Abstract
Chapter 1 examines the nature of commercial law and transnational commercial law, identifies the forces driving the development of commercial law and gives a brief history of commercial law from the early codes to the present day. After identifying the sources of national commercial law, it goes on to examine the nature and sources of transnational commercial law, with a particular focus on international trade usage and the lex mercatoria and discusses complex issues relating to the binding nature of usage. Also discussed are the major types of international instrument — conventions, model laws, contractually incorporated rules and trade terms promulgated by international organisations such as the International Chamber of Commerce, standard-term contracts, and scholarly restatements such as the UNIDROIT Principles of International Commercial Contracts and the Commission on European Contract Law Principles of European Contract Law.
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