comercial law deal with realty

Answer 27

No

Question 28

What constitutes sales of personal property

Answer 28

It is a kind if contract that involves the passing if property from the seller to the buyer

Question 29

What types of personal property rights are there

Answer 29

Ownership and posession

Question 30

What is the difference between ownership and posession

Answer 30

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