commercial law

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Chapter III
Commercial Law
I. General Definitions
a. Commercial Law→ It designates the whole body of laws & regulations applicable to relations between persons engaged in commerce, business or commercial professions.
b. Commerce→ The word “Commerce” means the exchange of goods, products or property of any kind. It includes: sale, purchase, exchange of merchandises.
c. Internal and International Commerce→ Internal: it is the commerce carried on between individuals or corporations within the same country. International: it is the commerce carried on between individuals or corporations in states or nations foreign to each other.
d. Commercial Establishment→ It is the place where the merchandise and articles of trade are exchanged, bought and sold.
e. Business Concern→ It is a business enterprise formed of the business premises, goodwill, merchandise, trade name, lease right…

II. Sources of Commercial Law
→Written laws and regulations →Internal and International usage and custom of trade→ Jurisprudence or courts’ precedents.
a. Code of Commerce.
b. Special Laws which are complementary to the commercial code (and inserted in said cod):
Legislative Decree n°11 of July 11th, 1967 governing the Business Concern.
Legislative Decree n°34 of August 5th, 1967 governing the Commercial representation.
Legislative Decree n°35 of August 5th, 1967 governing Limited Liability Companies (S.A.R.L.).
c. Code of Obligations and Contracts (as the general code applied on civil matters): Those articles of the Code which are related to commercial transactions and are not covered by the commercial code.
d. International Treaties: The provisions of International Treaties, whenever ratified (i.e.: voted & signed), prevail over the internal Laws.
The Warsaw Convention of 1929 standardizing some rules of International air transport, with its amendments.
The Brussels convention of 1924 governing the maritime transport.
The United Nations Convention for the International

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