Principles of European Contract Law Essay Example | Topics and Well Written Essays - 5500 words

Principles of European Contract honor - undertake ExampleThe Unidroit Principles have been regularly applied as lex mercatoria in international commercial arbitration, as they meet al sensation the substantive requirements of a true police merchant. On the contrary, arbitrators are being reluctant to apply PECL as generally accepted principles of commercial fairness in international arbitration. This may be due to their relation noelty, to the fact that their scope is limited to the European Union, or to the strong materialism and esprit collectif which manifests itself by the preminent role of the ethical faith principle and by a social regulation of the contract which may be incertain in an international context (in particular, the regulation on excessive benefit or unsporting advantage, unfair terms not individually negotiated or change of circumstances). In this sense, in the ICC arbitration case no. 12111, the arbitrator rejected claimants claim for the application of PECL, concluding that they constituted an academic research, at that stage not largely well-known to the international business community, being a preliminary step to the drafting of a future European Code of Contracts, not enacted yet. Thus, PECL has not yet obtained a universal status as a (modern) lex mecatoria. It cannot be regarded as constituting an autonomus lex mercatoria but as a part of universal lex mercatoria.... And at one time, without doubt, it was the law of nature of England simply because it was the law of other nations.Its OriginThe exact place and time of its origin is uncertain. legion(predicate) writers have stated that it began in Italy in the central part of the Middle Ages. But investigation of early on documents shows that it goes back much further. For instance, to the time when the Arabs dominated the Mediterranean.But they invented little and m either of the terms which they used came from the Romans, Greeks and Phoenicians, who for many hundreds of y ears monopolized the sea commerce.First Treaties on merchandiser Law in England - 1622The first work on merchant law in England was written by Gerard Malynes published in 1622, entitled Consultudo Vel Lex Mercatoria or the antique Law Merchant. In his preface to this work, he stated that he had entitled it Lex Mercatoria instead of Jus Mercatorum because it iscustomary law provided by the authority of all kingdoms and Commonweals, and not a law established by the sovereignty of any prince. Blackstone stated that the affairs of commerce were regulated by a law of their own called the Law Merchant or Lex Mercatoria which all nations agree in and take notice of and it is particularly held to be part of the law ofEngland which justifies the causes of merchants and the general rules which obtain in all commercial countries. Still later, Lord Mansfield stated that Mercantile law is not the law of a particular country but the law of all nations.On What Law Merchant BasedThe Lex Mercatori a would seem to be in part based on Roman law, in part maritime custom, in part the law of the Medieval