Corrections

Hello, everybody.

My name is Irina and I’m student of Financial University under the Government of the Russian Federation.

Today I’m going to talk about nature of the commercial law.

My presentation is divided into three parts.

Firstly, I’ll give a general overview about commercial law.

Then I’m going to talk about four points which describe the features of commercial law.

Finally, I’ll give examples of the function of commercial law.

So let’s get started.

Commercial law is a crucial part of life.

Commercial law is a part of civil law in the common law system.

Commercial law consist a wide area which includes an agent and principal, carriage of goods, company law, tax law and others fields.

Commercial law is a branch of law and determines the rights and duties of all parties when doing in trade and commerce and govern disputes arising out of the ordinary transactions of buyers and sellers.

Now I’d like to move on to the next point and speak about the first points which describe the features of commercial law.

According to two basic principles of commercial law (freedom and sanctity of contract) the judges hold non-intervention to respect the commercial contract.

The basis of commercial law is the contractual principle of autonomy of the parties will.

The parties are free to arrange their affairs as they like.

If you look at this, you will see the second point is ‘predictability of legal decision on commercial issues.

Certainty must have in all decisions and should not ignore or forget it.

Take a look at this slide which illustrates the third point.

Another important need for businessmen is flexibility.

Courts rely ‘custom and usage’ when interpreting commercial contracts.

Sometimes, parliament interferes to remedy the situation if the courts could not take account of mercantile practice, because a lot of principles of commercial law have been derived from mercantile custom.

This is advised that the law should be changed in conjunction with any change made to the custom.

The next slide concerns quick and cheap are an alternative for dispute resolution.

‘The commercial court has jurisdiction to try commercial claims’.

There are a lot of reasons for parties in commercial disputes to choice arbitration, for instance arbitration is quicker and cheaper and more flexible than litigation for dispute resolution.

However, the arbitration’s staff has personal experience of the trade which in the dispute has arisen.

In the last slide I’d like to draw your attention some function on commercial law.

The function of commercial law is to allow to do business in the way they want to do it and not to require them to stick to forms .

The purposes of commercial law to help businessmen and to make easier of commercial transactions and contract between parties.

Commercial law helps the businessmen in solving complex issues related to dispute transactions and also help businesses and consumers alike to protect their commercial interests.

In conclusion, I’d like to say that nature of the commercial law consists that it is a branch of civil law and determines the rights and duties of the parties.

Commercial law is concerned with dealings relating to commercial transactions.