Contract Law in Contemporary International Commerce: Considerations on the Complex Relationship between Legal Process and Market Process in the New Era of Globalisation by Gianluigi Passarelli [Nomos, Baden-Baden, 2019, 207pp, ISBN 978-3-8487-6038-1, £56.36 (p/bk)]

2021 ◽  
Vol 70 (1) ◽  
pp. 268-270
Author(s):  
Nahel Asfour
2019 ◽  
Author(s):  
Gianluigi Passarelli

According to the Rome I Regulation, ‘the proper functioning of the internal market creates a need, in order to improve the predictability of the outcomes of litigation, certainty as to the law applicable […] therefore legal certainty should be highly foreseeable and as a consequence […] the courts should retain a degree of discretion’. To illustrate this reasoning, it is necessary to conduct an analysis that focuses critically on the complex relationship between legal processes and market processes. Therefore, this book focuses on a modern economic analysis of contract law as well as on the battle between legal certainty and legal congruence. In its conclusion, the book points out the urgent need for a new contract law theory that enhances the real economic intentions of the parties involved, and for a new reasonable rule of PiL that does not harm the contractual parties that represent the principal players in the market.


2005 ◽  
Vol 66 (2) ◽  
pp. 98-114
Author(s):  
William W. Armstrong

Writing has long been the primary means of communicating in the sciences, yet the nature of the written word is rapidly changing as we enter a new era of electronic communications and virtual realities. This article examines some of these changes, particularly as they pertain to the disciplines of chemistry and physics and, most important, within the scope of the complex relationship between authors, publishers, and distributors (distributors in this case being academic libraries). This examination involves looking at changes within this triumvirate, the relationship each of the three has with the other, and ramifications of the changes as we peer into the near future. The three members of the triumvirate are intricately and inextricably bound together, and problems that occur within any one component will inevitably affect the others, imperiling the relationship between writer and reader. Such potential problems are brought to light in this article.


Author(s):  
Kaarle Wirta ◽  
Katja Tikka ◽  
Jaakko Björklund

The article illustrates the importance of business diplomacy practised by free agents, who navigated and negotiated between northern European empires for widespread commercial, legal and administrative developments. Abraham Cabiljau’s career is an example from the early modern Swedish empire, which stands on the threshold of a new era. In the Swedish empire, Cabiljau was involved in several different sectors, from military recruitment to the development of state accounting and administration of international trade. He represents the Swedish empire’s vast economic relationships with international merchant networks operating in a broad spectrum of military and commercial arenas. The Swedish empire was economically dependent on the financial resources of the merchants in Amsterdam, and economic prosperity was not the sole contribution of these merchants. The education, knowledge and connections provided by Cabiljau greatly enhanced the administration and organisation of Sweden’s international trade by importing a new legal mindset and organisational culture. In return, northern mining resources and Baltic commerce were alluring for Dutch merchants. We argue that the modelling of international organisations was an essential part of Swedish economic development. However, the first Swedish trading companies remained an experimental attempt to transplant the Dutch East India Company (VOC) model to Sweden. Individuals like Cabiljau represent key actors who ignited, taught and promoted commercial law development in Sweden, on which international commerce was later built upon, with long-lasting impacts.


Yuridika ◽  
2019 ◽  
Vol 34 (1) ◽  
pp. 78
Author(s):  
L Budi Kagramanto ◽  
Cita Yustisia Serfiyani

The creative economy is a new era of the global economy. It needs support from the government and the society in terms of intellectual property rights protection and funding, especially for creative business or creator which comes from small and medium business (SMB) sector. One of the ways other than formal funding from the bank is through the crowdfunding new system. Crowdfunding has four systems that are based on donation, reward, lending, and equity. Donation-based crowdfunding is the most common type applied and different from other crowdfunding types. This field has not been regulated in specific legislation so it needs to be analyzed in relation to BW and related existing regulation. This research is leading to answers some main topics. First, to analyze the legal relationship between the parties. Second, to determine what type of agreement that underlies the legal act. Third, reviewing the principles of contract law that must be applied to. In the article, it uses the type of research used in this research method is normative research so that it produces a legal review of the donation-based crowdfunding system issues more deeply.


Author(s):  
Yassari Nadjma

This chapter presents Iranian perspectives on the Hague Principles. Generally, private international law is not very developed in Iran, neither in theory nor in practice. This is for diverse reasons: the history and the legacy of the capitulations systems, according to which foreign citizen and entities were exempted from Iranian jurisdiction, is still vividly felt, as is the fear of potential foreign domination. This has nurtured a general suspicion towards the application of foreign law as a gateway for political intervention of foreign powers. Following the revolution of 1979, the political situation and the instability and insecurity of foreign investments have been major impediments to the spread of international commerce between Iran and the rest of the world, diminishing the need to establish efficient private international law tools. This factual situation is mirrored by a poor engagement with international contract law in scholarly writings, which often remain hypothetical and abstract due to the lack of case law. Nowhere in the literature is any reference made to the Hague Principles. Only in the field of international arbitration has there been some movement: in 1997, the Law on International Commercial Arbitration (LICA) was enacted, a code that relies greatly on the United Nations Commission on International Trade Law (UNCITRAL) Model Law.


Author(s):  
Kwadwo Osei Bonsu ◽  
Shoucan Chen

Economic theory has provided an estimable intuition in understanding the perplexing ideologies in law, in the areas of economic law, tort law, contract law, procedural law and many others. Most legal systems require the parties involved in a legal dispute to exchange information through a process called discovery. The purpose is to reduce the relative optimisms developed by asymmetric information between the parties. Like a head or tail phenomenon in stochastic processes, uncertainty in the adjudication affects the decisions of the parties in a legal negotiation. This paper therefore applies the principles of aleatory analysis to determine how negotiations fail in the legal process, introduce the axiological concept of optimal transaction cost and formulates a numerical methodology based on backwards induction and stochastic options pricing economics in estimating the reasonable and fair bargain in order to induce settlements thereby increasing efficiency and reducing social costs.


Author(s):  
Christopher Symes ◽  
Jeffrey Fitzpatrick

Australia’s contract law is an amalgam of common law rules, equitable principles, and statute law. Its genesis lay in centuries of development of these three branches of English law. Principles of modern contract law had their roots in the rise of English maritime law during the sixteenth century. In 1788, England established a penal colony at Sydney Cove, seeding the colony of New South Wales. At that moment, all existing English contract law simply flowed into this ‘new’ land as intellectual baggage. Slowly Anglo Australia’s legal and legislative framework evolved from a patchwork of distinct English colonies into a commonwealth of Federal, State, and Territory Governments. The gloss of contract law took on an increasingly antipodean sheen. This resultant ‘system’ of law is a complex relationship between common law, equity, and Federal, State, and Territory legislation. Throughout this chapter we shall use the term ‘general law’ to mean the principles and rules of common law and equity.


2020 ◽  
Vol 1 (4) ◽  
pp. 8-24
Author(s):  
Alexandros A. Papantoniou

This essay examines whether smart contract innovation is capable of displacing the orthodox adherence to traditional contracts. This examination is underpinned by an analysis of the legality of smart contracts, through which it is exemplified that smart contracts ought to be considered legally binding instruments. The essay proceeds to explore the superiority of smart contracting on a technical and theoretical basis. The advantages generated through smart contract automaticity and enforceability present a concrete basis for undermining reliance on traditional contracts. Blockchain Technology also enhances the benefits of smart contracts by acting as a smart contract enabler through guaranteed performance and enforceability. Nevertheless, such novel technologies inevitably suffer from several shortcomings. This essay considers examples which illustrate the inflexibility of smart contracting. Apart from being susceptible to hacking and code exploitation, smart contracting is unable to deal with ambiguities and potential modifications. Overall, this suggests that the advantages of smart contract practice are currently confined to some specified limited scenarios. Smart contracts perform a different function to traditional contracting by merely guaranteeing technical enforceability as opposed to legal enforceability. This essay thus concludes that, for the time being, it is best to regard smart contracting as a supplement to traditional contracts rather than an outright displacement.


2021 ◽  
Author(s):  
Raul F Zuñiga Peralta

Abstract The 2016 Unidroit Principles of International Commercial Contracts (PICC) were the first instrument that explicitly regulated long-term contracts in international commerce. Its main goal was to actualize uniform contract law for the emerging needs of international commerce. Despite this effort, scholars have briefly researched how uniform contract law instruments address international commerce as an economic reality or whether the PICC’s attempt is adequate. The gap in uniform contract law’s—particularly the PICC’s—literature on long-term contracts is odd compared to the completeness of economic literature on the matter. After revealing the pitfalls of the PICC’s regulation, demonstrating the convenience of a thorough review of the economics of long-term contracts, this article elaborates on the necessary character of the connection between uniform contract law and economics. It further reviews the economic research on the factors that prompt long-term contracting and the mechanisms that economic agents designed to address their needs. The overhaul reveals that two paradigmatic economic structures—competitive and cooperative—generally determine the design of long-term contracts. Finally, the article addresses the consequences of including the paradigmatic economic structures of long-term contracts in the PICC rules on contract interpretation and gap-filling.


Author(s):  
H.J.G. Gundersen

Previously, all stereological estimation of particle number and sizes were based on models and notoriously gave biased results, were very inefficient to use and difficult to justify. For all references to old methods and a direct comparison with unbiased methods see recent reviews.The publication in 1984 of the DISECTOR, the first unbiased stereological probe for sampling and counting 3—D objects irrespective of their size and shape, signalled the new era in stereology — and give rise to a number of remarkably simple and efficient techniques based on its distinct property: It is the only known way to obtain an unbiased sample of 3-D objects (cells, organelles, etc). The principle is simple: within a 2-D unbiased frame count or sample only cells which are not hit by a parallel plane at a known, small distance h.The area of the frame and h must be known, which might sometimes in itself be a problem, albeit usually a small one. A more severe problem may arise because these constants are known at the scale of the fixed, embedded and sectioned tissue which is often shrunken considerably.


Sign in / Sign up

Export Citation Format

Share Document