COMMERCIAL LAW AND COMMERCIAL PRACTICE This edited collection brings together leading scholars and practitioners from various jurisdictions with chapters and commentaries coordinated around the theme of alignments and misalignments between commercial law and commercial practice. The purpose of the book is to prompt a more critical and constructive reassessment of current commercial law and its practices, and to instigate a more fruitful dialogue between academics, judges, law reformers and practitioners. The result is a series of provocative and challenging essays addressing an enormous range of problems that are of intimate concern to commercial practice. Some essays focus on broad themes, such as globalisation and trust. Others address more specific issues, such as contract interpretation or constraining modern management. Yet another group targets special problems, such as dematerialisation or super-priority, in order to assess the success of commercial law in meeting commercial demands. The depth and breadth of issues addressed is a credit to the authors. Taken as a whole, the volume makes some pointed suggestions for improving the practices and processes, and indeed the future progress, of commercial law.
Commercial Law and Commercial Practice Edited by
SARAH WORTHINGTON Professor of Law, London School of Economics and Political Science
OXFORD AND PORTLAND OREGON 2003
Published in North America (US and Canada) by Hart Publishing c/o International Specialized Book Services 5804 NE Hassalo Street Portland, Oregon 97213-3644 USA © The editor and contributors severally 2003 The Editor and Contributors have asserted their right under the Copyright, Designs and Patents Act 1988, to be identified as the authors of this work. Hart Publishing is a specialist legal publisher based in Oxford, England. To order further copies of this book or to request a list of other publications please write to: Hart Publishing, Salters Boatyard, Folly Bridge, Abingdon Rd, Oxford, OX1 4LB Telephone: +44 (0)1865 245533 Fax: +44 (0) 1865 794882 email:
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Contents Contributors
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Introduction: Aligning Commercial Law and Commercial Practice xi Sarah Worthington Part 1: General Pressures for Change 1. Globalisation: Its Historical Context Ross Cranston, QC MP Commentary: Catherine Newman, QC 2. Commercial Notions and Equitable Potions Sir John Mummery Commentary: Philip Wood 3. Statutory Ingredients in Common Law Change: Issues in the Development of Agency Doctrine Deborah A DeMott 4. Property, Private Government and the Myth of Deregulation Paddy