Part of the fascination of commercial law springs from its responsiveness to the changing needs of the business community. Through the ingenuity of those in business and their legal advisers new instruments and procedures are constantly being devised which have to be tested for their legal effect against established principles of the law of property and obligations.
The core of the course involves a rigorous examination of personal property law in the context of commercial transactions, together with contractual issues of central importance to commercial transactions. The first part of the course looks at issues related to the sale of goods, such as implied terms, transfer of property and title disputes with third parties. Basic principles of commercial transactions, such as assignment, agency and possession are then examined. The last part of the course looks at real security in personal property, including priorities (between secured interests) and the characterisation of, and justification for, real security. There are also lectures covering negotiable instruments and documents of title to goods.
A feature of the whole course is that the student learns how a desired legal result can be achieved, or a legal hazard avoided, by selection of an appropriate contract structure.
Though students will be expected to analyse statutory materials as well as case law, a distinguishing feature of the course is its concentration on fundamental concepts and their application in a commercial setting. The course thus offers an intellectual challenge and provides a good foundation for those contemplating practice in the field of commercial law.
This special subject may not be taken by any student who is also taking Personal Property.