PART 2 (CHAPTER 1)

Question 1

Commercial Law

Answer 1

• a body of law that governs commercial legal relationships
• system of rules, concepts and legal principles that regulate commercial facts and legal relationships

Question 2

Sources of Commercial Law

Answer 2

refers to the means by which laws specifically concerning trade or commercial matters are established and made known to people

Question 3

Internal Sources

Answer 3

• Normative/legislative acts (statutes, decree-laws, and other normative acts)
• Usages and customs (traditional practices/behaviors in the commercial community that are widely accepted and followed)
• Jurisprudence/case law – the courts interpret and apply the Law.
• Doctrine (the writings of scholars) – only insofar as it is taken into consideration by
  the legislator and the courts

Question 4

International Sources

Answer 4

• International Conventions: the convention providing a uniform law for Bills of Exchange and Promissory
• EU Law: Treaties; regulations and directives (rule on competition)
• Jurisprudence/ case law from international courts
• Lex Mercatoria: set of international business rules, based on common practices, customs, and general legal principles used in commercial disputes. Used to govern transactions between private parties, as well as between private parties and States

Question 5

Acts of Commerce

Answer 5

• all acts specifically regulated in the Commercial Code (leasing, factoring contracts, etc.) -> considered acts of commerce in an objective sense
• all contracts and obligations that involve business matters and isn’t solely about personal affairs -> considered acts of commerce in a subjective sense

Question 6

Who can carry out acts of commerce

Answer 6

• The traders
• Individuals, with capacity to exercise, even if they are not traders

Question 7

Simplification of formalities and means of proof

Answer 7

refers to the process of making legal procedures and methods of proving facts simpler and more accessible, this could be done by reducing the amount of paperwork…

Question 8

Joint and several liability

Answer 8

Commercial debtors are jointly and individually liable (if the total debt amounts to 1000 euros, and there are 5 debtors, each debtor will pay 200 euros)

Question 9

Time-barring

Answer 9

there is a limit on how long a person has to take legal action

Question 10

Things subject to time-barring

Answer 10

the following are subject to a
time-barring period of 2 years:
- debts owed by traders for things they sold to non-traders or to traders who didnt use those things for business
- debts owed by people whose job involves industrial work for goods, services, or management, unless those goods or services were specifically for the debtor’s own business

Question 11

Commercial interest for late payment

Answer 11

those due for the late payment of debts related to commercial contracts or other acts of commerce

Question 12

What happens when debts are incurred jointly by both spouses or by one with the consent of the other?

Answer 12

both spouses are liable for the payment of the debt

Question 13

What happens when the debt was incurred by one of the spouses?

Answer 13

except when otherwise provided by the Law, only the spouse that has incurred the debt is responsible for its payment

Question 14

How can the non-trader spouse not incur the debt?

Answer 14

• prove that the debt was not incurred by the trader spouse in the exercise of his commerce (prove that the trader spouse is a trader and the debt is commercial)
• prove that the debt was not in common interest of the couple

Question 15

Assumptions for commercial debts for spouses

Answer 15

• commercial debts incurred by a trader spouse are presumed to be incurred in the exercise of his commerce
• the debts incurred are assumed to be in the common interest of both spouses

Question 16

Traders

Answer 16

Individuals who, having the capacity to carry out acts of commerce, make these their profession

Question 17

Incompatibility

Answer 17

the situation where the law does not allow people who occupy certain positions to exercise trading activities

Question 18

Culpable insolvency

Answer 18

the person responsible for bankruptcy is at fault, in such cases, the judges must identify who to blame, whether its directors, accountants, and determine their level of responsibility. The judge can also ban these individuals from doing business from 2 to 10 years and prevent them from holding positions in company boards or other organizations involved in economic activities

Question 19

Commercial companies

Answer 19

Commercial companies are those whose purpose is to exercise commercial activities

Question 20

Commercial companies can take the legal form of:

Answer 20

• General partnership
• Privated limited company/Quota company
• Public limited company/Share company
• Limited partnership