What Does the Transnationalisation of the Commercial Contract Mean? Is There a New Model and Are There Minimum Standards? Is There a Law and Economics Perspective?
28 Pages Posted: 20 Oct 2017 Last revised: 22 Oct 2017
Date Written: October 19, 2017
This presentation deals with the nature of the commercial contract and how it operates in the transnational commercial and financial legal order. It discusses and compares the common and civil law contract model and finds that transnationallly in professional dealings the common law model is favoured, the reason being that it derives from commercial law and is supported by the English language. The main challenge is the impact fundamental of principle and superior values and public policy, the latter at the transnational level expressed in international minimum standards. The paper ends with a discussion of the 'law and economics' contribution to this discussion and its so far limited impact on the progression of the professional contract to its transnationalisation in the business sphere.
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