Commercial Law
Made Simple
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Commercial Law: Made Simple covers the basic principles and concepts of commercial law. The book starts by describing trading entities, such as trading by individuals; corporations; and unincorporated associations, partnerships, and agencies. The book discusses contractual obligations, including topics about the nature and the laws related to contractual obligations, unilateral contracts, and contracts of mutual obligations. The sale of goods is also considered with regard to transference of ownership, the terms of the contract of sale, the rights of an unpaid seller, international trade, and hire purchase and similar transactions. The book further tackles carriage and insurance, assignments, negotiable instruments, and securities. Students taking business studies and courses in law and accountancy and businessmen will find the book an invaluable source of reference and guidance.
Table of Contents
Preface
Book I: Trading Entities
1 Individuals, Corporations and Unincorporated Associations
Trading by Individuals
The Business Names Register
Statutory Corporations
The Difference between Limited Liability Companies and Partnerships
The Difference between Partnerships and Co-Ownership
Unincorporated Associations
2 Partnerships
How Partnerships Come into Existence
The Relationship between Partners
The Relationship between Partners and the Outside World
The Dissolution of Partnerships
Limited Partnerships
3 Agency
The Implied Warranty of Authority
The Duties of an Agent
The Rights of an Agent
The Undisclosed Principal
Ratification
Termination of Agency
Book II: Contractual Obligations
4 The Nature of Contractual Obligations
What is a Contract?
The Action of Assumpsit
The Consensus ad idem Theory
Express Promises
Implied Promises
Contracts by Estoppel
Contractual Obligations by the Objective Test
Contracts of Adhesion
Standard Contracts that are Signed
Unsigned Common Form Documents
Unilateral and Synallagmatic Contracts
Acceptance by Post
A Definition of a Contract
The Difference between Contracts and Torts
The Difference between Contractual Obligations and Trusts
Quasi-contractual Obligations
5 How the Law Enforces Contractual Obligation
The Action for Debt
Quantum Meruit
The Different Kinds of Damages
The Principles on which Damages are Assessed
Damages for Non-delivery or Non-acceptance of Goods
Damages Fixed by the Terms of the Contract
How to Distinguish Liquidated Damages from Penalties
The Equitable Remedy of Specific Performance
Injunctions—Prohibitive and Mandatory
Rectification
6 Promises the Law Will Not Enforce
No Agreement to Make an Agreement
Cerium est quod cerium reddi potest
Absence of Contractual Intent
Business Agreements
Statutory Undertakings and Contractual Intent
Domestic Arrangements
Social Arrangements
Parol Promises without Consideration
Consideration and the Performance of Existing Duties
Consideration and Existing Moral Duty
Consideration and Existing Legal Duties
Consideration and Contractual Obligations to Third Parties
Consideration and Contractual Obligations to the Promisor
Consideration and the Release of Debts
Common Law Exceptions to the Rule in Pinnel’s Case
Promissory or Equitable Estoppel
The 'Privity of Contract'
Exceptions to the 'Privity of Contract' Doctrine
Does the Law Need the Doctrine of Consideration?
7 Promises the Law Will Not Enforce: For Want of Capacity
Corporations and their Contracts
The Contractual Capacity of Drunks, the Insane and Married Women
Contracts on which Minors are Liable
Contracts not Binding on Minors
Equitable Remedies against Minors
8 Promises the Law Will Not Enforce: For Want of Form
Contracts that Must be Evidenced in Writing
The Equitable Doctrine of Part Performance
Contracts of Guarantee and Contracts of Indemnity
Other Contracts that Need to be in Writing
9 Promises the Law Will Not Enforce: Illegality
The Nature of Illegality
The Effect of Illegality on Contracts
Contracts in Restraint of Trade
Agreements between Traders
Other Contracts which it is Contrary to Public Policy to Enforce
Gaming and Wagering Contracts
The Statutes and Gaming and Wagering
10 Misrepresentation, Duress and Undue Influence
The Nature of a Misrepresentation
The Effect of a Misrepresentation
The Misrepresentation Act, 1967
Duress and Undue Influence
11 Unilateral Contracts
Must the Promisee Know?
Can the Promisor Withdraw?
12 Contracts of Mutual Obligation
Is Offer and Acceptance Essential?
Invitations to Treat
The Relationship of Tenders to Offers
The Lapsing of Offers
The Revocation of an Offer
The Rejection of an Offer
The Effect of Death on Offers and Acceptances
Acceptance of the Offer
The Mode of Acceptance
Mistake and the Effect on Synallagmatic Contracts
Implied Terms
Exemption and Limitation Clauses
Discharge of Contractual Obligations
Book III: The Sale of Goods
13 The Transference of Ownership
Nemo dat quod non habet
Transfer of Title and the Consequences
14 The Terms of the Contract of Sale
Conditions, Warranties and Fundamental Breaches
Implied Terms as to Title
Implied Terms as to Quality
15 The Rights of an Unpaid Seller
The Unpaid Seller's Lien
The Right of Stoppage in Transitu
The Right to Re-sell
16 International Trade in Goods
Making the Contract
Export Trade Terms
17 Hire Purchase and Similar Transactions
True Hire Purchase Contracts
Conditional Sale Agreements
Credit Sale Agreements
Acts of Parliament and Vendor Credit
Transfer of Title
The Hire Purchase Act, 1965
Dealers' Liability in Hire Purchase Transactions
Finance Companies' Liability to the Hirer
The Statutory Copies and the Right to Cancel
The Owner's Right to Terminate
The Hirer's Right to Terminate
Book IV: Carriage and Insurance
18 Carriage by Land
The Common Carrier
Carriage by Rail
Carriage by Road
19 Carriage by Sea
Charterparties
Bills of Lading
20 Carriage by Air
Documentation for Air Freight
21 Contracts of Insurance
The Insurable Interest
Formation of Insurance Contracts
Claims on Insurance Policies
Life Insurance
Fire Insurance
Marine Insurance
Book V: Assignments, Negotiable Instruments and Securities
22 Assignments of Contractual Rights
Legal Assignments
Equitable Assignments
23 Negotiable Instruments
The Nature of Negotiability
What is a Bill of Exchange?
Acceptance and Non-Acceptance of Bills of Exchange
The Holder in Due Course
Liabilities of the Parties to a Bill of Exchange
Cheques and Bankers
Protection of the Paying Banker
Protection of the Collecting Banker
Promissory Notes
24 Bailment, Liens and Securities
The Nature of Bailment
The Bailee's Obligations
Hotels and Guests' Property
Liens
Pledge or Pawn
Appendix One—List of Abbreviations
Appendix Two—Table of Cases
Appendix Three—Table of Statutes
Index
Product details
- No. of pages: 318
- Language: English
- Copyright: © Made Simple 2013
- Published: January 1, 1972
- Imprint: Made Simple
- eBook ISBN: 9781483183251