Commercial Law Essay Example | Topics and Well Written Essays - 3000 words - 2

Commercial Law - Essay Example many are those who have said that â€Å"the core objective of undertaking commercial and thus creating a commercial atmosphere in any country would fail†2. For example if commerce or the act of doing business is not regulated, chances are that people would seek to make money through the wrong means and there will be no way of checking how much a person makes and through what means so that the needed agencies including government would have the right allocation of taxes to benefit the larger population. But when arguing for the regularization of businesses or commercial activities, many are those who have questioned how the regulations should be carried out, with a lot more people touching on the possible use of a commercial code3. This paper therefore addresses the question of whether or not the United Kingdom needs such a commercial code that have been practiced and used in other jurisdictions including Germany and Turkey. A commercial code is a form of regulation that guides and governs the way and manner in which the commercial institution of any country or given region should operate. It is therefore said to be â€Å"a codification of governing laws for all commercial entities within an identified setting including trade, merchants, companies, commercial bargains, and commercial contracts†4. The emphasis here therefore is that the commercial code is a standardised document that clearly states all laws that should guide the way commerce should be undertaken from both a practical and theoretical perspective. These laws are also taken from a private law perspective even though it may be regulated on a national basis in most cases. Commonly, the aspects of private laws that will be included in a commercial code includes but not limited to â€Å"sales of goods, leases of goods, business contractual agreements, negotiable instruments, fiscal deposits, letters of credit, investment securities, amo ng others†5. Once the laws that should guide trade and business are