...Under Article 1793 of the Civil Code for the Federal District and 7524 for the State of Mexico: “A kind of agreement that produces or transfers rights and obligations”. So we can say that a commercial contract is an agreement between two or more wills that creates or transfers rights and obligations of a commercial nature, an agreement of 2 or more wills on the production or transfer of rights and obligations, requiring that these wills have an outward manifestation with expressed or implied consent. Their legal nature is based on the presence of a dealer on any of the parties, due to its purpose being the industry, commerce or for the commercial mater of the object to which it refers. Article number 1794 (of the Civil Code for the Federal District) requires consent and an object in order for the contract to exist. Under articles number 1825 and 1826 the object must exist in nature, be determined or determinable and be in commerce (future objects may be subject of contracts as well). Usage and custom is defined as the result from the practice of traders so that they can become considered true law. Their uniform and continuous practice, make rules to be observed as existing law, but they cannot repeal mercantile laws themselves and be contrary to the principles of public policy. The practice is considered a source of DM autonomous and does not need the recognition of the legislator or judge, and changes to the wording of the new social needs. (Cco. Arts. 280 y 1132.) The uses...
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...Commercial Law- Commercial law is the body of law that governs the broad and sometimes vague areas of business, consumer transaction, and commerce. The application of commercial law has developed a specific set of laws that apply to commercial activities, pursuits, and transactions. This arm of civil law deals with issues both simple and complex that often relate to questions of both public and private sector laws. Commercial law governs sale and distribution of goods, and proper procedure for payment of transactions. Many nations operate under civil codes that are made of detailed statements regarding commercial law. In the United States (US), commercial law is regulated by Congress under the power granted to it to regulate interstate commerce, and by state governments under jurisdiction of police power. The commercial laws in the US were adopted from 17th century principles of the law merchant and were first incorporated into common law. The US federal government has attempted to have some form of unified commercial law in passing the Uniform Commercial Code (UCC). Domestically, commercial laws are of interest to consumers, as the laws are usually applied to regulate consumer law. In the US, the consumer credit industry is regulated under the commercial arm of statutory law. Credit is what allows a consumer to finance a purchase over time instead of paying the entire cost at the time of the transaction. Credit cards are a common form of consumer credit used by consumers...
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...Sochittra Chhim April 12, 2011 BLAW- Dr. Prentice TO: Appellate Justice FROM: Sochittra Chhim RE: Kasky v. Nike FACTS: Nike is an Oregon based company who sells its products worldwide. Nike’s products are made by subcontractors in China, Vietnam, and Indonesia who are mainly woman under the age of 24. Nike stated in a memorandum that they will assume the responsibility of their subcontractor’s conformity to local laws, overtime, occupational health and safety standards, environmental protection, and minimum wage. Nike was scrutinized by 48 Hours and many other media outlets after 48 hours broke the story about terrible working conditions where Nike products are made. The media accused Nike of paying their workers under the local minimum wage, required workers to work overtime, encouraging and allowing ovetime hours above local law requirements. There were reports of workers being physically, verbally, and sexually abused in these factories. Workers were also exposed to toxic chemicals, heat, noise, and dust without proper safety regulations which violated local occupational health and safety requirements. After the allegations, Nike responded by saying the defendants statements were false and misleading. Nike and their defendants made these statements to newspapers, public relations, university presidents and athletic directors, and press releases. Nike even publicized a report conducted by Goodworks International, LLC., which found no evidence...
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...The Uniform Commercial Code or (“UCC”) as defined in the textbook, “Business Law by Henry R. Cheeseman,” is an exemplary act which consists of inclusive laws that cover most facets of commercial transactions. All of the states, excluding for Louisiana, have legislated the UCC or the majority of the UCC as a commercial statute. The formation of sales and lease contracts is what conveys the UCC rules and regulations. The UCC is comprises of many different articles which institute uniform rules for a specific aspect of business in the United States. As modern commercial practices and technology evolve, the UCC is revised to meet the requirements of the states. Given this information, makes the UCC more flexible than that of the common law. In...
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... I. Introduction Consumer law issues include those of contracts (including UCC sales), torts, crimes, and product liability, often acting as a backup to the failures and shortcomings of those other areas of the law. All of them provide some measure of consumer protection, yet none stand alone as being complete. They are interdependent and, as such, students must be aware of the big picture of consumer protection. This chapter covers the fourth major set of venues within a quadripartite of remedies available to a wronged or injured consumer. First, there is criminal law. Victims of consumer fraud and similar offenses have always been able to seek state-supported sanctions against wrongdoers. This venue may provide some ephemeral satisfaction for the victim and may even, at least temporarily, protect society from further harm. But criminal law does not truly make the victim whole. As a matter of fact, most of the miscreants convicted of consumer fraud are also judgment proof, i.e., they have no assets from which civil judgments can be satisfied. The second area of consumer protection is found in tort law and the permutations of intentional tort, negligence tort, and strict liability. These remedies can and do provide meaningful substance to civil correction of wrongdoing where the defendant is found to have some financial means. As seen in the prior discussions of these areas, tort law generally and products liability specifically...
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...Among the new trend, the growth of incorporated legal practices is the most salient change and people simply deemed that it encouraged commercialism in the legal profession. Justice Hayne’s statement in his journal confronts these opinions by arguing that pursuit of commercial success is not a new conception, but rather, it has been always there in the legal practice: what has changed is the balance between professionalism and commercialism . The number of incorporated legal practices has gradually increased and their contributions to Australian economy are also augmented . As law firms became larger and larger, they could not overlook the importance of profit anymore. It led to the change in the balance in the legal profession. This paper will focus on New South Wales and how New South Wales has complemented legislative aspects to overcome the issues caused by increase of corporate law firms and the imbalance in the legal...
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...Uniform Commercial Code: Article 2 Sales Transactions over the Internet Introduction The Uniform Commercial Code (UCC) generally refers to the main set of regulations and laws that were primarily established to harmonize and standardize sales and commercial transactions in the United States. The primary reason for standardizing the state laws regarding the conduct of sale and transactions is that, often in today’s society, those transactions and sales tend to extend beyond the jurisdiction of a given state. For instance, a particular product may be manufactured in California, warehoused in Arizona, sold in Texas and delivered in Michigan. Consequently, the use of the UCC has not only ensured uniformity of the state laws regulating commercial transactions but has also allowed the states to achieve the necessary flexibility required to meet their local transaction demands (Benjamin and Jane,1998). The history of the UCC dates back to the 1940s when top American legal scholars began to draft a uniform law regulating commercial transactions that was intended to be adopted into the code of statutes of all of the states in America. Although the content of the UCC is generally the same in all the states that have adopted it, some states have however undertaken minimal structural adjustments to conform to the local state customs. The implementation of the UCC has enabled people from various states to freely make their commercial contracts without the different terms and conditions...
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...The Uniform Commercial Code (UCC) is a "code" or a "collection of statutes." This is the type of law that may be adopted by all U.S. legislatures, including the U.S. Congress, the Virginia General Assembly, other state legislatures, and even a county board of supervisors. Codes are intended by the legislature to create new law in the targeted subject areas. The other source of law is "case law" or "common law." For centuries, courts have been in the business of resolving disputes. The "Uniform Commercial Code" is a model. It is not law in any state unless and until a state legislature adopts it as the law of that state. Any state can decide not to adopt the UCC or can decide to make revisions to the code that satisfies that state’s particular heritage or commercial needs. Also, each state’s court system can reach different results when interpreting the code provisions. Accordingly, the UCC is not entirely uniform in all 50 states and despite this the UCC has facilitated much greater uniformity of commercial laws. The Uniform Commercial Code Article 2 on the Sale of Goods is basically a codification of existing commercial law. The UCC drafters tried to write down the generally understood business practices between merchants for the sale of goods. The UCC "fills in the gaps.” Types of contracts covered by the UCC The UCC concerns a wide variety of commercial issues, including: the sale of goods; the lease of goods; banking and security interests such as commercial paper negotiable...
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...Antitrust law is the law of competition, and it is perhaps the least understood law of all. This article provides an overview and explanation of the essential principals of antitrust law, along with comments on certain recurring themes and recent developments in the voluminous case law by which the courts have struggled to give meaning and practical effect to the principal antitrust statutes. What Is Antitrust Law? Broadly speaking, antitrust laws seek to promote fair competition on the merits and to protect consumers and wronged competitor businesses from anti-competitive business practices — practices undertaken in effort to undermine competitive commercial behavior in a given market or line of commerce. The antitrust laws therefore forbid the wrongful acquisition or preservation of monopoly power, the abuse of monopoly power in order to establish a new monopoly, and concerted restraints of trade (i.e., business practices undertaken by two or more firms that improperly stifle or suppress “competition on the merits” in a given market). They also govern proposed mergers and acquisitions that are sufficiently large to constitute a threat to competition, and they address commercial practices that pose an arguable danger to competition on the merits in a properly defined antitrust market. The Principal Antitrust Offenses. Antitrust law is the law of competition. It is concerned with wrongs committed against competition on the merits in a given line of commerce or market. It is...
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...IV. Developments in science and technology The one common thread in all studies of globalization is the role of information and communications technologies (ICTs) in facilitating the advanced producer service, production, innovation, and knowledge functions that have come to characterize the urban condition at the heart of this process. ICTs provide the instantaneous and real-time connectivity that underpins many of the main theoretical concepts used for analyzing and comprehending the globalization phenomenon. These range from Harvey’s time-space compression to Castells’s network society and Sassen’s global city and hierarchies of global urban networks. ICTs and Urban Competitiveness in Dubai The ICT sector in Dubai has developed along three axes: ICT policy and capacity, human resource capacity, and local and regional networkind capacity. As noted earlier, urban capacity and interaction in these three areas ultimately determine the effectiveness of public policy for successfully addressing the challenge of providing the necessary network capacity and local and global connectivity for an innovative, learning knowledge economy. ICT Policy and Capacity Under the federal structure of UAE, development of the telecommunications sector in the country is a federal rather than emirate responsibility. As such, all telecommunications and Internet facilities in Dubai, as in other UAE cities, are governed by and offered through the public telecommunications...
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...IMPLICATIONS OF NEW TURKISH COMMERCIAL CODE ON CORPORATE GOVERNANCE AND IFRS CONVERSION IN TURKEY ACCOUNTING 7140 X, SPRING 2013 I have participated in preparing this paper and concur with its contents: Print name Signature Abstract Globalization brought many changes in many aspects of human life. The introduction of internet made the borders between countries slimmer and slimmer. E-commerce and other international commerce tools opened new cases and new issues to be discussed in the areas of finance, accounting, financial reporting, auditing and corporate governance. That is why, modifying, updating, and advancing the current Turkish Commercial Code (TCC) became a necessity in order to be capable of addressing the contemporary challenges of today’s world. To adapt these changes, Turkish Regulatory bodies introduced a new Turkish Commercial Code. The New Turkish Commercial Code (New TCC) aims to regulate commercial relations in line with the recent changes in the local and global business environment as well as technological and legal developments including the European Union (EU) legislation. Particularly the Company Law section of the New TCC includes the most radical changes in the whole law which will have a significant impact on the Turkish commercial life. These radical changes introduced by the New Turkish Commercial Code will have significant effects on the accounting, finance, financial...
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...Uniform Commercial Code (UCC) Legislative History On September 21, 1957 Massachusetts adopted the Uniform, Commercial Code. Effective October 1, 1958, the Code replaced the Uniform Sales Act, the Negotiable Instruments Law, the Uniform Warehouse Receipts Act, the Uniform Bills of Lading Act, the Uniform Stock Transfer Act, the Uniform Trust Receipts Act, and numerous other statutes. Massachusetts thus became the second state to enact the Code, following the lead of Pennsylvania, where the Code, enacted in April 1953, took effect on July 1, 1954. In March 1958 the Code was enacted in Kentucky, effective July 1, 1960. Proposals to enact the Code will undoubtedly come before legislatures in other states in the course of the next few years, and it seems likely that several other states will join the procession at their 1959 sessions (Braucher, 1958). The Uniform Commercial Code (UCC or the Code), first published in 1952, is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America. The Uniform Commercial Code, or UCC, is a very large collection of legal rules regarding many important business, or “commercial,” activities. The UCC originally was created by two national nongovernmental legal organizations: the National Conference of Commissioners on Uniform State Laws (NCCUSL) and the American Law Institute (ALI) (Steingold, 2013). As...
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...Chapter 07 The International Legal Environment: Playing by the Rules True / False Questions 1. | The form of law found in the United States and England is classified as civil or code law. True False | 2. | The form of law found in Germany, France, and Japan is called civil or code law. True False | 3. | Common law is based on an all-inclusive system of written rules of law. True False | 4. | Under code law, the legal system is generally divided into three separate codes: commercial, civil, and criminal. True False | 5. | Islamic law prescribes specific patterns of social and economic behavior for all individuals. True False | 6. | Code law prohibits the receipt and payment of interest on loans. True False | 7. | In Marxist–socialist societies, law is subordinate to prevailing economic conditions. True False | 8. | The World Court can settle disputes between a company and a government. True False | 9. | When dealing with foreign countries, a marketer should refer to “international commercial law” for guidance. True False | 10. | Disputes relating to commercial transactions must be settled in courts and cannot be settled informally. True False | 11. | The statements made by the parties during conciliation may be used as evidence in the subsequent litigation. True False | 12. | If conciliation is not used to settle a difference...
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...reform and open-door policy in 1978. Construction industry is playing a leading role in the rapid Chinese economic development. At the same time, China has also worked hard to encourage overseas investors to expand their investment in the construction industry. With its development over the years, China has established a legal system for governing construction activities. To participate in such a major market in the world, it is important to understand the legal system governing it and the impact of China’s joining the World Trade Organization. The Chinese construction laws and practice are still very different from the international norm. If foreign participants are to make a success out of doing business in China, they must understand the Chinese way of life. Particularly, they must prepare to adapt to an environment where new rules are created as circumstances and situations change. Keywords: Construction laws, legal system, construction industry, China, foreign investment, foreign designers and contractors, World Trade Organization (WTO) Introduction China has been developing at an amazing speed since it carried out reform and open-door policy in 1978. The rapid economic development in China has resulted in many construction activities and has nourished one of the largest construction markets in the world (Sjoholt, 1997). During the “Eight Five-Year Plan” period (1991–1995), the total production of the construction industry was valued US$210.6 billion (at rate of US$1 equivalent...
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...! College of Business Management Fall Semester 2009 Course Outline COURSE TITLE: Title: Business Law Code: LAW401 Credit Hours: 3 COURSE INSTRUCTOR: FAIZA AHMED AMIN COURSE DESCRIPTION This course will cover all the theoretical and practical aspects of Business, Commercial laws, keeping the current commercial scenario. COURSE OBJECTIVES • To develop an awareness of and an ability to understand both the common law and the statute in relation to contract, commercial, employment and business laws. • This course is aimed to benefit a manager working in a finance, marketing and HR environment. TEXT BOOKS AND REFERENCES: • N.D Kapoor: Elements of Mercantile Law • M.C Shukla: Mercantile Law GRADING & ASSIGNMENTS Evaluation Activity Mid-Term Exams Comprehensive Final Exams Quizzes/ Class participations 30 40 15 Points Evaluation Activity Assignments/ Presentations 15 Points There will be two sessions of 90 minutes each per week, which means 3 hours per week. Session No. 1 Topics Introduction: - Definition of Law - Types of Law - Distinction between main types Sources of Law - Holy Quran - Precedent - Legislation - Customs Judicial Systems of Pakistan Contract Laws in Pakistan - Types of Contracts - Essentials of a Valid Agreement Essentials of a Valid Agreement Offer and acceptance - Definition - Rules - Communication - Revocation Consideration Capacity Free Consent Lawful Object Dischargement of Contract 1st Mid Term Exams Remedies for Breach of Contract Lecture/...
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