Week 1 Flashcards

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1
Q

Why is there law?

A

In order to do business, people need trust, protection of their interests & reliance on the system

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2
Q

Public Law

A

to regulate the markets, the system and the access to the market

Constituational
Administrative
Criminal
Procedural

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3
Q

Private law

A

to regulate agreements betweens between legal subjects, establish & continue business relationships

Law of obligations & contract law
Property law
Commercial law
Consumer law

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4
Q

Constitutional law

A

organisation of states

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5
Q

Administrative law

A

relationship between states and legal
subjects; functioning of the market (e.g. certification, licenses…)

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6
Q

Criminal Law

A

safeguard of our society & its values

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7
Q

Consumer law

A

relationship between business & consumer

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8
Q

Commercial law

A

relationship between 2 or more businesses

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9
Q

Property law

A

ownership & possession (and security rights)

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10
Q

Law of obligations & contract law

A

unilateral and/or multilateral
obligations between legal subjects

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11
Q

Functional approach

A

its role for society

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12
Q

Global approach is needed

A

farm to fork (whole supply-chain)

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13
Q

Separation of power: A legislature

A

Making the laws of a country

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14
Q

An executive

A

Governance of the state
Can also enforce the law

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15
Q

A judiciary

A

Enforcement of rights
 Civil courts
 Commercial courts
 Administrative courts
 Constitutional courts
 Criminal courts

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16
Q

Principle sources of commercial law

A

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)

17
Q

External sources of commercial law

A

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

18
Q

Soft law

A

Volutary codes of best / good practices / Codes of conduct
Corporate governance codes
CSR-practices

Transnational contract law
PICC
PECL & PEICL
DCFR

19
Q

Hierarchy of norms

A
  • Supranational law > national law
  • Law > ministerial/royal decrees
  • Codified law > trade usages & practices
20
Q

Why is there a need for regulation?

A

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

21
Q

Party autonomy & Anti-trust regulation

A
  • Most efficient way to protect the market
  • The right to self-govern his own legal position within the limits of the law
22
Q

Freedom of contract

A
  • Freedom to enter into agreements (or not)
  • To choose the contracting parties
  • To determine the content of the agreement
23
Q

Socialization of (Contract) Law

A

Make (someone) behave in a way that is acceptable to society

24
Q

Basic restrictions to party autonomy

A
  • Rules of Ordre Public
  • Rules governing the validity of a contract
  • Fundamental rights of others (e.g. property rights, etc)
  • Principle of non-discrimination
25
Q

Market particiants

A

Start-up’s, SME’s & Consumers

26
Q

Sensu stricto

A

Rules applicable to B2C-transactions