18. Negotiable instruments

2017 ◽  
Author(s):  
MA Clarke ◽  
RJA Hooley ◽  
RJC Munday ◽  
LS Sealy ◽  
AM Tettenborn ◽  
...  
Keyword(s):  
International Trade ◽  
Commercial Law ◽  
Treasury Bills ◽  
Commercial World ◽  
Different Types ◽  
The Law ◽  
Method Of Payment ◽  
Definition Of ◽  
Bank Notes

This chapter focuses on the use of negotiable instruments as a method of payment in commercial transactions. The law governing negotiable instruments merits consideration for two reasons. First, negotiable instruments are still used as a method of making payment in the commercial world, especially in the area of international trade. Second, the law relating to negotiable instruments encapsulates many of the fundamental principles and concepts of commercial law in general. This chapter first considers the definition of a negotiable instrument, as well as the concepts of ‘instrument’ and ‘negotiability’, before explaining how instruments come to be negotiable. It also discusses different types of negotiable instrument such as bills of exchange, cheques, promissory notes, bank notes, treasury bills, share warrants, and certificates of deposit. Finally, it describes the advantages of a negotiable instrument as a mode of payment.

18. Negotiable instruments

2020 ◽  
pp. 603-617
Author(s):  
D Fox ◽  
RJC Munday ◽  
B Soyer ◽  
AM Tettenborn ◽  
PG Turner
Keyword(s):  
International Trade ◽  
Commercial Law ◽  
Treasury Bills ◽  
Commercial World ◽  
Different Types ◽  
The Law ◽  
Method Of Payment ◽  
Definition Of ◽  
Bank Notes

This chapter introduces negotiable instruments as a method of payment in commercial transactions. The law governing negotiable instruments merits consideration for two reasons. First, negotiable instruments are still used as a method of making payment in the commercial world, especially in certain areas of international trade. Secondly, the law relating to negotiable instruments encapsulates many of the fundamental principles and concepts of commercial law in general. This chapter first considers the definition of a negotiable instrument, as well as the concepts of ‘instrument’ and ‘negotiability’, before explaining how instruments come to be negotiable. It also discusses different types of negotiable instrument such as bills of exchange, cheques, promissory notes, bank notes, treasury bills, share warrants, and certificates of deposit. Finally, it describes the advantages of a negotiable instrument as a mode of payment.

10. Exemption clauses and legislation

2018 ◽  
Author(s):  
Elizabeth Macdonald ◽  
Ruth Atkins ◽  
Jens Krebs
Keyword(s):  
Consumer Rights ◽  
Different Types ◽  
The Law ◽  
Definition Of ◽  
Standard Terms

This chapter deals with the statutory policing of exemption clauses under the Unfair Contract Terms Act 1977 (UCTA) and addresses the changes to the law made by the Consumer Rights Act 2015. It explains the structure of UCTA and how to use it. It considers the different types of situations in which exemption clauses fall within it, under different sections (eg s2 negligence, s3 written standard terms of business, s6 and s7 goods contracts), and the need to consider whether a section renders a clause automatically ineffective or subjects it to the requirement of reasonableness. It looks at the application of the requirement of reasonableness and factors which have been identified as significant, such as the potential for insurance, the availability of alternatives, and reasons for a level of limitation. It considers the meaning of the UCTA’s definition of ‘deals as consumer’.

17. Misrepresentation

Contract Law ◽  
2020 ◽  
pp. 557-606
Author(s):  
Ewan McKendrick
Keyword(s):  
Different Types ◽  
English Law ◽  
The Law ◽  
Definition Of

A misrepresentation induces a party to enter into a contract but typically is not part of the contract itself. The chapter examines the different types of misrepresentation (fraudulent, negligent, or innocent) and the remedies that the law provides in respect of a misrepresentation. The chapter focuses on the liability for misrepresentation. Section 2 begins by examining the definition of a misrepresentation. Section 3 considers the extent to which English law recognizes the existence of a duty of disclosure. Section 4 discusses the concept of rescission while Section 5 explores how misrepresentation gives rise to a claim for damages, with a particular focus on section 2 of the Misrepresentation Act 1967. Section 6 examines the possibility of excluding liability for misrepresentation.

scholarly journals APPRAISING THE LAW OF WILLS IN A CONTRACT

2019 ◽  
Vol 3 (1) ◽  
pp. 46
Author(s):  
Emad Mohammad Al Amaren ◽  
Rachma Indriyani
Keyword(s):  
International Trade ◽  
International Law ◽  
Legal System ◽  
Critical Issue ◽  
High Stakes ◽  
Economic Exchanges ◽  
The Will ◽  
The Law ◽  
Definition Of

<p>Contracts play a significant role in both economic and commercial transactions, whether internal contract within a national legal system of a State or contract with international nature due to there is more than one legal system would be involved. As a tool that runs international trade and a means of economic exchanges across the border, it can not be denied that many practitioners have high stakes and interest through a contract. The internationality of the contract may impose its subordination to a law other than the law of the judge, and may be subjected to the international substantive rules represented in the most common rules of international law or common principles of international trade rules. Therefore, the definition of the concept of an international contract is a critical issue for the consequences of this limitation. Therefore, the appraisal between domestic and international contract is crucial to do as well as the role of the will in internationalizing the contract.</p>

19. Bills of exchange

2020 ◽  
pp. 618-674
Author(s):  
D Fox ◽  
RJC Munday ◽  
B Soyer ◽  
AM Tettenborn ◽  
PG Turner
Keyword(s):  
International Trade ◽  
Good Faith ◽  
Method Of Payment ◽  
Definition Of ◽  
Bill Of Exchange

This chapter focuses on bills of exchange, especially in the context of international trade. It first provides an overview of how bills of exchange are used as a method of payment before discussing the relevant provisions of the Bills of Exchange Act 1882. It then considers the definition of a bill of exchange, how a bill of exchange is transferred, and persons entitled to the benefit of the obligation on the bill. It also examines the general principles governing liability on the bill of exchange as well as the enforcement and discharge of the bill. Finally, it looks at mistaken payment, focusing on cases where the payment was received in good faith and in ignorance of the mistake.

19. Bills of exchange

2017 ◽  
Author(s):  
MA Clarke ◽  
RJA Hooley ◽  
RJC Munday ◽  
LS Sealy ◽  
AM Tettenborn ◽  
...  
Keyword(s):  
International Trade ◽  
Good Faith ◽  
Method Of Payment ◽  
Definition Of ◽  
Bill Of Exchange

This chapter focuses on the use of bills of exchange as a mode of payment in commercial transactions, especially in the area of international trade. It first provides an overview of how bills of exchange are used as method of payment before discussing the relevant provisions of the Bills of Exchange Act 1882. It then considers the definition of a bill of exchange, how a bill of exchange is transferred, and persons entitled to the benefit of the obligation on the bill. It also examines the general principles governing liability on the bill of exchange as well as the enforcement and discharge of the bill. Finally, it looks at mistaken payment, focusing on cases where the payment was received in good faith and in ignorance of the mistake.

Commercial Law

2019 ◽  
Author(s):  
Eric Baskind ◽  
Greg Osborne ◽  
Lee Roach
Keyword(s):  
International Trade ◽  
Legal Issues ◽  
Practical Application ◽  
Regular Case ◽  
Commercial Law ◽  
The Subject ◽  
The Law ◽  
Key Aspects ◽  
Key Terms ◽  
First Time

Commercial Law offers a fresh, modern, and stimulating account of the subject, thereby helping students better understand this important area of law. It provides thorough coverage of all key aspects of the syllabus, including the law of agency, the sale of goods, international trade, and methods of payment, finance, and security. A range of learning features is employed throughout the book to encourage understanding of the law, and to demonstrate how the principles behind it play out in practical domestic and international commercial transactions. Practical, fictional case studies are referred to in example boxes throughout the book, demonstrating the types of legal issues and problems that the law is intended to regulate, and helping students to understand the context and practical application of the law. The book includes: regular case boxes throughout the text to highlight cases of importance, providing a succinct account of the material facts of the case, a clear account of the court’s decision and reasoning, and, where appropriate, commentary on the decision; key legislation boxes to help students understand which statutory provisions are of fundamental importance; and definitions of key terms, which appear in the margins the first time the term is used, thus ensuring that students are not confused by the terminology of the subject.

17. Misrepresentation

Contract Law ◽  
2018 ◽  
Author(s):  
Ewan McKendrick
Keyword(s):  
Different Types ◽  
English Law ◽  
The Law ◽  
Definition Of

A misrepresentation induces a party to enter into a contract but typically is not part of the contract itself. The chapter examines the different types of misrepresentation (fraudulent, negligent, or innocent) and the remedies that the law provides in respect of a misrepresentation. The chapter focuses on the liability for misrepresentation. Section 2 begins by examining the definition of a misrepresentation. Section 3 considers the extent to which English law recognises the existence of a duty of disclosure. Section 4 discusses the concept of rescission while Section 5 explores how misrepresentation gives rise to a claim for damages, with a particular focus on section 2 of the Misrepresentation Act 1967. Section 6 examines the possibility of excluding liability for misrepresentation.

PRINCIPLE OF AUTONOMY IN LETTER OF CREDIT: MALAYSIAN PRACTICE

2012 ◽  
Vol 19 (2) ◽  
Author(s):  
Rosmawani Che Hashim ◽  
Ahmad Azam Othman ◽  
Akhtarzaite Abdul Aziz
Keyword(s):  
International Trade ◽  
Significant Role ◽  
Case Law ◽  
Huge Amount ◽  
Letter Of Credit ◽  
Relevant Case ◽  
Method Of Payment ◽  
Almost All

The term letter of credit (LC) is not uncommon in international trade as it is the most frequently used method of payment by seller and buyer in their sales contract. LC serves its significant role by facilitating payment between buyer and seller from different countries, who are always prejudiced towards each other on the issue of payment, especially when the deal involves a huge amount of money. By using LC, the seller and buyer will be represented by their own bankers whose function, among others is to issue an LC for the buyer and pay on presentation of seller’s documents which strictly comply to LC requirements. It is well-known that LC is governed by the principle of autonomy or also referred to as the principle of independence1 which indicates LC, being a contract of payment is totally separate from the underlying sales contract. Banks are concerned with documents only and not with the goods. LC transaction can be governed by the Uniform Custom and Practice for Documentary Credit, known as the UCP through express incorporation which provides the rules relating to LC matters and is adopted in almost all LC transactions. This paper discusses the nature, background and significance of principle of autonomy in LC transaction. In elaborating the provisions on the principle of autonomy in the UCP 600, comparisons between relevant articles in the UCP 500 are highlighted. The discussion also focuses on relevant case law and on the application of the autonomy principle in conventional and Islamic LC. The paper concludes with the finding that Malaysian bankers fully subscribe to the principle of autonomy as outlined by the UCP 600.

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