I am providing a document that summarises the complete course of commercial law and is for exam prep. At the end of each chapter I also added the questions of the book and some answers, as a disclaimer, there was no grading scheme for those, but it is a good practice. I also linked all chapters, so...
Table of Contents
Week 1 – Introduction – Chapter 1..................................................................................................................................................................2
Questions..........................................................................................................................................................................................................................6
Week 2 - International sales and the Convention on contracts for the International sale of goods (CISG).......................................................11
Assignment 1...................................................................................................................................................................................................................25
Questions........................................................................................................................................................................................................................30
Week 3 – Carriage of goods by sea................................................................................................................................................................35
Questions........................................................................................................................................................................................................................41
Week 4 - International bank payment undertakings......................................................................................................................................46
Questions........................................................................................................................................................................................................................55
Week 5 – Agency and Distribution.................................................................................................................................................................61
Questions........................................................................................................................................................................................................................74
Week 6 - Financial leasing & Receivables financing.......................................................................................................................................78
Questions........................................................................................................................................................................................................................86
Week 7 - International mobile equipment......................................................................................................................................................94
Questions......................................................................................................................................................................................................................103
Week 8 - Transactions in securities..............................................................................................................................................................111
Questions:.....................................................................................................................................................................................................................124
Week 9 - Cross-border insolvency................................................................................................................................................................128
Questions......................................................................................................................................................................................................................135
Week 10 - Recurrent issues and challenges of international harmonization of commercial law; review and exam preparation....................136
Nature of commercial Transnational law – Norbert Horn:
law - as a general description of the legal regime of an international commercial transaction;
- as a label for the factual uniformity or similarity in contract laws applicable to or contractual patterns
used in international commercial transactions; and, finally,
- as a term to denote international sources of commercial law, i.e. internationally uniform law in the
proper sense
Commercial law – Goode, Kronke, McKendrick:
- c, encompassing ‘all those principles, rules and statutory provisions, of whatever kind and from whatever
source, which bear on the private law rights and obligations of parties to commercial transactions’
(Goode)
- response to the practices and legitimate needs of merchants
What is a commercial transaction? Roy Goode:
- Arrangements and agreements between professionals for the provision and acquisition of goods,
services, and facilities in the way of trade
To notice:
- techniques in transnational commercial law rely on the willingness of courts, in case of a dispute, to
uphold the validity of the transaction and to give it the effect intended by the parties (page 7)
, therefore International instruments rely on validity and legitimacy, e.g., to be signed in full with no opt-
out
Is there an autonomous transnational commercial law?
- Generally – NO
• Transnational commercial law should be defined by its sources, not by its content
• In essence, transnational commercial law is the product of the convergence of national legal
systems, but this does not mean that it can be found only by reference to legislation and case
law
• Conflict of laws rules normally pertain to choices of “national laws”
- However: It is fair to say that transnational commercial law:
(a) Is a set of legal norms not based on any legal system but derived from a variety of sources
(b) Is a move away from national laws determined by conflicts rules
(c) Supplements a national legal system
(d) But transnational commercial law does NOT replace it!
Principle institutions in transnational commercial law harmonization
• Intergovernmental organizations specialized in private and commercial law
o The Hague Conference on Private International Law
o UNIDROIT (International Institute for the Unification of Private Law)
o UNCITRAL (United Nations Commission on International Trade Law)
, • Private international and regional organizations
o Often assist and cooperate with the legislation work of the intergovernmental organizations
o E.g., International Chamber of Commerce
o Professional and industry associations
The historical - Diversity and inadequacy of national legal systems give rise to uncertainty
development of
transnational • Different laws, practices, and expectations
commercial law • Conflict of laws rules do not solve these differences
- These differences gave rise to efforts of harmonization of commercial law
Benefits of harmonization:
- Legal certainty no need for forum shopping and predictable outcomes
- Reduced transaction costs
Problems of harmonization:
- Many international private law conventions remain unsuccessful
Sources of A. Contracts
(transnational) • Standard contracts party autonomy
commercial law • Contractually incorporated rules and trade terms
B. Law of merchant (lex mercatoria) / Trade customs and usages
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