The area of the commercial property law in the UK covers the regulations involved with the sales and purchase of goods and services. Therefore, if you are involved in the retail trade, it can benefit you to make the acquaintance of commercial property lawyers London based specialists.
A System that Goes Back Several Centuries
Commercial law goes back in the archives of time in London, with the term Lex mercatoria, which is Latin for “merchant law,” being practiced on the European continent during medieval times. A system of merchant courts was enforced in conjunction with the main trade routes that were utilised for New World and Old World shipping activities.
The commercial shipping laws emphasized both freedom contractually and the alienability of shipments of property. During those times, courts managing cases of a commercial nature tended to practice the law by deciding cases ex aequoetbono – a Latin term that means from equity and conscience.
In terms of arbitration, this phrase refers to an agreement that foregoes the consideration of the law and makes a decision-based primarily on what the court deems fair and equitable. Obviously lawmakers and deciders of the law had a bit of wanderlust in their nature as well – just like the sailors did who ventured as did the sailors on the merchant ships.
Le mercatoria itself was originally established as a body of principles and regulations set out by merchants to mandate the dealings in trade. Lex mercatoria, you might say, represented the spirit that is behind free trade and merchant law today.
During those early times, both services and goods flowed readily through the merchant legal system, thereby creating more wealth and prosperity. Laws were more lenient as the rulings depended on the sailing merchant’s experience.
Commercial Transactions and Business Dealings
Today, commercial law entails a broad body of governing laws related to just as wide a body of commercial transactions and business dealings as centuries ago. Issues and subjects that are decided or addressed in commercial or retail settings include activities related to:
- Business or merchant contracts
- Insolvency or bankruptcy
- Patent law
- The exporting and importing of products
- Insurance and banking
UK Statutes That Back Commercial Law Practices
Business law, contract law and company law also affect commercial law transactions. In the UK, the Sale of Goods Act, written and put into law in 1979, is the main statue used for commercial law transactions in the UK. It is backed by other statutes, such as the Unfair Contract Terms Act of 19977, the Unfair Terms in Consumer Contracts Regulations in 1999and the Consumer Protection Regulations of 2000.
A commercial lawyer uses his experience and background then to assist business people involved in transactions, such as joint ventures, franchises, collaborations, licensing and consultancies. You can also obtain assistance in commercial legal transactions that are associated with non-disclosure agreements, terms and conditions for business contracts, website privacy policies and bank guarantees.
Needless to say, commercial law can become quite complex as it includes all aspects of business dealings, including marketing and advertising.