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Commercial law: domestic sales - Essay Example

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Commercial Law – Domestic Sales of Real Estate Properties Student ID Number & Code Date Total Number of Words: 2,999 Introduction Commercial law is defined as “the law governing commercial transactions including all forms of trade or business”1…
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Download file to see previous pages For example, with regards to the commercial practice in UK, the “generally accepted standards of practice” (GASP) is often used as a legal guideline when drafting contracts between or among the merchants4. With regards to the sale of goods, either the “Sale of Goods Act” or the “Supply of Goods and Services Act” can be applied in commercial law5. With regards to consumer protection, the Consumer Protection Advisory Committee (CPAC) together with the Department of Trade and Industry (DTI) in UK requires the companies and business people to observe the guidelines stipulated under the “Fair Trading Act”6. As defined by Millett MJ, fiduciary “is someone who has undertaken to act for or on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence”7. Therefore, “fiduciary duty” is the legal term used to describe the legal obligation of a fiduciary to consider the best interest of another person or group of parties involved. Within this context, fiduciary could result in the development of trust that one party gives to another person as both parties enter into a business dealing or contract. For instance, in any given business transaction, the sellers of various goods and services such as in the case of real estate agents have the fiduciary duty to be honest in delivering the right quality products and services owed to the buyers based on the agreed market price, quality and quantity8. In case of a sole proprietor, it is directly the seller who usually owes fiduciary duty to his buyer. In case of small and medium enterprises or a mutlinational companies, it is usually the board of directors who owes direct fiduciary duties to the affected parties. It means that fiduciary duties of the board of directors should focus on the best interests of the company9. When discussing issues related to fiduciary duties, uncertainties often arises when determining the extent in which a company or entreprenuers owe their fiduciary duties to other people. For instance, in response to the case of Hendersen v Merret Syndicates Ltd.10, Lord Browne-Wilkinson mentioned that “the phrase ‘fiduciary duties’ is a dangerous one giving rise to a mistaken assumption that all fiduciaries owe the same duties in all circumstances. That is not the case… Moreover, and more relevantly, the extent and nature of the fiduciary duties owed in any particular case fall to be determined by reference to any underlying contractual relationship between the parties”11, 12, 13. Considering the statement made by Lord Browne-Wilkinson, this essay will seek to prove that not all fiduciaries will have the same level of duties in all circumstances. As part of going through the main discussion, this essay will identify and discuss several true-to-life cases to prove that the legal obligation or the extent and nature of the fiduciary duties owed to another person or group of parties involved is mostly determined by the reference to any underlying contractual relationship between the parties involved. Discussion In the case of Hende ...Download file to see next pagesRead More
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