Commercial law: THE STUDY OF LAW:
THE STUDY OF LAW
Lead-in
1 Commercial law is the body of law that governs trade and commerce. Discuss
these questions in small groups.
1 What bodies of law govern commerce in your jurisdiction?
2 How would a contract dispute between two companies from different
jurisdictions be settled?
3 Which international bodies do you know that set guidelines for commercial
transactions?
Reading 1: Commercial law
2 Read the text below and decide whether these statements are true (T) or false (F).
1 Commercial law is a general term for a number of diverse areas of the law
which regulate trade and commerce.
2 Contentious work includes the drafting of contracts and advising clients.
3 The Uniform Commercial Code applies to commercial transactions in all of
the member nations of the European Union.
4 The World Trade Organisation checks to see if countries follow the trade
agreements they have signed.
Commercial law
Commercial law deals with issues of both private law and public law. It
developed as a distinct body of jurisprudence with the beginning of largescale
trade, and many of its rules are derived from the practices of traders.
Specific law has developed in a number of commercial fields, including
agency, banking, bankruptcy, carriage of goods, commercial dispute
resolution, company law, competition law, contract, debtor and creditor, sale
of goods and services, intellectual property, landlord and tenant, mercantile
agency, mortgages, negotiable instruments, secured transactions, realproperty
and tax law.
The work of a commercial lawyer may involve any aspect of the law as it
relates to a firm’s business clients, and the role of the lawyer is to facilitate
business clients’ commercial transactions. It is essential for a commercial
lawyer to have not only a good knowledge of a lot of substantive law, but also
a thorough understanding of both contemporary business practices and the
particular business needs of each client.
A commercial lawyer may be asked to advise a client on matters relating to
both non-contentious and contentious work. Non-contentious work largely
involves advising clients on the drafting of contracts, whereas contentious
work commonly involves the consequences of breach of contract.
Lead-in
1 Commercial law is the body of law that governs trade and commerce. Discuss
these questions in small groups.
1 What bodies of law govern commerce in your jurisdiction?
2 How would a contract dispute between two companies from different
jurisdictions be settled?
3 Which international bodies do you know that set guidelines for commercial
transactions?
Reading 1: Commercial law
2 Read the text below and decide whether these statements are true (T) or false (F).
1 Commercial law is a general term for a number of diverse areas of the law
which regulate trade and commerce.
2 Contentious work includes the drafting of contracts and advising clients.
3 The Uniform Commercial Code applies to commercial transactions in all of
the member nations of the European Union.
4 The World Trade Organisation checks to see if countries follow the trade
agreements they have signed.
Commercial law
Commercial law deals with issues of both private law and public law. It
developed as a distinct body of jurisprudence with the beginning of largescale
trade, and many of its rules are derived from the practices of traders.
Specific law has developed in a number of commercial fields, including
agency, banking, bankruptcy, carriage of goods, commercial dispute
resolution, company law, competition law, contract, debtor and creditor, sale
of goods and services, intellectual property, landlord and tenant, mercantile
agency, mortgages, negotiable instruments, secured transactions, realproperty
and tax law.
The work of a commercial lawyer may involve any aspect of the law as it
relates to a firm’s business clients, and the role of the lawyer is to facilitate
business clients’ commercial transactions. It is essential for a commercial
lawyer to have not only a good knowledge of a lot of substantive law, but also
a thorough understanding of both contemporary business practices and the
particular business needs of each client.
A commercial lawyer may be asked to advise a client on matters relating to
both non-contentious and contentious work. Non-contentious work largely
involves advising clients on the drafting of contracts, whereas contentious
work commonly involves the consequences of breach of contract.
Many jurisdictions have adopted civil codes that contain comprehensive
statements of their commercial law, e.g. the Uniform Commercial Code (UCC),
which has been generally adopted throughout the USA. Within the European
Union, the European Parliament and the legislatures of member nations are
working to unify their various commercial codes.
A substantial amount of commercial law is governed by international treaties
and conventions. The United Nations Commission on International Trade
Law (UNCITRAL) regulates international trade in cooperation with the World
Trade Organisation (WTO). The WTO is responsible for negotiating and
implementing new trade agreements, and is in charge of policing member
countries’ adherence to these agreements, which are signed by the majority
of the world’s trading nations and ratified by their legislatures (for example,
Parliament in the UK or Congress in the USA).
statements of their commercial law, e.g. the Uniform Commercial Code (UCC),
which has been generally adopted throughout the USA. Within the European
Union, the European Parliament and the legislatures of member nations are
working to unify their various commercial codes.
A substantial amount of commercial law is governed by international treaties
and conventions. The United Nations Commission on International Trade
Law (UNCITRAL) regulates international trade in cooperation with the World
Trade Organisation (WTO). The WTO is responsible for negotiating and
implementing new trade agreements, and is in charge of policing member
countries’ adherence to these agreements, which are signed by the majority
of the world’s trading nations and ratified by their legislatures (for example,
Parliament in the UK or Congress in the USA).
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