A Brief Introduction to Commercial Law

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EXECUTIVE SUMMARY

According to Wikipedia, “Commercial law (sometimes known as business law) is the body of law which governs business and commerce. It is often considered to be a branch of civil law and deals both with issues of private law and public law. Commercial law regulates corporate contracts, hiring practices, and the manufacture and sales of consumer goods.”

The Law is a system of rules usually enforced through a set of institutions. It affects politics, economics and society in numerous ways. Contract law regulates everything from buying a bus ticket to trading swaptions on a derivatives market. Property law defines rights and obligations related to transfer and title of personal and real property, for instance, in home loans (bonds) or renting a home.

As members of a society we need a set of laws which defines our rights and duties, a society cannot function effectively and efficiently without a set of rules governing human behaviour.

TABLE OF CONTENTS

EXECUTIVE SUMMARY1

TABLE OF CONTENTS2

INTRODUCTION3

QUESTION ONE4

QUESTION TWO6

QUESTION THREE8

QUESTION FOUR10

QUESTION FIVE12
The following are essential elements in a contract of lease:12 Specified immovable property12 Specific period13
Express Renewal13
Tacit Renewal13
Specified Rental14
The Formation of the Contract of Lease14
Duties of the Landlord14
Timeous delivery of the leases property14
Warranty against interference15
Maintenance15
Damage to property of tenant15
Special terms15
The Duties of the Tenant15
Payment of the rent15
No misuse of the property16
Return the property undamaged16
Specific performance16

QUESTION SIX17

QUESTION SEVEN19
A contract surety may terminate due to the following:20

QUESTION EIGHT21
Sole Proprietorship21
Partnership22
Close Corporation23
Private Company24

CONCLUSION26

REFERENCES27
INTRODUCTION

In this assignment I will distinguish between criminal or civil cases and the differences between real and personal rights.

The steps involved before one goes to trial will be discussed. I will be explaining how the court of law may handle a case of a mentally disabled or a minor who enters a contract.

The risk and liabilities to both the seller and purchaser will be discussed. The essential elements of a lease and the duties of the landlord and tenant under the contract of a lease will be discussed.

Breach of contract will be explained and the legal choices the injured party may have will be discussed. The concept of suretyship will be explained and the ways it can be terminated is explained.

The different forms of a business enterprise will be explained and examples will be given.

QUESTION ONE

Jury Duty Information defines a civil case as being “a lawsuit is called a civil case when it is between two or more individuals or corporations involved in a dispute and usually seeking a judgment awarding monetary damages.” McPhee (2003) defines a criminal case as “a case concerning an act considered harmful to the general public that is forbidden by law and punishable by fine, imprisonment, or community service.” Before we can say that someone has committed a crime, it must be proved beyond reasonable doubt that the person committed an unlawful act, and that he or she had a blameworthy state of mind at the time.

From the above definitions and statements I conclude that this is a civil case as a criminal act has not been committed, but a dispute has arisen between Joshua and Simon due to Simon’s non payment of the money that he owes Joshua in lieu of the sale of the vehicle. Simon has not fulfilled his monetary obligation towards Joshua.

Regent study aid states that “a civil case is brought by a person (referred to as “the plaintiff”) who feels that he has been wronged by another person (referred to as “the defendant”).

From the aforementioned we can see that Joshua is the plaintiff and Simon is the...
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