LAW

Critically Assessment of the Application of Relevant Commercial Theories on the Development of Commercial Laws

Abstract

Commercial Law or Business Law is a branch of the civil law in the UK. It covers many components of crimes. The day to day operation of the business is covered under the law. In addition, it covers the customers of businesses to whom the business sells their products. In particular, it covers the sale and purchase of goods. The theory of commercial law in the past is very different from the theory of commercial law as of today. In order to critically assess of the application of relevant commercial theories on the development of Commercial Laws it is vital to understand the difference between past approaches to theory of commercial law and contemporary theory of commercial law. Traditionally commercial law has always been studies from an economic point of view. However, for a more comprehensive understanding of law, there is a need to study it in an interdisciplinary context. This means that keeping in view the business and international orientation of the law, people should be aware of the economic as well as social context of commercial law. This can be done only through incorporation of social sciences in the study of law. the theories given by sociologist can have a binding and influence upon commercial law. In fact, some of them make an ideal fit between commercial law and its social context. These theories give commercial law a new dimension and open the eyes of the people on how the law can have an impact other than the mainstream paradigm.

Critically Assessment of the Application of Relevant Commercial Theories on the Development of Commercial Laws

Introduction

Commercial Law or Business Law is a branch of the civil law in the UK. It covers many components of crimes. The day to day operation of the business is covered under the law. In addition, it covers the customers of businesses to whom the business sells their products. In particular, it covers the sale and purchase of goods. All sales and purchase of goods and services is covered under the commercial law. The commercial law branches out into the following laws listed hereunder.

Trades description law

Copyright and intellectual property law

Company structure law

Tax law

Consumer credit law

Health and safety law

Contract law

Contracts, Agency and Personal Property form the foundation of commercial law in UK. Another major part of this law is Sale of Goods. The Foreign Trade and Guarantee departments as well as different leasing companies also fall under the ambit of commercial law as bill of exchange which is a negotiable instrument is handled by the aforementioned entities in accordance with the payment systems prescribed to be followed by banks by law. The Assignments and receivables take place under the United Nations Convention on Contracts for the International Sale of Goods. The contracts may be FOB or FAS. The cost of the international sales transaction inclusive of insurance and freight may be covered as per ...