UCL FACULTY OF LAWS

LLB Programmes

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COMMERCIAL LAW

 

Commercial Law is a subject of immense importance, especially for those intending to go on to practise law in a major metropolitan area. It is a dynamic and exciting area. It must be flexible in order to keep pace with the rapid changes in business and with the globalization of markets. At the same time, it must deliver the certainty that business requires.

It is, however, not an easy subject to define and potentially encompasses contract, company law, agency, sale of goods, banking, intellectual property, competition, taxation, international trade and insurance. This course does not seek to cover all of these subjects. The object is to look at certain areas in order to acquire an understanding of the main themes, principles and practices of commercial law. The course is, therefore, organized around the contract of sale. In this it reflects the view of one leading writer, Professor Sir Roy Goode, who remarked that commercial law comprises ‘that branch of law which is concerned with rights and duties arising from the supply of goods and services in the way of trade.’

Course Structure:

1. Agency: why is agency so important, who is an agent, what are the rights and obligations that arise where an agent acts for a principal?
2. Sale: what is a contract for the sale of goods, what terms arise in such a contract, what rights and obligations do the parties have?
3. Banking: what is money and how are payments made? We will also touch on something known as structured finance and consider what has gone wrong with the banking system. We will discuss what is meant by securitization and special purpose vehicles; why these concepts are so important; and how dull old trust law plays a key role in high finance.
4. Assignment: the discussion of structured finance leads on to the issue of how rights (e.g. debts) can be transferred by a business in order to raise money.

Assessment:

Two and a half hour written examination in May. In addition, students submit two essays which do not form part of the assessment (one in each term).

 

National Admissions Test for Law (LNAT)
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