Week 1 Flashcards
Why is there law?
In order to do business, people need trust, protection of their interests & reliance on the system
Public Law
to regulate the markets, the system and the access to the market
Constituational
Administrative
Criminal
Procedural
Private law
to regulate agreements betweens between legal subjects, establish & continue business relationships
Law of obligations & contract law
Property law
Commercial law
Consumer law
Constitutional law
organisation of states
Administrative law
relationship between states and legal
subjects; functioning of the market (e.g. certification, licenses…)
Criminal Law
safeguard of our society & its values
Consumer law
relationship between business & consumer
Commercial law
relationship between 2 or more businesses
Property law
ownership & possession (and security rights)
Law of obligations & contract law
unilateral and/or multilateral
obligations between legal subjects
Functional approach
its role for society
Global approach is needed
farm to fork (whole supply-chain)
Separation of power: A legislature
Making the laws of a country
An executive
Governance of the state
Can also enforce the law
A judiciary
Enforcement of rights
Civil courts
Commercial courts
Administrative courts
Constitutional courts
Criminal courts
Principle sources of commercial law
Contract
Express terms of the agreement
Implied terms
Principle of good faith
Uncodified custom and usage
Informal rules of evidence
Absence of protest: booking notes, bills…
Codified custom and usage
ICC Uniform Rules for Collections
ICC Rules for Multimodal Transport
Domestic legislation
Sale of Goods Act 1893
Code de commerce (FR)
External sources of commercial law
International Conventions and model laws
CISG
Unidroit Model Franchise Disclosure Law
EU Law
Primary EU-law: 4 freedoms
To protect cross-border trade
Secondary EU-law: directives & regulations
Rome I & II
Brussels I Recast Regulation
GDPR
Commercial Agency Directive
PSD II
B2B Unfair Commercial Practices in the food supply-chain
P2B Regulation
Soft law
Volutary codes of best / good practices / Codes of conduct
Corporate governance codes
CSR-practices
Transnational contract law
PICC
PECL & PEICL
DCFR
Hierarchy of norms
- Supranational law > national law
- Law > ministerial/royal decrees
- Codified law > trade usages & practices
Why is there a need for regulation?
Principle: open market economy with free competition and (formal) freedom of contract
- Need for rules to safeguard the functioning of the market
- Need for compensatory rules
1.Duties to inform (substantive freedom of contract)
2.Right of withdrawal (substantive freedom of
contract)
3.Substantive contractual justice
Party autonomy & Anti-trust regulation
- Most efficient way to protect the market
- The right to self-govern his own legal position within the limits of the law
Freedom of contract
- Freedom to enter into agreements (or not)
- To choose the contracting parties
- To determine the content of the agreement
Socialization of (Contract) Law
Make (someone) behave in a way that is acceptable to society
Basic restrictions to party autonomy
- Rules of Ordre Public
- Rules governing the validity of a contract
- Fundamental rights of others (e.g. property rights, etc)
- Principle of non-discrimination
