Commercial Contract Law

Commercial contract law is part of the commercial law that deals with legal relations in the trade of goods and services. Commercial contract law is not the same as commercial law. It differs from it in its breadth of concept. Commercial contract law is part of commercial law, but commercial law in addition to commercial contract law also includes company law and some other special disciplines. The following exploration of Commercial Contract Law, provided by Professor of Law Ari Afilalo, focuses on its legal definition and key features.

If we take legal sources as a criterion, we are talking about legal and autonomous commercial contract law. The first represents legal and other regulations, while the second represents sources created by commercial entities themselves.

Commercial contract law is a set of regulations governing commercial legal relations. These rules are constantly evolving with the updating of legislation and, in particular, with new forms and concepts being created in business practice, case law and arbitration, and legal doctrine.

Commercial contract law is autonomous with respect to macro and microeconomic measures, explains highly experienced law professional Ari Afilalo. It is "depoliticized" and has its own legalities and legal technique and is independent of political and economic measures.

Commercial law is part of a broader group of private law. Despite the influence of public law rules, it is subject only to the rules of private law. Commercial contract law deals with commercial transactions. The issue of the legal status of commercial persons is not addressed in his case. It is the subject of company law.

In material terms, the legal provisions of commercial contract law are dispositive. The dispositive nature of the regulation is consistent with the nature of commercial contract law and the principle of freedom of contract. Compulsory rules of commercial contract law make an exception.

However, the freedom to regulate obligatory relations, established by the provisions of the Law on Obligations, has its limits, since participants in obligatory relations cannot regulate those relations contrary to the Constitution, compulsory regulations and morals of society. Commercial contracts are also subject to the principle of conscientiousness and honesty, the application of which a contracting party cannot exclude by its agreement.

Ari Afilalo, Professor of Law at Rutgers Law School, teaches courses in international trade law, international business transactions and contracts. In addition to that, he also participates in conferences, where he provides leading comprehensive update on recent developments in commercial contract law.