|Module Title||COMMERCIAL LAW 2|
|Co-ordinator||Mr Andrew Campbell|
|Semester||Intended for use in future years|
|Next year offered||N/A|
|Next semester offered||N/A|
|Other staff||Ms Uta Kohl-Piotrowicz|
|Pre-Requisite||LA10110 or LA30110 or LA15710 and LA15830 or LA35830|
|Course delivery||Seminar||4 Hours Four one hour seminars during the semester|
|Lecture||20 Hours Two one hour lectures per week|
|Assessment||Exam||2 Hours Open Book Examination||100%|
|Resit assessment||By Examination|
|Professional Exemptions||Not Required for Professional Purposes|
The Second Commercial Law Module deals with two important means of facilitating commercial transactions: Agency and Commercial Payments.
Commercial life could not be carried on without the legal concept of agency. An agent is someone who has the legal power to affect the legal rights and liabilities of another, the principal. The agent can bind the principal to a contract as if the principal had made it himself. Something of the importance of this can be grasped when it is considered that every contract made to purchase goods in Leo's or Safeway will be made by an agent on behalf of those supermarkets (i.e. the shop assistant at the till). Considering the more commercial sphere, it should be remembered that every contract made by a company must be made through an agent. A company is a legal person but, not being a real person, it can only act through agents.
Negotiable instruments also impinge on daily life as well as the commercial world. Cheques are one form of negotiable instrument. However, the law relating to negotiable instruments developed from the practices of merchants who wished to avoid the hazards and difficulties of transporting money from place to place. The common law then adopted what had become part of the lex Mercatoria. The Bill of Exchange is still an important means of paying the contract price and may even provide a means of securing credit and financing the transaction. However, electronic payment methods have become increasingly popular and these are studied in detail.
(a) Introduction - Uses - Basic concepts (b) Types of agency - actual authority - apparent authority - ratification - agency of necessity (c) Relationship of principal and agent - duties of agent - remuneration and indemnity (d) The third party - disclosed principal - undisclosed principal
2. Commercial Payments
(a) Introduction - history - definitions (b) The concept of negotiability (c) Bills of Exchange - definition - negotiation - parties (i) holder for value (ii) holder in due course - liability of parties - payment /endorsement of bills (d) Cheques - definition - Banker / Customer Relationship - Legal Regulation (e) Plastic Cards (f) Internet Payments (g) Recovery of Money Paid by Mistake.