Internationally, the law governing commercial transactions is “English law”. It has prevailed throughout the world because it is based on reputable, well-established and well-developed case law. A historical testimony to English law, it connects to the period of the British Empire, which was one of the greatest empires in history alongside the French Empire. The former colonies had established their legal system as a legacy of English law. The common law system has been retained to this day by several British colonies; it has been used by the respective courts as a source of interpretation, guidance, rules and input, they refer to the judgments of the higher courts of England and Wales, notably the Privy Council, in making decisions or new and unusual questions. Similarly, the English court also seeks the assistance of the judgments of the courts and other jurisdictions of universal law to examine issues as they arise. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay The laws of the United States are very much influenced by the “English common law system”. Historically, the lasting legacy of international law lies with the “East India Company”. The Royal Charter of 1600 was the cornerstone of the "English Joint Stock Company" intended to begin trade with Eastern India, China and the Indian subcontinent. On behalf of the English merchant Queen Elizabeth, I exercised her sovereign power and treasury fund to establish commerce by establishing the first ever joint stock company, which brought together investors holding shares in the company. On the basis of certain shares, the company provided them with profits and dividends. The liability of East India Company investors was also limited by Queen Elizabeth due to the establishment of the English joint stock company as the world's first largest "limited company". Which granted protection to investors' money against their initial investments. As a result, if the company suffered a loss, the outstanding debts were not distributed among the investors. Thus, a prototype was established for modern societies as we practice today by Queen Elizabeth granting a charter to the East India Company. The high quality of British law firms, judges and barristers, the reputation and experience of judges, and the independence of the judiciary have strengthened English laws. Individuals and businesses have access to justice through Her Majesty's Courts and the Court Services which tend to administer the work of the Courts. Questions of financial conflicts, employment rights, family law, administrative law, are handled by "court magistrates, country courts, Crown and FAMILY courts as well as the Royal Court of Justice. justice”. Requests for arbitration, matters of banking and commercial services, commercial agencies, matters of insurance, commerce, contracts and commercial documents, professional and commercial disputes as well as financial conflicts are handled by the " Commercial Court”. English law also became famous for the establishment of relative and expeditious courts in commercial disputes. The fundamental principle of judicial independence of the British constitution rests on the careful selection, impartiality and experience of English judges and their skillsprofessionals in handling complex cases. The British government does not put pressure on judges to obtain a judgment in their interests, and judges have been empowered to make decisions in accordance with their judgments. The Judicial Nomination Commission appoints judges on the basis of merit, provided they have no political influence over the performance of judicial functions. Therefore, they are not under any pressure or influence from politicians or any other external forces to decide cases or to maintain the integrity and independence of the English courts. Thus, English law dominates many sectors such as "international commercial contracts, financing, banking, shipping and maritime, mergers in acquisition disputes and international arbitration". Indeed, it presents four interrelated characteristics. First, it is “pragmatic”, commercial law is above all about getting things done, resolving problems[1]. This generally involves meeting legitimate market demands, formulating contractual structures and numerous legal tools. Second, it is “responsive”. It provides a set of rules developed in response to the needs of commerce. According to Professor Goodee, “the entire body of laws relating to trade disputes is represented by trade law.[2] He further stated that trade is impossible without trade laws. Third, the role of commercial law is to facilitate the efficient operations of transactions rather than emphasizing the content and form of transactions. Finally, they are “consequentialist” rather than “normative”. Commercial laws are called consequentialist because they provide determinate results without worrying about whether they will be achieved or not. Indeed, these four characteristics are the caricature of commercial law, and each of them is questionable because in rare cases, perceptions differ from interpretation in the decision-making process, for example, the interpretation of the rule and mandate facilitators is not very clear.[3 ] This is mentioned by Ayres et al., (1989) "How to categorize a rule that says 'there must be an offer from one party and acceptance of that offer by another party for a contract to be enforceable.” In addition, there are other key contemporary developments, such as apprehensions over normative questions about “fairness and good faith.” Moreover, the perspective for defining contemporary commercial law is the evaluation of the historical origin of commercial law. Scholars believe that ancient laws that tend to govern disputes and the practices of merchants were once "credited or borrowed, absorbed and incorporated by the common law" which was initiated in the 17th century.[4] It therefore laid the foundations of current modern law. commercial law.[5] John Braithwaite and Peter Drahos (2000) describe the extraordinary evidence of transcontinental private domination as the "medieval Lex Mercatoria". These laws were formulated by merchants and established policies to regulate commercial relationships. In the realm of commercial life, the role of the court was to operate according to a declarative model.[6] Significantly, merchant law has been applied internationally due to its composition, adaptability, flexibility and lack of technical rules of proof and procedure. According to Gunther and Teubner (1983), commercial law includes broader principles that have the potential to change their application on a case-by-case basis. Indeed, it is more about the law of values ​​than the law of rules, structures and procedures.[7]Thus, the most important characteristic is “commitment in good faith”, which replaces the need to enter into agreements.[8] In recent years, globally, there has been an emphasis among commercial lawyers on the idea of ​​good faith principles rather than rules, although there is conflict regarding contemporary consequences. All these characteristics are therefore useful for understanding the meaning of commercial law. In the 19th century, lawyers gave importance to the role and importance of commercial law. Ferguson's research found that lawyers were the driving force in raising concerns from the perspective of 'businessmen' interests. [9] In 1889, the lawyer responsible for the "Bills of Exchange Act 1882, the Sale of Good Acts 1893 and the Marine Insurance Act 1906", Mr. Mackenzie D. Chalmers added that commercial laws are not intended to lawyers, although they are made. by lawyers or laymen to regulate the conduct of business in relation to the rules mentioned by law.[10] This categorization was established to provide legal certainty to entrepreneurs and help them avoid any litigation[11]. In short, to speak, “commercial law codes were law for commercial lawyers.” Thus, a closer look at history reveals that the relationship between commercial law and business practices needs to be explained carefully and within a simple framework. Thus, one could assume that a complex series of modifications and connections between trade self-regulation and mercatoria law is revealed in the history of the regulation of commercial activity. However, commercial law today is seen as important and practical, that is, the law that gets things done. Cranston observes that this is a vital concern for commercial law researchers as well as practitioners who are required to investigate the subject.[12] It is also believed to have no relevance to practitioners and notes also that the main legal agencies judge through their websites. [13] do not use the term “commercial law” to define the services they offer although they use the specializations attached to commercial law such as banking and financial law or competition law. Therefore, this appears to be a matter for academic researchers and needs to be extended to the element of diminishing capacity for cross-pollination between categories of commercial law.[14] Risk Factors There are various broad categories of risks associated with commercial contracts, such as “liability risk; breach of contract issues; complaints; warranty issues; terminations; accusations of intellectual property infringement, alleged privacy disclosures, litigation and allegations. International and English courts have focused on "the law of tort and have secured the potential liability of successor companies primarily through a desire to spread the risk of accidents" while viewing the issue of successor liability as a matter corporate law or commercial law.[15] Traditionally, contractual expectations are seen as promises made to receive benefits. The operational standards of good faith enforcement are based on the cost perspectives set forth in the common law jurisdiction. The good faith perspective could be implemented when one party relinquishes enforcement discretion and another party controls the projected benefits. Risk arises when discretion is used in bad faith to capture predetermined opportunities.[16] Another factor ofThe risk is that revelations of supposed confidentiality lead to a leak of information. Companies implement innovations and inventions that serve as legal protection against copied inventions because they are not protected by charters and copyrights because their process involves the public and can disclose the information, and therefore , a company would not be able to defend intellectual property. property. illegal if it is linked to the acquisition of the investment which falls within the jurisdiction of the court; Rather, illegal behavior after an investment has been established is a question of admissibility. However, some courts reject their jurisdiction after finding the illegality of the establishment (Fraport I, II, Metal-Tech Ltd. v. Republic of Uzbekistan), other courts deem such requests inadmissible (Plama v. Bulgaria , World Duty-Free v. Republic of Kenya). , SGS v. Republic of the Philippines Violation of international law jurisdiction is another problem. Investment treaties are supposed to encourage and protect foreign investors, but in most cases they are not respected. Nonetheless, many investment treaty cases have ruled that foreign investments are made by foreign nationals. in host countries are not protected before investment arbitration tribunals. It has been debated whether illegal considerations are a matter of jurisdiction, research reveals that it is taken into account. Additionally, in the era of business globalization, industries are responsible for choosing governments. for cross-border commercial contracts. English law is primarily preferred because it is adaptable to permit and implement limitations of "cause of liability, waivers of consequential losses, liquidation of damages assumed, time limits and procedures." bars on claims. In addition, the “knock to knock” and “pay when paid” clauses are favorable elements for choosing English law.[17] The BERTIX incident has also not had any negative impact on the jurisdiction of England and Wales, specifically in relation to international commercial contracts, as mentioned by the Law Society of England and Wales ”.[18] It has not been affected by EU law because it is formulated within the scope of global standards and derives from common law, and the flexibility of English contract law allows the contract to be adapted and therefore generally does not present any commercial risk. The bottom line is that English lawyers, law firms and judges are the best in the world and that English contract law is used internationally because it provides "certainty, stability and predictability ”.[19] Additionally, the sanctions imposed by the EU are ambiguous, but they impose major compliance obligations on business entities and could affect the execution of existing contracts, achievable limits, etc. constitute a question of risk for businesses. However, the new UK “Foreign Sanctions Enforcement” office provides high-quality services to the private sector, but it cannot eliminate the risk imposed by EU sanctions. It is essential to consider the element of sanctions risk in the aspects mentioned below. Risk of sanctions violation. Signing a contract due to current sanctions violation. Risk imposed or extended due to sanctions to such an extent that it interferes with the parties' ability to operate in accordance with the original commitments stated in the contract. Change of status is also a risk., 6(1), 83-118.