this presentation explains important concepts/definitions of
PROPERTY, ITS KINDS, IMMOVABLE AND MOVABLE
PROPERTY, LAND, INSTRUMENT, ATTESTED,
REGISTERED, and ACTIONABLE CLAIMS
Introduces commercial law, its history and development alongside its principles. Also explains African and Islamic commercial law as distinct legal systems for commercial dealings. The slides also introduce the Sale of Goods Act (UK, 1979)
Definition of Law:
Law is defined as Rules of Human action. Blackstone defines law as “ It is a rule of action whether it be animate or inanimate or of nations. Thus law of motion are as much law of nature or of nations. Other jurists however restrict the meaning and scope of law only to norms necessary for regulation of human conduct. Salmond defines law as the “body of principles recognized and applied by the state in the administration of justice. Austin defines Law is the aggregate of rules set men as politically superior or sovereign to men as politically subject. Duguit defines Law as essentially and exclusively as social fact. Roscoe Pound defines law as a social institution to satisfy social wants. Another great sociological jurist is Ehrlich. He includes in his definition all the norms which govern social life within a given society.
this presentation explains important concepts/definitions of
PROPERTY, ITS KINDS, IMMOVABLE AND MOVABLE
PROPERTY, LAND, INSTRUMENT, ATTESTED,
REGISTERED, and ACTIONABLE CLAIMS
Introduces commercial law, its history and development alongside its principles. Also explains African and Islamic commercial law as distinct legal systems for commercial dealings. The slides also introduce the Sale of Goods Act (UK, 1979)
Definition of Law:
Law is defined as Rules of Human action. Blackstone defines law as “ It is a rule of action whether it be animate or inanimate or of nations. Thus law of motion are as much law of nature or of nations. Other jurists however restrict the meaning and scope of law only to norms necessary for regulation of human conduct. Salmond defines law as the “body of principles recognized and applied by the state in the administration of justice. Austin defines Law is the aggregate of rules set men as politically superior or sovereign to men as politically subject. Duguit defines Law as essentially and exclusively as social fact. Roscoe Pound defines law as a social institution to satisfy social wants. Another great sociological jurist is Ehrlich. He includes in his definition all the norms which govern social life within a given society.
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Administrative law is one of the important subject of law. It is very complicated topic . Here i provide you a Basic note of Administrative that will be helpful to your law entrance examination.
Meaning of the doctrine:
In reality it is neither a rule or law
It is a doctrine of political morality that aims at ensuring the correct balance of rights and powers between individuals and the state
Adherence to the doctrine requires more than to govern according to the law since this is not necessarily equivalent to govern under the law
“Only in a country where the rule of law means more than formal, legal validity will subjects enjoy real protection from official tyranny and abuse” Mathews
This presentation was made and presented by me. The presentation shows, how a legacy shall be abated after the testator has dies and the bequest made by him exceeds the legal third allowed by the Shariah Law.
Principles of Roman Law: Law of ObligationPreeti Sikder
Learning Objective: Students will be aware about the classification of obligations and relevance of contractual relationships in earlier Roman Civilisation
LLB LAW NOTES ON PROPERTY LAW
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Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.
Administrative law is one of the important subject of law. It is very complicated topic . Here i provide you a Basic note of Administrative that will be helpful to your law entrance examination.
Meaning of the doctrine:
In reality it is neither a rule or law
It is a doctrine of political morality that aims at ensuring the correct balance of rights and powers between individuals and the state
Adherence to the doctrine requires more than to govern according to the law since this is not necessarily equivalent to govern under the law
“Only in a country where the rule of law means more than formal, legal validity will subjects enjoy real protection from official tyranny and abuse” Mathews
This presentation was made and presented by me. The presentation shows, how a legacy shall be abated after the testator has dies and the bequest made by him exceeds the legal third allowed by the Shariah Law.
Principles of Roman Law: Law of ObligationPreeti Sikder
Learning Objective: Students will be aware about the classification of obligations and relevance of contractual relationships in earlier Roman Civilisation
LLB LAW NOTES ON PROPERTY LAW
FREE AFFIDAVITS AND NOTICES FORMATS
FREE AGREEMENTS AND CONTRACTS FORMATS
FREE LLB LAW NOTES
FREE CA ICWA NOTES
FREE LLB LAW FIRST SEM NOTES
FREE LLB LAW SECOND SEM NOTES
FREE LLB LAW THIRD SEM NOTES
FREE LLB LAW FOURTH SEM NOTES
FREE LLB LAW FIFTH SEM NOTES
FREE LLB LAW SIXTH SEM NOTES
FREE CA ICWA FOUNDATION NOTES
FREE CA ICWA INTERMEDIATE NOTES
FREE CA ICWA FINAL NOTES
KANOON KE RAKHWALE INDIA
HIRE LAWYER ONLINE
LAW FIRMS IN DELHI
CA FIRM DELHI
VISIT : https://www.kanoonkerakhwale.com/
VISIT : https://hirelawyeronline.com/
This ppt has been used at the Colegio de Abogados de San luis, in an English for Law class. It summarises the content of one of the "readings" inside "Introduction to Legal English" by Matt Firth and Translegal.
Public international law trendtex case_ State ImmunityManish Kumar
This case is related to the State immunity in Public International Law. This very case enumerates the stand of courts over State Immunity when commercial nature of State is involved.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
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Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
[Note: This is a partial preview. To download this presentation, visit:
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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Discover the innovative and creative projects that highlight my journey throu...dylandmeas
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3. OriginsOrigins::
RulesRules
MerchantsMerchants
Common usages, CustomsCommon usages, Customs
Civil lawCivil law not responsivenot responsive
A need for: effective, quick,A need for: effective, quick,
comprehensible and acceptable System &comprehensible and acceptable System &
specialised courtsspecialised courts
International commercial law today isInternational commercial law today is
affected (affected (usages, customs..)usages, customs..).. including.. including
arbitrationarbitration
33
4. The Medieval Law MerchantThe Medieval Law Merchant::
Merchant courtsMerchant courts tradetrade centres ¢res &
routesroutes..
Legal system developed andLegal system developed and
administered by Merchantsadministered by Merchants
States or local authorities seldomStates or local authorities seldom
InterferenceInterference
Trade flourishedTrade flourished
Increasing tax revenuesIncreasing tax revenues
44
5. The Need for Quick and EffectiveThe Need for Quick and Effective
JusticeJustice::
customs and practices among traderscustoms and practices among traders
solve disputes rapidlysolve disputes rapidly least costs byleast costs by
most efficient meansmost efficient means
Public courtsPublic courts delay their business, anddelay their business, and
that meant losing moneythat meant losing money
Law MerchantLaw Merchant
quick and effective justicequick and effective justice
informal proceedingsinformal proceedings
fair price, good commerce, and equity.fair price, good commerce, and equity.
55
6. Choice of JudgeChoice of Judge::
commercial backgroundcommercial background
practical knowledge.practical knowledge.
Their reputationTheir reputation
expertise in merchant tradeexpertise in merchant trade
a “a “professional judiciaryprofessional judiciary” developed” developed
through the merchant judges.through the merchant judges.
serve as important measures in theserve as important measures in the
appointment of internationalappointment of international
commercial arbitratorscommercial arbitrators todaytoday..
66
7. Legal Concepts Introduced byLegal Concepts Introduced by
the Law Merchantthe Law Merchant::
Based on: Less procedural formalityBased on: Less procedural formality
However, practical needHowever, practical need “writing“writing
obligatory”.obligatory”.
creditors could freely transfer the debts.creditors could freely transfer the debts.
displace the need for more complexdisplace the need for more complex
forms of proof,forms of proof,
party autonomy:party autonomy:
the parties free to take a case to court,the parties free to take a case to court,
what evidence to submitwhat evidence to submit
which law to apply.which law to apply. 77
8. The Evolution of the LawThe Evolution of the Law
MerchantMerchant::
Law MerchantLaw Merchant cosmopolitan -cosmopolitan -
internationalinternational
declined towards the end of medieval timesdeclined towards the end of medieval times
due to the adoption of nationaldue to the adoption of national
commercial lawcommercial law
increasing modification of local customsincreasing modification of local customs
to protect the interests of localto protect the interests of local
merchants.merchants.
The resultThe result loss of autonomy of merchantloss of autonomy of merchant
tribunals to state courts.tribunals to state courts.
The reason wasThe reason was protection of stateprotection of state
interestsinterests 88
9. Codification andCodification and NationalisationNationalisation
of the Law Merchantof the Law Merchant::
NationalisationNationalisation of the Law Merchantof the Law Merchant diddid
not neglect thenot neglect the practisespractises of merchantsof merchants
Some institutions continued toSome institutions continued to
function,function,
state judges were appointed for theirstate judges were appointed for their
merchant expertisemerchant expertise as modernas modern
commercial arbitrators.commercial arbitrators.
The law of the merchants wasThe law of the merchants was simplysimply
codified. National codes built on:codified. National codes built on:
the principles laid down by tradethe principles laid down by trade
commercialcommercial practisepractise
they embodied Law Merchantthey embodied Law Merchant
99
10. The Development underThe Development under
the Common Lawthe Common Law::
English Courts appliedEnglish Courts applied merchantmerchant
customscustoms if:if:
they were consistent with lawthey were consistent with law
were proven before the courtwere proven before the court
In the US, Law Merchant prevailed inIn the US, Law Merchant prevailed in
general principles & doctrines ofgeneral principles & doctrines of
commercial jourisprudencecommercial jourisprudence..
1010
11. International CommercialInternational Commercial
Law and ArbitrationLaw and Arbitration::
Law Merchant was reaffirmed in newLaw Merchant was reaffirmed in new
international mercantile lawinternational mercantile law directeddirected
at market effeciency.at market effeciency.
Dispute resolutions have evolvedDispute resolutions have evolved
International commercial arbitrationInternational commercial arbitration
became available.became available.
The principles of the medieval LawThe principles of the medieval Law
MerchantMerchant are applied in arbitrationare applied in arbitration
1111
12. Evaluation, Law MerchantEvaluation, Law Merchant
of the Futureof the Future::
Medieval Law MerchantMedieval Law Merchant far fromfar from
destroyed.destroyed.
AA modernmodern variant of the Law Merchant isvariant of the Law Merchant is
the evolving law and dispute resolution inthe evolving law and dispute resolution in
cyberspacecyberspace..
Internet traders solve disputes onlineInternet traders solve disputes online
seldom challenged before traditionalseldom challenged before traditional
courts of law.courts of law.
Problem of enforceability.Problem of enforceability.
Merchants are reluctant to surrender theMerchants are reluctant to surrender the
efficiencies of merchant practice to stateefficiencies of merchant practice to state
confinementconfinement 1212
14. IntroductionIntroduction
The numerousThe numerous eventsevents of the past few years…attacks on the Twinof the past few years…attacks on the Twin
Towers and London, the invasions of Afghanistan and Iraq.Towers and London, the invasions of Afghanistan and Iraq.
interest in Islaminterest in Islam, particularly in ‘Islamic revival’. One result is an, particularly in ‘Islamic revival’. One result is an
awareness of the role and importance of law in the life of Muslims.awareness of the role and importance of law in the life of Muslims.
Islamic lawIslamic law covers all aspectscovers all aspects of human behaviour from political toof human behaviour from political to
sale of real property, from hunting to the etiquette of dining,sale of real property, from hunting to the etiquette of dining,
It is much wider than the Western understanding of ‘law’, andIt is much wider than the Western understanding of ‘law’, and
governs every detail…including commercial transactions.governs every detail…including commercial transactions.
There isThere is no Christianno Christian law of contract nor of property, whereaslaw of contract nor of property, whereas
bodies of law dealing with such matters do exist in shari’a.bodies of law dealing with such matters do exist in shari’a.
it would make no sense to refer to ‘Christian commercial law’, it isit would make no sense to refer to ‘Christian commercial law’, it is
meaningful to speak of ‘Islamic Commercial Law’.meaningful to speak of ‘Islamic Commercial Law’.
The shari’a… abandoned and substituted by Western law. However,The shari’a… abandoned and substituted by Western law. However,
as a result of theas a result of the Islamic revivalIslamic revival, the possibility of adapting the, the possibility of adapting the
shari’a to the modern world has been considered recently.shari’a to the modern world has been considered recently.
1414
15. The Development of IslamicThe Development of Islamic
Commercial LawCommercial Law::
Muslim great deal ofMuslim great deal of tradingtrading activity.activity.
EconomicEconomic environment…industry, manpower, free workers,environment…industry, manpower, free workers,
goods production and export and large quantities of coins.goods production and export and large quantities of coins.
Developed aDeveloped a systemsystem … served the needs of participants well.… served the needs of participants well.
The Muslim world wasThe Muslim world was overtakenovertaken by theby the WestWest in technology,in technology,
warfare and commercial techniques.warfare and commercial techniques.
a long series ofa long series of eventsevents, … conquest of Egypt by the French, … conquest of Egypt by the French
in 1798, the European domination of trade.in 1798, the European domination of trade.
consequence was a wish toconsequence was a wish to imitateimitate and adopt those ideasand adopt those ideas
and institutions which seemed to have given Europe theand institutions which seemed to have given Europe the
advantage.advantage.
The imitation movement led to the shari’a being ‘The imitation movement led to the shari’a being ‘abandonedabandoned
with astonishing speed in all areas except family law; shari’awith astonishing speed in all areas except family law; shari’a
commercial law disappeared from almost the entire region.commercial law disappeared from almost the entire region.
1515
16. commentatorscommentators argue about ‘why reformers looked toargue about ‘why reformers looked to
Europe rather than build on pre-existing shari’aEurope rather than build on pre-existing shari’a
NapoleonNapoleon brought with him to Egypt the French idea ofbrought with him to Egypt the French idea of
separating commercial and non-commercial law… specialseparating commercial and non-commercial law… special
courts were set up to deal with commercial disputes.courts were set up to deal with commercial disputes.
The adoption by the Ottoman Empire in 1850 of largeThe adoption by the Ottoman Empire in 1850 of large
parts of the French Commercial Code was made as partparts of the French Commercial Code was made as part
of a long and complexof a long and complex secularisationsecularisation processprocess
the following factors have played a partthe following factors have played a part::
1. European dominance of trade;1. European dominance of trade;
2. The desire of European merchants to avoid2. The desire of European merchants to avoid locallocal
courtscourts and local law;and local law;
3. The perception that an obligation to use the shari’a3. The perception that an obligation to use the shari’a
disadvantaged local merchants asdisadvantaged local merchants as against their Europeanagainst their European
counterparts, who could use Western lawcounterparts, who could use Western law
1616
17. 4.4. European tradersEuropean traders …using the French Commercial Code…using the French Commercial Code
as a customary law to aid the resolution of theiras a customary law to aid the resolution of their
disputes;disputes;
5. A familiarity with the idea and practice of secular5. A familiarity with the idea and practice of secular
legislation in certain fields;legislation in certain fields;
6. The influence of the6. The influence of the Ottoman eliteOttoman elite from trade withfrom trade with
Europe, and the governmental desire to please them;Europe, and the governmental desire to please them;
7. A perception that commercial matters were of7. A perception that commercial matters were of lessless
religious significancereligious significance … a perception which may have… a perception which may have
been influenced by the Egyptian experience.been influenced by the Egyptian experience.
what is certain is … major parts of the Frenchwhat is certain is … major parts of the French
Commercial Code 1807 were imported as the OttomanCommercial Code 1807 were imported as the Ottoman
Commercial CodeCommercial Code 18501850..
SubsequentSubsequent developments in state lawdevelopments in state law followed thefollowed the
pattern of a divide between commercial and non-pattern of a divide between commercial and non-
commercial matters.commercial matters.
1717
18. The Significance of IslamicThe Significance of Islamic
Commercial Law TodayCommercial Law Today
Few people are interested in the Islamic commercialFew people are interested in the Islamic commercial
lawlaw
However, theHowever, the Islamic revivalIslamic revival has very significanthas very significant
changes. The most striking manifestation of the newchanges. The most striking manifestation of the new
situation is the growth insituation is the growth in Islamic financeIslamic finance andand
insurance,insurance,
a growth has accelerated as a result of the steadya growth has accelerated as a result of the steady
and dramatic rise inand dramatic rise in oil and gas pricesoil and gas prices over the lastover the last
decade.decade.
The subject is also of considerable significance as aThe subject is also of considerable significance as a
result of theresult of the islamisationislamisation of state-based law. Despiteof state-based law. Despite
the fact that only non-commercial law is islamised,the fact that only non-commercial law is islamised,
1818
19. It is not possible to achieve aIt is not possible to achieve a total isolationtotal isolation ofof
commercial law. e.g., in the UAE, the fundamentalcommercial law. e.g., in the UAE, the fundamental
law is the Civil Code, based on the shari’a. Thelaw is the Civil Code, based on the shari’a. The
Commercial Code is a set of variations from, andCommercial Code is a set of variations from, and
additions to, the Civil Code. So the Commercialadditions to, the Civil Code. So the Commercial
Code is subject to shari’a.Code is subject to shari’a.
In addition, theIn addition, the Civil CodeCivil Code includes bodies of rulesincludes bodies of rules
relevant to commercial matters, but drawn from therelevant to commercial matters, but drawn from the
shari’ashari’a..
Examples include the general law of contract, theExamples include the general law of contract, the
law of property, and the law relating to thelaw of property, and the law relating to the
transfer of rights. The commercial aspects of thetransfer of rights. The commercial aspects of the
shari’a cannot, therefore, be ignored.shari’a cannot, therefore, be ignored.
1919
20. Islamic Commercial Law inIslamic Commercial Law in
Modern WorldModern World
The reasons for theThe reasons for the adoption of Western lawadoption of Western law are notare not
entirely clear. The justification given by the draftingentirely clear. The justification given by the drafting
committee of thecommittee of the MajallaMajalla ((the Ottoman codificationthe Ottoman codification
of the Hanafi schoolof the Hanafi school) for the enactment of the 1850) for the enactment of the 1850
Commercial Code was that only Western law couldCommercial Code was that only Western law could
deal with thedeal with the complexitiescomplexities of modern commerce.of modern commerce.
This notion dominated thinking until quite recently,This notion dominated thinking until quite recently,
and many lawyers still believe it.and many lawyers still believe it.
However,However, shari’ashari’a was a legal regime with many of thewas a legal regime with many of the
elements considered essential for the properelements considered essential for the proper
functioning of a commercial law system, i.e.functioning of a commercial law system, i.e.
‘certainty, flexibility and pragmatism’.‘certainty, flexibility and pragmatism’.
2020
21. shari’ashari’a is more than adequate and have played ais more than adequate and have played a
significant role in the facilitation of commerce, with asignificant role in the facilitation of commerce, with a
sophisticated law of sale, financial instruments,sophisticated law of sale, financial instruments,
different kinds of partnership, and so on.different kinds of partnership, and so on.
What matters wereWhat matters were customscustoms, where strict rules of the, where strict rules of the
books of fiqh were abandoned ‘inbooks of fiqh were abandoned ‘in favourfavour of theof the
merchants’ customs’,merchants’ customs’,
a position justified bya position justified by Prophetic TraditionProphetic Tradition::
‘‘My community will not agree on an error’.My community will not agree on an error’.
The possibility of adapting the shari’a to the modernThe possibility of adapting the shari’a to the modern
world was not considered until very recently… as aworld was not considered until very recently… as a
result of theresult of the Islamic revivalIslamic revival, there was a call for a, there was a call for a
return to thereturn to the totality of the shari’atotality of the shari’a, including its, including its
commercial aspects.commercial aspects.
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23. Definition of Commercial LawDefinition of Commercial Law::
Commercial law is vague!Commercial law is vague! Derived from theDerived from the
practices of traders.practices of traders.
scholars define it as "scholars define it as "body of legal rules that applybody of legal rules that apply
to commerce, commercial transactions, andto commerce, commercial transactions, and
organises merchants' professionorganises merchants' profession."."
It regulates relations arising from explicitIt regulates relations arising from explicit businessbusiness
actions and behaviour.actions and behaviour.
Commercial law is the branch of private law, whichCommercial law is the branch of private law, which
applies toapplies to business transactionsbusiness transactions, and to a certain, and to a certain
category of people,category of people, merchantsmerchants..
Commercial transactionCommercial transaction is the core of the legalis the core of the legal
rules governingrules governing business dealingsbusiness dealings..
The most common types of commercialThe most common types of commercial
transactions istransactions is salesale of goods.of goods.
All commercial transactions have one thing inAll commercial transactions have one thing in
common: they serve to transmitcommon: they serve to transmit economic valueseconomic values..
2323
24. Commercial law haveCommercial law have evolved from private lawevolved from private law
General principles of private law were the essenceGeneral principles of private law were the essence
of the general principles of the transactions ofof the general principles of the transactions of
individuals.individuals.
This is due to:This is due to:
the quality of activities orthe quality of activities or
the privacy of the profession andthe privacy of the profession and
the swift transaction between traders and hastethe swift transaction between traders and haste
process of business and commerce.process of business and commerce.
It is often considered to be aIt is often considered to be a branch of civil lawbranch of civil law..
Many countries have adopted civil codes whichMany countries have adopted civil codes which
contain comprehensive statements of theircontain comprehensive statements of their
commercial law.commercial law.
Accordingly,Accordingly, commercial law (business law) iscommercial law (business law) is “the“the
body of law which governsbody of law which governs businessbusiness,, commercecommerce andand
consumer transactionsconsumer transactions.”.”
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25. BusinessBusiness
BusinessBusiness: in economics, is a legally recognised: in economics, is a legally recognised
organisationalorganisational entity (also refered as a firm)entity (also refered as a firm)
designed to selldesigned to sell goodsgoods and/orand/or servicesservices toto
consumers or other businessesconsumers or other businesses in an effort toin an effort to
generategenerate profitprofit..
InIn capitalistcapitalist economies (most businesses areeconomies (most businesses are
privately owned) businesses are formed to earnprivately owned) businesses are formed to earn
profit and grow personal wealth of their owners.profit and grow personal wealth of their owners.
The owners of a business aim to generate aThe owners of a business aim to generate a
financial return in exchange for their work andfinancial return in exchange for their work and
their acceptance of risk.their acceptance of risk.
Exceptions to this rule include cooperativeExceptions to this rule include cooperative
businesses and government institutions.businesses and government institutions.
SocialisticSocialistic systems, involves either government,systems, involves either government,
public, or worker ownership of mostpublic, or worker ownership of most sizablesizable
businesses.businesses.
2525
26. TheThe etymologyetymology of "business" relates to the state ofof "business" relates to the state of
being busy either as an individual or societybeing busy either as an individual or society
doing commercially viable and profitable work.doing commercially viable and profitable work.
The term "business" has at leastThe term "business" has at least three usagesthree usages::
1.1. the singular usage (above) to mean a particularthe singular usage (above) to mean a particular
company or corporationcompany or corporation
2.2. the generalised usage to refer to a particularthe generalised usage to refer to a particular
market sector, ormarket sector, or
3.3. the broadest meaning to include all activities bythe broadest meaning to include all activities by
the community of suppliers of goods & services.the community of suppliers of goods & services.
However, the exact definition of business is aHowever, the exact definition of business is a
matter of debate.matter of debate.
2626
27. CommerceCommerce
CommerceCommerce: is a: is a divisiondivision of trade orof trade or
production which deals with theproduction which deals with the
exchangeexchange of goods and services fromof goods and services from
producer to final consumer.producer to final consumer.
It comprises theIt comprises the tradingtrading of something ofof something of
economic valueeconomic value such as goods, services,such as goods, services,
information or money between two orinformation or money between two or
more entities.more entities.
CommercialisationCommercialisation consists of theconsists of the
processprocess of transforming something into aof transforming something into a
product, service or activity which oneproduct, service or activity which one
may then use in commerce.may then use in commerce.
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28. Modern Concept ofModern Concept of
Commercial LawCommercial Law
Modern trends in commercial lawModern trends in commercial law reconsiderreconsider
thethe provisionsprovisions of commercial law.of commercial law.
Commercial law is the law ofCommercial law is the law of economiceconomic oror
business. This concept, wouldbusiness. This concept, would cover allcover all
topics involve economic activities undertopics involve economic activities under
commercial lawcommercial law
Rules of commercial lawRules of commercial law constant evolutionconstant evolution
changing rapidlyrapidly
Progress in the field of industry, tradeProgress in the field of industry, trade newnew
products, markets, toolsproducts, markets, tools new legalnew legal
versionsversions
Commercial law evolves more rapidly than anyCommercial law evolves more rapidly than any
other branches of lawother branches of law
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29. New contractsNew contracts: in France in recent years: in France in recent years
sales through agencysales through agency
Cars' factory with a distributor in an areaCars' factory with a distributor in an area
The owner of an oil company with theThe owner of an oil company with the
distributors in petrol stationsdistributors in petrol stations
Working in mines (coal, iron and oil) isWorking in mines (coal, iron and oil) is
considered business activitiesconsidered business activities
The concept ofThe concept of economiceconomic process is moreprocess is more
important hereimportant here
In this context, the rules of commercial lawIn this context, the rules of commercial law
werewere developed fromdeveloped from activities fromactivities from civil lawcivil law..
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30. The Distinction betweenThe Distinction between
Commercial and Civil ActsCommercial and Civil Acts::
TheThe provisionsprovisions of commercial lawof commercial law
business and commercebusiness and commerce
Most contracts in the commercial lawMost contracts in the commercial law
were quoted from civilian lifewere quoted from civilian life andand
have created special provisionshave created special provisions
such as commercial contracts,such as commercial contracts,
commercial papers, and bankruptcy.commercial papers, and bankruptcy.
Scholars recognise thatScholars recognise that speedspeed andand trusttrust
in conducting business activitiesin conducting business activities
important in commerceimportant in commerce recognised inrecognised in
commercial law.commercial law.
3030
31. SpeedSpeed is a fundamental elementis a fundamental element hashas
an impact on the legal systeman impact on the legal system
“freedom of proof”“freedom of proof”
TrustTrust: business requires large numbers of: business requires large numbers of
transactionstransactions entail trustentail trust
thus commercial law strengthen thethus commercial law strengthen the
credit/trust by:credit/trust by:
increasing creditors' guaranteesincreasing creditors' guarantees
imposing harsh sanctions on theimposing harsh sanctions on the
failing debtors.failing debtors.
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32. Characteristics ofCharacteristics of
Commercial LawCommercial Law
The Features of commercial law are related toThe Features of commercial law are related to
the business environment.the business environment.
Providing legal toolsProviding legal tools enable traders toenable traders to
conduct transactions smoothlyconduct transactions smoothly simplersimpler
than the civil lawthan the civil law
First:First: Making ProfitMaking Profit: result is established: result is established
(purpose of commerce)(purpose of commerce) actorsactors ofof
commercial law are individuals, companiescommercial law are individuals, companies
and businesses, have the ability to achieveand businesses, have the ability to achieve
that objective (making profit) throughthat objective (making profit) through
transactionstransactions
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33. Second:Second: Speed Business TransactionsSpeed Business Transactions: (Time: (Time
has great values in business transactions)has great values in business transactions)
In the past, merchants used oral transactionsIn the past, merchants used oral transactions
Today through rapid electronic processesToday through rapid electronic processes
Hence, a need for rulesHence, a need for rules accustomed toaccustomed to
the speedthe speed
justified by the principles of freedom ofjustified by the principles of freedom of proofproof
and the possibility ofand the possibility of transmittingtransmitting
commercial rightscommercial rights
Third:Third: Strengthening Credit/TrustStrengthening Credit/Trust::
In commercial transactionsIn commercial transactions deadlinesdeadlines oror
pledge to pay debts based on a combinationpledge to pay debts based on a combination
of time and moneyof time and money will bear the riskwill bear the risk
legallegal rulesrules to protect commercial playersto protect commercial players
to strengthen the system of interest onto strengthen the system of interest on
commercial debtcommercial debt 3333
34. Fourth:Fourth: Openness/Publicity of CommercialOpenness/Publicity of Commercial
ActivitiesActivities::
Commercial activities must be exposedCommercial activities must be exposed
merchantsmerchants register at the chamber ofregister at the chamber of
commercecommerce
publishing sentences of bankruptcypublishing sentences of bankruptcy
in order for the law to protect othersin order for the law to protect others
Fifth:Fifth: Goodwill and Integrity of BusinessGoodwill and Integrity of Business::
in contracts, negotiating them, conclusion,in contracts, negotiating them, conclusion,
and implementationand implementation
DealsDeals are carried out mostly orallyare carried out mostly orally nono
proof or witnessesproof or witnesses
It is based on the presumption of merchants'It is based on the presumption of merchants'
confidenceconfidence
3434