Chapter One: Understanding Commercial Law. Law Merchant:. Medieval Europe Evelved Common usages. Origins :. Rules Merchants Common usages, Customs Civil law not responsive A need for: effective, quick, comprehensible and acceptable System & specialised courts
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commentators argue about ‘why reformers looked to Europe rather than build on pre-existing shari’a
4. European traders …using the French Commercial Code as a customary law to aid the resolution of their disputes;
It is not possible to achieve a total isolation of commercial law. e.g., in the UAE, the fundamental law is the Civil Code, based on the shari’a. The Commercial Code is a set of variations from, and additions to, the Civil Code. So the Commercial Code is subject to shari’a.
shari’a is more than adequate and have played a significant role in the facilitation of commerce, with a sophisticated law of sale, financial instruments, different kinds of partnership, and so on.
The Features of commercial law are related to the business environment.
Providing legal tools enable traders to conduct transactions smoothly simpler than the civil law