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Summary Business Law
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``Business Law Block 7 IBA
BT2109 2022-2023
,Midterm 1 - Consumer law: relation
Lecture 1 business/consumer
In order to survive and grow, people need Unilateral: only one person has an
to access resources. They also need to use obligation
their talents, powers, strengths & More and more private relationships are
capabilities. being influenced by public law.
In order to do business, people need trust, → Multiple goals, even contradicting
protection of their interests and reliance → Functional approach: its role for society
on the system. → Global approach is needed = farm to
- Public law to regulate the markets, fork (whole supply chain)
the system and the access to the
markets Montesquieu (Trias Politica)
- Private law to regulate agreements - Separation of powers
between legal subjects, establish - A legislature (making the
and continue business laws of a country)
relationships. - An executive
- A judiciary
Public law
- Constitutional law: organization of Principle sources of commercial law
states - Contract
- Administrative law: relationship - Express terms of the
between states and legal subjects; agreement
functioning of market - Implied terms
- Criminal law: safeguard of our - Principle of good faith
society & its values - Uncodified custom and usage
- Procedural law - Informal rules of evidence
- Absence of protest
Private law - Domestic legislation
- Law of obligations & contract law: - Sale of Goods Act 1893
unilateral and/or multilateral - Code de commerce
obligations between legal subjects
- Property law: ownership & External sources of commercial law
possession Eu law
- Commercial law: relationship International conventions
between 2 or more businesses
, Soft law - Basic Idea of the civil code (1804)
- Volutary codes of best / good and commercial codes
practices / Codes of conduct Quid pro quo
- Transnational contract law It creates prosperity for all,
especially those involved
Hierarchy of norms
Supranational law > national law Socialization of (Contract) Law
Law > Ministerial/royal decrees Definition
Codified law > trade usages and practices → Make (Someone) behave in a way that is
acceptable to society
Why is there a need for regulation?
- Principle: Open market economy Basic restrictions to party autonomy
with free competition and freedom of - Rules of Ordre Public
contract - Rules governing the validity of a
Need for rules to safeguard the contract
functioning of the market - Fundamental rights of others
Need for compensatory rules (Heathrow example)
1. Duties to inform - Principle of nondiscrimination
2. Right to withdrawal
3. Substantive contractual What happened next?
justice Market distortions, unequal bargaining
- Party autonomy and Anti-trust power
regulation Rules were enacted to protect certain
Most efficient way to protect the persons (labor law, specific contract law,
market consumer law)
The right to self-govern his own
legal position within the limits of What kind of rules?
the law - Socialization of the freedom of
Freedom of contract = contract Sensu stricto
1. Freedom to enter into - Refusal to enter into an
agreements agreement
2. Freedom to choose the - Prohibition to enter into an
contracting parties agreement (Insolvent
3. Freedom to determine the borrowers)
content of the agreement - Obligation to enter into an
agreement (insurance)
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