Key Ideas in Commercial Law

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Students will find this work stimulating, engaging and enlightening. Practitioners in commercial law will find nuanced and insightful articulations of their stock-in-trade.' Sir David Foxton, Judge in Charge of the Commercial Court This book unpacks the themes and controversies that pervade commercial law. Commercial law is a contextual subject. It does not focus on any one legal concept but is a label for the collection of rules and principles that apply to dealings between parties acting in the course of business. Commercial parties trade in three things: property, services and credit. In all but the most basic of businesses, a commercial enterprise must have more than one individual empowered to transact on its behalf. The rules at the heart of commercial law are those that govern when and how a person (or another acting on their behalf) can bargain for property, services and credit, and to acquire, dispose of, and create security interests in assets. Many of these rules are default rules, which the parties can vary by agreement. But other rules - such as those concerning the priority of competing title claims to assets - are mandatory in nature. Commercial law ultimately involves the taking and allocation of two types of risk: the risk of inadequate or non-performance of agreed obligations, and the risk that counterparties will lack the financial means to pay what is owed. Again, commercial law offers default rules for the allocation of these risks, which can be varied to considerable extent by the parties by contract and through property law. This book explores the key ideas in commercial law through these five topics: trade, transacting, title, performance risk, and credit risk.