File #2345: "2018_Book_TheFutureOfTheCommercialContra.pdf"
Testo
1|Preface|5
1|Foreword|6
1|The Autonomy of Commercial Law?|6
1|The CCFL Research Project|6
1|The Dichotomies of Contract Law and the Future of the Commercial Contract|7
1|The CCFL Research Project and This Book|8
1|Contents|10
1|List of Contributors|12
1|The Future of the Commercial Contract in Scholarship and Law Reform: An Introduction|14
2|1 Introduction|15
2|2 The Structure of This Volume|16
2|3 Merchant Law in Law Reform (Part I)|17
3|3.1 Nature and Models of Merchant Law: Identities vs. Purpose|18
3|3.2 The Role of Commercial Contract Law in Recent Law Reform Projects|20
4|3.2.1 Reform of Civil and Commercial Codes in Germany and EU Consumer Law|21
4|3.2.2 Reform of the Commercial Code in Austria and the Role of EU Terminology|22
4|3.2.3 Reform in the United Kingdom: The Consumer Rights Act 2015|24
4|3.2.4 Reform of the French and Japanese Civil Code: Standard Contract Terms|24
2|4 Scholarship on Selected Aspects of Commercial Contracts (Part II)|26
3|4.1 Cooperation, Renegotiation and Contract Adaptation|26
3|4.2 Regulation and Self-Governance|28
3|4.3 Uniform Law and Cross Border Enforcement|30
2|5 Commercial Contract Law and Public International Law: The Cart Before the Horse? (Part III)|30
3|5.1 Historic Trajectory|31
3|5.2 Contract Law in the Shape of Treaties|31
3|5.3 EU Financial Regulation and Investor-State Disputes|32
3|5.4 Are Treaties the Tool of Choice?|33
2|6 Conclusions and Outlook|35
2|References|35
1|Part I: General Theory of Commercial Contract and Aspects of Law Reform|37
2|What Does the Transnationalisation of the Commercial Contract Mean? Is There a New Model and Are There Minimum Standards? Is There a Law and Economics Perspective?|38
3|1 What Is a Commercial Contract?|39
3|2 What Are the Main Features of the Common Law and Civil Law Commercial Contract Model. Extra-Contractual Rights and Obligations. Interpretation and Gap-Filling. Good Faith and Specific Performance in Civil and Common Law|41
3|3 How Does the Professional Contract Progress in the International Flows? The Emergence of a Transnational Commercial and Financial Legal Order and Its Significance|46
3|4 The Meaning and Reach of Fundamental Principle and the Challenge of International Minimum Standards|49
3|5 The Contribution of Law and Economics|55
3|6 Conclusion|59
3|References|59
2|The Nexus of Contracts Theory and Intra-Corporate Dispute Arbitration|62
3|1 Introduction|63
3|2 The Theory of Company Law and Arbitrability of Corporate Law|64
3|3 Contract-Based ICD Arbitration|66
3|4 The Interaction Between UK Companies Act 2006 and Arbitration|69
3|5 The Court’s Inherent Power to Grant Redress May Not Be Exclusive|70
3|6 Derivative Action|71
3|7 Corporate Value, Shareholder Value and Social Value|73
3|8 ICD Arbitration and International Joint Venture|75
3|9 Other Jurisdictions|76
4|9.1 China: Differences Between Domestic-Listed Chinese Companies and Foreign/HK-Listed Chinese Companies|76
4|9.2 Russia: Legal Uncertainty|77
4|9.3 Vietnam: In Line with the Contractual Approach|79
3|10 Conclusion|80
3|References|80
2|Civil Code Reform in Japan: Is the New Regulation of Standard Contract Terms a Desirable One?|83
3|1 Introduction|84
3|2 General Structure of Japanese Civil Law|85
4|2.1 The Japanese Civil Code|86
5|2.1.1 History Overview of the Japanese Civil Code|86
5|2.1.2 Structure and Scope|87
4|2.2 Special Laws|88
3|3 Regulation of Standard Contract Terms|88
4|3.1 Regulation Under the Civil Code|88
4|3.2 Regulation Under the Consumer Contract Act|89
3|4 Reform of the Japanese Civil Code|90
4|4.1 Overview of the Reform Procedure|91
4|4.2 Deliberations Regarding Standard Contract Terms|91
5|4.2.1 Basic Reform Policy (Draft Proposals)|92
5|4.2.2 Interim Report of Points at Issue on the Civil Code (Law of Obligations) Reform|93
5|4.2.3 Interim Draft for Reforming the Civil Code (Law of Obligations)|93
5|4.2.4 Provisional Draft Bill Outline for Reforming the Civil Code (Law of Obligations)|94
5|4.2.5 Draft Bill Outline for Reforming the Civil Code|95
5|4.2.6 Draft Bill for Reforming Part of the Civil Code|96
4|4.3 Oppositions to the Drafts|96
3|5 The Act for Reforming the Civil Code|97
4|5.1 Agreement Based on Formulated Standard Contract Terms|97
4|5.2 Disclosure of the Content of Formulated Standard Contract Terms|98
4|5.3 Modification of Formulated Standard Contract Terms|99
3|6 Issues with the New Provisions|100
4|6.1 Major Concerns|100
5|6.1.1 Scope|101
5|6.1.2 Deeming the Existence of an Agreement|102
5|6.1.3 Disclosure Requirement|104
5|6.1.4 Modification|104
3|7 Closing Remarks: The Way Ahead|105
3|References|106
2|The New French Contract Law and Its Impact on Commercial Law: Good Faith, Unfair Contract Terms and Hardship|109
3|1 Introduction|110
3|2 The Newly Reformed Contract Law: Its Genesis and Objectives|111
4|2.1 The Genesis of the Reform: A Need for Reform|111
4|2.2 The Objectives of the Reform: Modernisation and Simplification|113
3|3 Good Faith: An Overall Principle That Applies to All Contracts, Civil or Commercial|116
4|3.1 The Scope of Application and the Effects of Good Faith|117
4|3.2 Duties Deriving from Good Faith: The Usual Ones|119
3|4 Overlapping, or Even Contradictory, Provisions on Unfair Contract Terms in Civil and Commercial Law|122
4|4.1 Article L. 442-6, I, 2° of the Commercial Code as a Competitive Tool|123
4|4.2 How Compatible Is Article L. 442-6, I, 2° of the Commercial Code with Article 1171 of the Civil Code?|126
3|5 The Imprévision or How the Civil Code Now Reflects a More Realist View of Commercial Contracts|128
4|5.1 The Conditions of Application of the New Article 1195 of the Civil Code on Hardship: All About Re-Negotiation|129
4|5.2 The Effects of the New Article 1195 of the Civil Code: Contractual Solutions First, Judicial Recourse Last|132
3|6 Conclusion|134
3|References|134
2|The Withdrawal of the Common European Sales Law Proposal and the European Commission Proposal on Certain Aspects Concerning Contracts for the Online and Other Distance Sales of Goods|137
3|1 The Problem That the CESL Proposal Aimed to Solve|138
3|2 The New 2015 Proposals and the Changed Context|144
4|2.1 The Digital Content Directive (DCD): A Short Presentation|147
4|2.2 What Does the Online Sales of Goods (OSG) Proposal Provide for?|148
3|3 A First Evaluation of the Proposal|150
4|3.1 Another Piece of the Mosaic?|150
4|3.2 Relationship with CSD 1999/44/EC|150
4|3.3 Relationship with Directive 2000/31/EC|152
4|3.4 Relationship with the Consumers Rights Directive (CRD) 2011/83/EU|152
3|4 The Innovations by the 2015 OSG Proposal|153
4|4.1 Conformity of the Goods|153
4|4.2 Hierarchy of Remedies Versus Free Choice of Remedies and Time Limit of the Liability (Article 9 of the Draft OSG): Deterioration of Consumer Protection?|154
4|4.3 The Counterbalances to the Obligatory Hierarchy of Remedies to the Consumer’s Advantage|157
4|4.4 On the Reversal of the Burden of Proof (Art 8 Para 3 OSG)|158
3|5 Reactions During the EU Legislative Procedure|159
4|5.1 The Reaction of the National Parliaments|159
4|5.2 The Response of the EU Institutions|161
3|6 Overall Evaluation|162
4|6.1 Introducing CESL Through the Back Door and Extending the Proposal to Face-to-Face Sales?|162
4|6.2 Market Fragmentation|163
4|6.3 Contract Fragmentation|164
4|6.4 What Is the Best Way to Proceed? A de facto CSD Recast?|165
3|7 Conclusion: The Aims of the Single Market and the High Protection of the Consumer and Comprehensiveness vs Fragmentation|166
3|References|169
1|Part II: Selected Aspects of Commercial Contract Law in Practice: Good Faith, Collaboration and Sustainability in Commercial Contracts|174
2|Original Equipment Manufacturing Contract and Three-Way Bargaining: Cooperation, Control, and the Opportunism Within|175
3|1 Introduction|176
3|2 Global Supply Chain and the OEM Model|179
4|2.1 Models of OEM|180
4|2.2 Case Study: Apple’s Value Chain|181
5|2.2.1 The Making of a “Supply Chain King”|181
5|2.2.2 Supply Chain Management and Resource Allocation: Outsourcing with Lots of Hands-on Attention|183
3|3 OEM Structure and the Theory of the Firm|184
4|3.1 Coasean Theory|184
5|3.1.1 Comment|185
4|3.2 Asset Complementarity and Opportunism Revisited|186
5|3.2.1 Comment|187
3|4 Technical Service Charge, Opportunism, and a Dynamic Game|188
4|4.1 Side Bargaining|188
4|4.2 Collaboration and the “Contract Versus Organization” Distinction|190
5|4.2.1 Close Collaboration Between BO and OEM|190
5|4.2.2 The Dynamics in Collaboration and Its Fluidity|191
4|4.3 A Structure Based on Power|192
5|4.3.1 Acquiescence Analyzed|192
5|4.3.2 Ad Hoc/Ex Post Adjustment by a BO|192
5|4.3.3 Renegotiation and TSC: Power Structure Matters|193
3|5 Conclusion|194
3|References|194
2|Uncertainty, Speculation, Subjectivity: The Expanding Judicial Role in Sovereign Debt Workouts|196
3|1 Introduction|197
3|2 Setting the Context: Changes in Debt Demand|201
4|2.1 Trends in Capital Flows and Speculation|202
4|2.2 Debt States|203
4|2.3 Official Sector Anxiety|203
3|3 Theorising the Problem of Sovereign Debt: The Law in Economic Reasoning|204
4|3.1 Crises Triggers|205
4|3.2 Risk and Radical Uncertainty|206
4|3.3 Weak Enforcement|207
4|3.4 Reputational Models|208
4|3.5 Institutional Models|208
3|4 Debt Demand and the Rise of the Sovereign Debt Speculator: A Historical Overview (1870–2017)|210
4|4.1 US Imperialism and the Orbit of Debt Obligations|211
4|4.2 The Dominance of Contracts|213
4|4.3 Debt Imperialism Beyond Latin America|214
4|4.4 The Baker Plan|215
4|4.5 The Brady Initiative|216
4|4.6 The Role of the IMF|217
3|5 Market Resistance to Proposals for Reform: Reinforcing the Sovereign Debt Speculator as Legal Subject|219
4|5.1 The Rey’s Report|219
4|5.2 The Sovereign Debt Restructuring Mechanism (SDRM)|220
4|5.3 The Taylor Intervention|222
4|5.4 The Market Adopts CACs|223
4|5.5 The Limits of CACs|224
3|6 Conclusions|225
3|References|226
2|Approximation of Secured Credit Laws in Global Economies: Methodological Challenges|229
3|1 Introduction|230
3|2 Prolegomena: The Approximation and Modernisation of Personal Property Security Law Regimes|232
3|3 Justifications|235
4|3.1 The Case for the Harmonisation of Secured Credit Law|236
4|3.2 Regulatory Competition|238
4|3.3 Legal Culture|239
3|4 Appropriation and the Choice of Legal Instruments|240
4|4.1 International Conventions|240
4|4.2 Model Laws and Restatements|244
3|5 The Recognition of a Transnational Secured Credit Law: Legitimacy and Enforcement Challenges|246
4|5.1 Definitions|246
4|5.2 The Suitability of Transnational Commercial Law to Govern Modern Secured Transactions|247
4|5.3 The Challenges Facing the Recognition of a Transnational Secured Credit Law Beyond the State|249
3|6 Conclusion|251
3|References|253
2|Capturing Collaboration in Construction Contracts in Their Commercial Context|257
3|1 Introduction|258
4|1.1 Defining Construction Law|259
4|1.2 Collaboration: Background|261
3|2 Facilitating Collaboration in Construction Contracts|263
4|2.1 “Project Management Tool” Instead of a “Set of Obligations”|266
4|2.2 Innovations of Traditional Contractual Mechanisms?|267
3|3 Change Mechanisms|269
4|3.1 Change Under the JCT|269
4|3.2 NEC 3—Compensation Events: Clause 6|271
4|3.3 Discussing the Differences: Decision Making|272
4|3.4 Discussing the Differences: Conditions Precedent and Timing?|273
3|4 Evaluation: Changing NEC and JCT|275
3|5 Three Points in the Context of Contract Doctrine|277
4|5.1 Flexibility|277
5|5.1.1 Balancing Act|279
6|5.1.1.1 Process Focus as Opposed to Focus on Substance|279
6|5.1.1.2 Attention to Detail Rather Than a Minimal Framework|279
4|5.2 Relationality|280
4|5.3 The “Psychological Contract”|284
3|6 Conclusion: The Wider Commercial Collaborative Environment|285
3|References|286
2|Commercial Contracts and Corporate Social Responsibility Values: A European Perspective and an Attempt of a Normative Approach|288
3|1 Introduction|289
3|2 CSR as a Set of Values|290
3|3 Values in Contracts|292
4|3.1 Defining Values: A Philosophical Perspective|293
3|4 Towards Modern Contract Law Theory|294
3|5 European Legal Frameworks and CSR|297
4|5.1 Towards Harmonisation of Private Law in Europe|299
5|5.1.1 Values in the Principles of European Contract Law|301
5|5.1.2 Values in Draft Common Frame of Reference|302
5|5.1.3 Values in Common European Sales Law|305
3|6 Relevance of the European Legal Frameworks and Challenges for Application of CSR in Europe: Value and Enforceability|308
3|7 Conclusion|309
3|References|311
2|Towards a Fairer Trading System for Micro and Small Businesses Post-Brexit? Comparative Aspects with Other Common Law Systems|314
3|1 Introduction|315
4|1.1 The Legal Issues with Unfair Contract Terms in B2B Contracts Involving MSBs|316
4|1.2 Aims and Objectives of the Chapter|318
3|2 The English Legal Framework on Unfair Contract Terms in B2B Contracts: Recent Developments, Current Law and Potential Solutions|319
4|2.1 The Legal Developments on Unfair Contract Terms in B2B Contracts in English Law|319
5|2.1.1 The Groceries Supply Code of Practice (GSCOP)|319
5|2.1.2 The Small Business, Enterprise and Employment Act 2015: More Transparency on Payment Methods by Large Companies|322
5|2.1.3 The Late Payment of Commercial Debts Regulations 2013|323
4|2.2 The Statutory and Common Law Mechanisms Applicable to Unfair Contract Terms in B2B Contracts in England|324
5|2.2.1 The Unfair Contract Terms Act 1977|324
5|2.2.2 The Incorporation and Construction Tests|326
5|2.2.3 Other Common Law Solutions|329
4|2.3 Potential Solutions to the Unfair Contract Terms in B2B Contracts with MSBs Issue in the Current Law in England?|331
3|3 A Comparative Observation of Unfair Contract Terms in B2B Contracts with MSBs in Other Common Law Systems: The Australian and US Examples|334
4|3.1 Legal Developments on the Issue of Unfair Contract Terms with MSBs in Australian Law|334
4|3.2 Tackling Unfair Contract Terms in B2B Contracts with MSBs in US Law Through the Doctrine of Unconscionability|337
3|4 Comparative Conclusions on the Issue of Unfair Contract Terms with MSBs: What Next After Brexit?|340
3|References|342
1|Part III: Commercial Contract Law at the Interface Between Private and Public Law: Interactions, Influences and Impacts|345
2|From Public Law to Private Law: The Remarkable Story of bona fides|346
3|1 Introduction|347
3|2 An Overview of Roman Legal History|348
4|2.1 The Evolving Principle of Fides in Roman Legal History|349
4|2.2 The Ethical Dimension of bona fides|351
4|2.3 The Origin of Good Faith in the Pre-Classical Period|352
5|2.3.1 The Evolution of Good Faith in the Pre-Classical Period|354
4|2.4 The ius gentium and the bona fides Dimension in Roman Law|355
4|2.5 The ius gentium and the New lex mercatoria|357
4|2.6 Equity and bona fides|357
4|2.7 Concluding Remarks on bona fides|358
3|3 The Evolving Principle of Good Faith in International and European Union Law|359
3|4 The Private Dimension of the Principle of Good Faith or the ‘Private’ Approach to Good Faith|363
4|4.1 The Good Faith as a General Principle or General Clause|365
4|4.2 Distance Marketing of Financial Services and the Implementation of Good Faith in the Italian Consumer Code|366
3|5 Conclusions|367
3|References|370
2|Private and Public in the Design of Commercial Law: Lessons from the History of Bills of Exchange|372
3|1 Introduction|373
3|2 Bills of Exchange: A Historical Perspective|374
4|2.1 Private Supremacy in the Middle Ages|374
4|2.2 From Private Usage to Early Modern Public Intervention|376
4|2.3 Public Dominance in Eighteenth to Twentieth Centuries’ Commercial Law|378
4|2.4 Public Versus Private Actors in the Globalization of Trade|383
3|3 Lessons and Conclusions for the Design of Commercial Law|386
3|References|388
2|ICSID Arbitration Clauses in Contracts: Time for a Revival?|392
3|1 Introduction|393
3|2 Contractual Jurisdiction Under the ICSID Convention|394
4|2.1 Agreement Between Nationals of One Contracting State and Another Contracting State or Its Designated Constituent Subdivision or Agency|395
4|2.2 Pertaining to an “Investment”|397
4|2.3 In Writing|398
3|3 Potential Advantages to Investors of Submitting Contract Claims to ICSID|399
4|3.1 Annulment|400
4|3.2 Enforceability|401
3|4 The Degree of Utilisation of the ICSID Convention for Arbitration Clauses in Contracts|403
3|5 Why Do Investors Appear Not to Use the ICSID Convention for Contractual Disputes?|404
4|5.1 Host States Resisting Enforcement?|405
4|5.2 Pro-Host State Bias?|405
3|6 Conclusions|406
3|References|407
2|Object and Purpose as Interpretation Tool in International Commercial Law Conventions: How to Make the ‘Top Down Approach’ Work|409
3|1 Introduction|410
3|2 Interpretation of Uniform Laws|413
4|2.1 Method Rules|413
4|2.2 Integrated Interpretation Rules|414
3|3 Object and Purpose in Public International Law|416
4|3.1 The Purpose of a Convention|417
4|3.2 The Object of a Convention|419
3|4 The Effect of Object and Purpose on the Interpretation of Contract Law Conventions|421
4|4.1 CISG|421
5|4.1.1 Art. 7 (1) CISG|421
5|4.1.2 Art. 7 (2) CISG|423
4|4.2 The UNIDROIT Ottawa Conventions|423
4|4.3 UNCITRAL and UNIDROIT Principles and Model Laws|425
4|4.4 Conclusion|425
3|5 The Effect of Object and Purpose on the Interpretation of Tax Law Conventions|426
4|5.1 Interpretation Rules in DTCs|426
4|5.2 The Purpose of DTCs|428
5|5.2.1 Residency Status|430
5|5.2.2 Partnerships|431
4|5.3 The Object of DTCs|432
3|6 Conclusions|433
3|7 Outlook|435
3|References|436
2|Commercial Law, Investor Protection, EU and Domestic Law|438
3|1 The Future of Commercial Law and the Role of EU Private and Regulatory Law|439
3|2 The Interface Between Private, Commercial and Public Law in the Field of European Regulation of Financial Markets and Institutions|446
3|3 National Courts, Remedies Based on General Contract Law and the Enforcement of EU Conduct of Business Rules|447
3|4 The Legal Nature and Purpose of Financial Regulatory Duties|449
4|4.1 The Legal Nature of Financial Regulatory Duties|449
4|4.2 The Purpose of Financial Regulatory Duties|450
3|5 The Role of Contract Law in the Regulation of Financial Transactions|451
3|6 Retail Financial Regulation|453
3|7 Non-retail Financial Transactions|454
3|8 The Case Law of the Court of Justice|457
4|8.1 The Peter Paul Judgment|457
4|8.2 The Bankinter Judgment|458
3|9 The Impact of EU Financial Regulation on National Private Law|460
4|9.1 The Impact of EU Financial Regulation on National Legislation|460
4|9.2 The Impact of EU Financial Regulation on National Case Law|460
5|9.2.1 The Challenges of Complex Financial Disputes for the National Judge|460
5|9.2.2 The National Adjudication Techniques|461
5|9.2.3 The (Regulatory) Implications of Adjudication Techniques|465
3|10 The Role of Alternative Dispute Resolution (ADR) Mechanisms|465
4|10.1 The Influence of EU Law on ADR: From Convergence to Harmonisation|465
4|10.2 The National Models of ADR|466
3|11 Conclusions|467
3|References|469
1|Foreword|6
1|The Autonomy of Commercial Law?|6
1|The CCFL Research Project|6
1|The Dichotomies of Contract Law and the Future of the Commercial Contract|7
1|The CCFL Research Project and This Book|8
1|Contents|10
1|List of Contributors|12
1|The Future of the Commercial Contract in Scholarship and Law Reform: An Introduction|14
2|1 Introduction|15
2|2 The Structure of This Volume|16
2|3 Merchant Law in Law Reform (Part I)|17
3|3.1 Nature and Models of Merchant Law: Identities vs. Purpose|18
3|3.2 The Role of Commercial Contract Law in Recent Law Reform Projects|20
4|3.2.1 Reform of Civil and Commercial Codes in Germany and EU Consumer Law|21
4|3.2.2 Reform of the Commercial Code in Austria and the Role of EU Terminology|22
4|3.2.3 Reform in the United Kingdom: The Consumer Rights Act 2015|24
4|3.2.4 Reform of the French and Japanese Civil Code: Standard Contract Terms|24
2|4 Scholarship on Selected Aspects of Commercial Contracts (Part II)|26
3|4.1 Cooperation, Renegotiation and Contract Adaptation|26
3|4.2 Regulation and Self-Governance|28
3|4.3 Uniform Law and Cross Border Enforcement|30
2|5 Commercial Contract Law and Public International Law: The Cart Before the Horse? (Part III)|30
3|5.1 Historic Trajectory|31
3|5.2 Contract Law in the Shape of Treaties|31
3|5.3 EU Financial Regulation and Investor-State Disputes|32
3|5.4 Are Treaties the Tool of Choice?|33
2|6 Conclusions and Outlook|35
2|References|35
1|Part I: General Theory of Commercial Contract and Aspects of Law Reform|37
2|What Does the Transnationalisation of the Commercial Contract Mean? Is There a New Model and Are There Minimum Standards? Is There a Law and Economics Perspective?|38
3|1 What Is a Commercial Contract?|39
3|2 What Are the Main Features of the Common Law and Civil Law Commercial Contract Model. Extra-Contractual Rights and Obligations. Interpretation and Gap-Filling. Good Faith and Specific Performance in Civil and Common Law|41
3|3 How Does the Professional Contract Progress in the International Flows? The Emergence of a Transnational Commercial and Financial Legal Order and Its Significance|46
3|4 The Meaning and Reach of Fundamental Principle and the Challenge of International Minimum Standards|49
3|5 The Contribution of Law and Economics|55
3|6 Conclusion|59
3|References|59
2|The Nexus of Contracts Theory and Intra-Corporate Dispute Arbitration|62
3|1 Introduction|63
3|2 The Theory of Company Law and Arbitrability of Corporate Law|64
3|3 Contract-Based ICD Arbitration|66
3|4 The Interaction Between UK Companies Act 2006 and Arbitration|69
3|5 The Court’s Inherent Power to Grant Redress May Not Be Exclusive|70
3|6 Derivative Action|71
3|7 Corporate Value, Shareholder Value and Social Value|73
3|8 ICD Arbitration and International Joint Venture|75
3|9 Other Jurisdictions|76
4|9.1 China: Differences Between Domestic-Listed Chinese Companies and Foreign/HK-Listed Chinese Companies|76
4|9.2 Russia: Legal Uncertainty|77
4|9.3 Vietnam: In Line with the Contractual Approach|79
3|10 Conclusion|80
3|References|80
2|Civil Code Reform in Japan: Is the New Regulation of Standard Contract Terms a Desirable One?|83
3|1 Introduction|84
3|2 General Structure of Japanese Civil Law|85
4|2.1 The Japanese Civil Code|86
5|2.1.1 History Overview of the Japanese Civil Code|86
5|2.1.2 Structure and Scope|87
4|2.2 Special Laws|88
3|3 Regulation of Standard Contract Terms|88
4|3.1 Regulation Under the Civil Code|88
4|3.2 Regulation Under the Consumer Contract Act|89
3|4 Reform of the Japanese Civil Code|90
4|4.1 Overview of the Reform Procedure|91
4|4.2 Deliberations Regarding Standard Contract Terms|91
5|4.2.1 Basic Reform Policy (Draft Proposals)|92
5|4.2.2 Interim Report of Points at Issue on the Civil Code (Law of Obligations) Reform|93
5|4.2.3 Interim Draft for Reforming the Civil Code (Law of Obligations)|93
5|4.2.4 Provisional Draft Bill Outline for Reforming the Civil Code (Law of Obligations)|94
5|4.2.5 Draft Bill Outline for Reforming the Civil Code|95
5|4.2.6 Draft Bill for Reforming Part of the Civil Code|96
4|4.3 Oppositions to the Drafts|96
3|5 The Act for Reforming the Civil Code|97
4|5.1 Agreement Based on Formulated Standard Contract Terms|97
4|5.2 Disclosure of the Content of Formulated Standard Contract Terms|98
4|5.3 Modification of Formulated Standard Contract Terms|99
3|6 Issues with the New Provisions|100
4|6.1 Major Concerns|100
5|6.1.1 Scope|101
5|6.1.2 Deeming the Existence of an Agreement|102
5|6.1.3 Disclosure Requirement|104
5|6.1.4 Modification|104
3|7 Closing Remarks: The Way Ahead|105
3|References|106
2|The New French Contract Law and Its Impact on Commercial Law: Good Faith, Unfair Contract Terms and Hardship|109
3|1 Introduction|110
3|2 The Newly Reformed Contract Law: Its Genesis and Objectives|111
4|2.1 The Genesis of the Reform: A Need for Reform|111
4|2.2 The Objectives of the Reform: Modernisation and Simplification|113
3|3 Good Faith: An Overall Principle That Applies to All Contracts, Civil or Commercial|116
4|3.1 The Scope of Application and the Effects of Good Faith|117
4|3.2 Duties Deriving from Good Faith: The Usual Ones|119
3|4 Overlapping, or Even Contradictory, Provisions on Unfair Contract Terms in Civil and Commercial Law|122
4|4.1 Article L. 442-6, I, 2° of the Commercial Code as a Competitive Tool|123
4|4.2 How Compatible Is Article L. 442-6, I, 2° of the Commercial Code with Article 1171 of the Civil Code?|126
3|5 The Imprévision or How the Civil Code Now Reflects a More Realist View of Commercial Contracts|128
4|5.1 The Conditions of Application of the New Article 1195 of the Civil Code on Hardship: All About Re-Negotiation|129
4|5.2 The Effects of the New Article 1195 of the Civil Code: Contractual Solutions First, Judicial Recourse Last|132
3|6 Conclusion|134
3|References|134
2|The Withdrawal of the Common European Sales Law Proposal and the European Commission Proposal on Certain Aspects Concerning Contracts for the Online and Other Distance Sales of Goods|137
3|1 The Problem That the CESL Proposal Aimed to Solve|138
3|2 The New 2015 Proposals and the Changed Context|144
4|2.1 The Digital Content Directive (DCD): A Short Presentation|147
4|2.2 What Does the Online Sales of Goods (OSG) Proposal Provide for?|148
3|3 A First Evaluation of the Proposal|150
4|3.1 Another Piece of the Mosaic?|150
4|3.2 Relationship with CSD 1999/44/EC|150
4|3.3 Relationship with Directive 2000/31/EC|152
4|3.4 Relationship with the Consumers Rights Directive (CRD) 2011/83/EU|152
3|4 The Innovations by the 2015 OSG Proposal|153
4|4.1 Conformity of the Goods|153
4|4.2 Hierarchy of Remedies Versus Free Choice of Remedies and Time Limit of the Liability (Article 9 of the Draft OSG): Deterioration of Consumer Protection?|154
4|4.3 The Counterbalances to the Obligatory Hierarchy of Remedies to the Consumer’s Advantage|157
4|4.4 On the Reversal of the Burden of Proof (Art 8 Para 3 OSG)|158
3|5 Reactions During the EU Legislative Procedure|159
4|5.1 The Reaction of the National Parliaments|159
4|5.2 The Response of the EU Institutions|161
3|6 Overall Evaluation|162
4|6.1 Introducing CESL Through the Back Door and Extending the Proposal to Face-to-Face Sales?|162
4|6.2 Market Fragmentation|163
4|6.3 Contract Fragmentation|164
4|6.4 What Is the Best Way to Proceed? A de facto CSD Recast?|165
3|7 Conclusion: The Aims of the Single Market and the High Protection of the Consumer and Comprehensiveness vs Fragmentation|166
3|References|169
1|Part II: Selected Aspects of Commercial Contract Law in Practice: Good Faith, Collaboration and Sustainability in Commercial Contracts|174
2|Original Equipment Manufacturing Contract and Three-Way Bargaining: Cooperation, Control, and the Opportunism Within|175
3|1 Introduction|176
3|2 Global Supply Chain and the OEM Model|179
4|2.1 Models of OEM|180
4|2.2 Case Study: Apple’s Value Chain|181
5|2.2.1 The Making of a “Supply Chain King”|181
5|2.2.2 Supply Chain Management and Resource Allocation: Outsourcing with Lots of Hands-on Attention|183
3|3 OEM Structure and the Theory of the Firm|184
4|3.1 Coasean Theory|184
5|3.1.1 Comment|185
4|3.2 Asset Complementarity and Opportunism Revisited|186
5|3.2.1 Comment|187
3|4 Technical Service Charge, Opportunism, and a Dynamic Game|188
4|4.1 Side Bargaining|188
4|4.2 Collaboration and the “Contract Versus Organization” Distinction|190
5|4.2.1 Close Collaboration Between BO and OEM|190
5|4.2.2 The Dynamics in Collaboration and Its Fluidity|191
4|4.3 A Structure Based on Power|192
5|4.3.1 Acquiescence Analyzed|192
5|4.3.2 Ad Hoc/Ex Post Adjustment by a BO|192
5|4.3.3 Renegotiation and TSC: Power Structure Matters|193
3|5 Conclusion|194
3|References|194
2|Uncertainty, Speculation, Subjectivity: The Expanding Judicial Role in Sovereign Debt Workouts|196
3|1 Introduction|197
3|2 Setting the Context: Changes in Debt Demand|201
4|2.1 Trends in Capital Flows and Speculation|202
4|2.2 Debt States|203
4|2.3 Official Sector Anxiety|203
3|3 Theorising the Problem of Sovereign Debt: The Law in Economic Reasoning|204
4|3.1 Crises Triggers|205
4|3.2 Risk and Radical Uncertainty|206
4|3.3 Weak Enforcement|207
4|3.4 Reputational Models|208
4|3.5 Institutional Models|208
3|4 Debt Demand and the Rise of the Sovereign Debt Speculator: A Historical Overview (1870–2017)|210
4|4.1 US Imperialism and the Orbit of Debt Obligations|211
4|4.2 The Dominance of Contracts|213
4|4.3 Debt Imperialism Beyond Latin America|214
4|4.4 The Baker Plan|215
4|4.5 The Brady Initiative|216
4|4.6 The Role of the IMF|217
3|5 Market Resistance to Proposals for Reform: Reinforcing the Sovereign Debt Speculator as Legal Subject|219
4|5.1 The Rey’s Report|219
4|5.2 The Sovereign Debt Restructuring Mechanism (SDRM)|220
4|5.3 The Taylor Intervention|222
4|5.4 The Market Adopts CACs|223
4|5.5 The Limits of CACs|224
3|6 Conclusions|225
3|References|226
2|Approximation of Secured Credit Laws in Global Economies: Methodological Challenges|229
3|1 Introduction|230
3|2 Prolegomena: The Approximation and Modernisation of Personal Property Security Law Regimes|232
3|3 Justifications|235
4|3.1 The Case for the Harmonisation of Secured Credit Law|236
4|3.2 Regulatory Competition|238
4|3.3 Legal Culture|239
3|4 Appropriation and the Choice of Legal Instruments|240
4|4.1 International Conventions|240
4|4.2 Model Laws and Restatements|244
3|5 The Recognition of a Transnational Secured Credit Law: Legitimacy and Enforcement Challenges|246
4|5.1 Definitions|246
4|5.2 The Suitability of Transnational Commercial Law to Govern Modern Secured Transactions|247
4|5.3 The Challenges Facing the Recognition of a Transnational Secured Credit Law Beyond the State|249
3|6 Conclusion|251
3|References|253
2|Capturing Collaboration in Construction Contracts in Their Commercial Context|257
3|1 Introduction|258
4|1.1 Defining Construction Law|259
4|1.2 Collaboration: Background|261
3|2 Facilitating Collaboration in Construction Contracts|263
4|2.1 “Project Management Tool” Instead of a “Set of Obligations”|266
4|2.2 Innovations of Traditional Contractual Mechanisms?|267
3|3 Change Mechanisms|269
4|3.1 Change Under the JCT|269
4|3.2 NEC 3—Compensation Events: Clause 6|271
4|3.3 Discussing the Differences: Decision Making|272
4|3.4 Discussing the Differences: Conditions Precedent and Timing?|273
3|4 Evaluation: Changing NEC and JCT|275
3|5 Three Points in the Context of Contract Doctrine|277
4|5.1 Flexibility|277
5|5.1.1 Balancing Act|279
6|5.1.1.1 Process Focus as Opposed to Focus on Substance|279
6|5.1.1.2 Attention to Detail Rather Than a Minimal Framework|279
4|5.2 Relationality|280
4|5.3 The “Psychological Contract”|284
3|6 Conclusion: The Wider Commercial Collaborative Environment|285
3|References|286
2|Commercial Contracts and Corporate Social Responsibility Values: A European Perspective and an Attempt of a Normative Approach|288
3|1 Introduction|289
3|2 CSR as a Set of Values|290
3|3 Values in Contracts|292
4|3.1 Defining Values: A Philosophical Perspective|293
3|4 Towards Modern Contract Law Theory|294
3|5 European Legal Frameworks and CSR|297
4|5.1 Towards Harmonisation of Private Law in Europe|299
5|5.1.1 Values in the Principles of European Contract Law|301
5|5.1.2 Values in Draft Common Frame of Reference|302
5|5.1.3 Values in Common European Sales Law|305
3|6 Relevance of the European Legal Frameworks and Challenges for Application of CSR in Europe: Value and Enforceability|308
3|7 Conclusion|309
3|References|311
2|Towards a Fairer Trading System for Micro and Small Businesses Post-Brexit? Comparative Aspects with Other Common Law Systems|314
3|1 Introduction|315
4|1.1 The Legal Issues with Unfair Contract Terms in B2B Contracts Involving MSBs|316
4|1.2 Aims and Objectives of the Chapter|318
3|2 The English Legal Framework on Unfair Contract Terms in B2B Contracts: Recent Developments, Current Law and Potential Solutions|319
4|2.1 The Legal Developments on Unfair Contract Terms in B2B Contracts in English Law|319
5|2.1.1 The Groceries Supply Code of Practice (GSCOP)|319
5|2.1.2 The Small Business, Enterprise and Employment Act 2015: More Transparency on Payment Methods by Large Companies|322
5|2.1.3 The Late Payment of Commercial Debts Regulations 2013|323
4|2.2 The Statutory and Common Law Mechanisms Applicable to Unfair Contract Terms in B2B Contracts in England|324
5|2.2.1 The Unfair Contract Terms Act 1977|324
5|2.2.2 The Incorporation and Construction Tests|326
5|2.2.3 Other Common Law Solutions|329
4|2.3 Potential Solutions to the Unfair Contract Terms in B2B Contracts with MSBs Issue in the Current Law in England?|331
3|3 A Comparative Observation of Unfair Contract Terms in B2B Contracts with MSBs in Other Common Law Systems: The Australian and US Examples|334
4|3.1 Legal Developments on the Issue of Unfair Contract Terms with MSBs in Australian Law|334
4|3.2 Tackling Unfair Contract Terms in B2B Contracts with MSBs in US Law Through the Doctrine of Unconscionability|337
3|4 Comparative Conclusions on the Issue of Unfair Contract Terms with MSBs: What Next After Brexit?|340
3|References|342
1|Part III: Commercial Contract Law at the Interface Between Private and Public Law: Interactions, Influences and Impacts|345
2|From Public Law to Private Law: The Remarkable Story of bona fides|346
3|1 Introduction|347
3|2 An Overview of Roman Legal History|348
4|2.1 The Evolving Principle of Fides in Roman Legal History|349
4|2.2 The Ethical Dimension of bona fides|351
4|2.3 The Origin of Good Faith in the Pre-Classical Period|352
5|2.3.1 The Evolution of Good Faith in the Pre-Classical Period|354
4|2.4 The ius gentium and the bona fides Dimension in Roman Law|355
4|2.5 The ius gentium and the New lex mercatoria|357
4|2.6 Equity and bona fides|357
4|2.7 Concluding Remarks on bona fides|358
3|3 The Evolving Principle of Good Faith in International and European Union Law|359
3|4 The Private Dimension of the Principle of Good Faith or the ‘Private’ Approach to Good Faith|363
4|4.1 The Good Faith as a General Principle or General Clause|365
4|4.2 Distance Marketing of Financial Services and the Implementation of Good Faith in the Italian Consumer Code|366
3|5 Conclusions|367
3|References|370
2|Private and Public in the Design of Commercial Law: Lessons from the History of Bills of Exchange|372
3|1 Introduction|373
3|2 Bills of Exchange: A Historical Perspective|374
4|2.1 Private Supremacy in the Middle Ages|374
4|2.2 From Private Usage to Early Modern Public Intervention|376
4|2.3 Public Dominance in Eighteenth to Twentieth Centuries’ Commercial Law|378
4|2.4 Public Versus Private Actors in the Globalization of Trade|383
3|3 Lessons and Conclusions for the Design of Commercial Law|386
3|References|388
2|ICSID Arbitration Clauses in Contracts: Time for a Revival?|392
3|1 Introduction|393
3|2 Contractual Jurisdiction Under the ICSID Convention|394
4|2.1 Agreement Between Nationals of One Contracting State and Another Contracting State or Its Designated Constituent Subdivision or Agency|395
4|2.2 Pertaining to an “Investment”|397
4|2.3 In Writing|398
3|3 Potential Advantages to Investors of Submitting Contract Claims to ICSID|399
4|3.1 Annulment|400
4|3.2 Enforceability|401
3|4 The Degree of Utilisation of the ICSID Convention for Arbitration Clauses in Contracts|403
3|5 Why Do Investors Appear Not to Use the ICSID Convention for Contractual Disputes?|404
4|5.1 Host States Resisting Enforcement?|405
4|5.2 Pro-Host State Bias?|405
3|6 Conclusions|406
3|References|407
2|Object and Purpose as Interpretation Tool in International Commercial Law Conventions: How to Make the ‘Top Down Approach’ Work|409
3|1 Introduction|410
3|2 Interpretation of Uniform Laws|413
4|2.1 Method Rules|413
4|2.2 Integrated Interpretation Rules|414
3|3 Object and Purpose in Public International Law|416
4|3.1 The Purpose of a Convention|417
4|3.2 The Object of a Convention|419
3|4 The Effect of Object and Purpose on the Interpretation of Contract Law Conventions|421
4|4.1 CISG|421
5|4.1.1 Art. 7 (1) CISG|421
5|4.1.2 Art. 7 (2) CISG|423
4|4.2 The UNIDROIT Ottawa Conventions|423
4|4.3 UNCITRAL and UNIDROIT Principles and Model Laws|425
4|4.4 Conclusion|425
3|5 The Effect of Object and Purpose on the Interpretation of Tax Law Conventions|426
4|5.1 Interpretation Rules in DTCs|426
4|5.2 The Purpose of DTCs|428
5|5.2.1 Residency Status|430
5|5.2.2 Partnerships|431
4|5.3 The Object of DTCs|432
3|6 Conclusions|433
3|7 Outlook|435
3|References|436
2|Commercial Law, Investor Protection, EU and Domestic Law|438
3|1 The Future of Commercial Law and the Role of EU Private and Regulatory Law|439
3|2 The Interface Between Private, Commercial and Public Law in the Field of European Regulation of Financial Markets and Institutions|446
3|3 National Courts, Remedies Based on General Contract Law and the Enforcement of EU Conduct of Business Rules|447
3|4 The Legal Nature and Purpose of Financial Regulatory Duties|449
4|4.1 The Legal Nature of Financial Regulatory Duties|449
4|4.2 The Purpose of Financial Regulatory Duties|450
3|5 The Role of Contract Law in the Regulation of Financial Transactions|451
3|6 Retail Financial Regulation|453
3|7 Non-retail Financial Transactions|454
3|8 The Case Law of the Court of Justice|457
4|8.1 The Peter Paul Judgment|457
4|8.2 The Bankinter Judgment|458
3|9 The Impact of EU Financial Regulation on National Private Law|460
4|9.1 The Impact of EU Financial Regulation on National Legislation|460
4|9.2 The Impact of EU Financial Regulation on National Case Law|460
5|9.2.1 The Challenges of Complex Financial Disputes for the National Judge|460
5|9.2.2 The National Adjudication Techniques|461
5|9.2.3 The (Regulatory) Implications of Adjudication Techniques|465
3|10 The Role of Alternative Dispute Resolution (ADR) Mechanisms|465
4|10.1 The Influence of EU Law on ADR: From Convergence to Harmonisation|465
4|10.2 The National Models of ADR|466
3|11 Conclusions|467
3|References|469