8/12/2019 Maxims+of+Commercial+Law (1)

1/2

Maxims of Commercial Law

There are ten essential maxims or precepts in commercial law.

1. A WORKMAN IS WORTHY OF HIS HIR. The !irst o! these is expresse" in xo"#s $%&1'(

)e*. 1+&1,( Mat. 1%&1%( )#-e 1%/( II Tim. $&0. )eal maxim& It is aainst e2#it3 !or !reemennot to ha*e the !ree "isposal o! their own propert3.

$. A)) AR 45A) 5N6R TH )AW. 2#alit3 7e!ore the law 89o":s )aw ; Moral an"Nat#ral )aw or act as tho#h> he is a7o*e the law is insane. Thisis the ma@or insanit3 in the worl" to"a3. Man contin#es to li*e> act> 7elie*e> an" !orm s3stems>oraniations> o*ernments> laws an" processes which pres#me to 7e a7le to s#perce"e ora7roate Nat#ral or Moral )aw. B#t> #n"er commercial law> Nat#ral an" Moral )aw are 7in"inon e*er3one> an" no one can escape it. ?ommerce> 73 the law o! nations> o#ht to 7e common>

an" not to 7e con*erte" into a monopol3 an" the pri*ate ain o! the !ew.

,. IN ?OMMR?> TR5TH IS SOCRI9N This one is one o! the most com!ortin maximsone co#l" ha*e> 3o#r !o#n"ation !or 3o#r peace;o!;min" an" 3o#r sec#rit3 an" 3o#r capacit3 towin an" tri#mph ;; to et 3o#r reme"3 ;; in this 7#siness. 8xo"#s $%&10( Ds. 11/&$( Eohn &,$( II?or. 1,& there wo#l" 7eno 7asis !or an3thin. No 7asis !or law an" or"er> no 7asis no acco#nta7ilit3> there wo#l" 7e nostan"ar"s> no capacit3 to resol*e an3thin. It wo#l" mean an3thin oes> each man !orhimsel!> an" nothin matters. That:s worse than the law o! the @#nle. ?ommerce. To lie is too aainst the min". Oriental pro*er7& O! all that is oo"> s#7limit3 is s#preme.

=. TR5TH IS GDRSS6 IN TH FORM OF AN AFFI6ACIT. 8)e*. '&=;'( )e*. 0&,;'( )e*.1+&11;1,& N#m. ,%&$( Mat. '&,,( Eames '& 1$as the3 sa3 in the 9ran" E#r3. When 3o# iss#e an a!!i"a*it in commerce 3o# et the power o! ana!!i"a*it. Yo# also inc#r the lia7ilit3> 7eca#se this has to 7e a sit#ation where other people miht7e a"*ersel3 a!!ecte" 73 it. Thins chane 73 3o#r a!!i"a*it> which are oin to a!!ect people:s

li*es. I! what 3o# sa3 in 3o#r a!!i"a*it is> in !act> not tr#e> then those who are a"*ersel3 a!!ecte"can come 7ac- at 3o# with @#sti!ia7le reco#rse 7eca#se 3o# lie". Yo# ha*e tol" a lie as i! it werethe tr#th. Deople "epen" on 3o#r a!!i"a*it an" then the3 ha*e lost 7eca#se 3o# lie".

'. AN 5NRB5TT6 AFFI6ACIT STAN6S AS TR5TH IN ?OMMR?. 81$ Det. 1&$'(He7. 0&1,;1'(< ?laims ma"e in 3o#r a!!i"a*it> i! not re7#tte"> emere as the tr#th o! the matter.)eal Maxim& He who "oes "en3> a"mits.

8/12/2019 Maxims+of+Commercial+Law (1)

2/2

0. AN 5NRB5TT6 AFFI6ACIT B?OMS TH E569MNT IN ?OMMR?. 8He7.0&10;1/( o! commercial a!!i"a*its wherein the points remainin#nre7#tte" in the en" stan" as tr#th an" matters to which the @#"ment o! the law is applie".

/. IN ?OMMR? FOR ANY MATTR TO B RSO)C6> IT M5ST B GDRSS6.8He7. =&10( Dhil. =&0( ph. 0&1+;$1 3o# ha*e to state what the iss#e is> to ha*e someone to tal- a7o#t an" resol*e. )ealMaxim& He who !ails to assert his rihts has none.

. H WHO )ACS TH BATT)FI)6 FIRST )OSS BY 6FA5)T. The primar3 #serso! commercial law an" those who 7est #n"erstan" an" co"i!ie" it in Western ?i*iliation are theEews. This is Mosaic )aw the3 ha*e ha" !or more than ,'%% 3ears an" is 7ase" #pon Ba73loniancommerce. 8Boo- o! Eo7( Mat. 1%&$$( This means that an a!!i"a*it which is #nre7#tte" point !orpoint stan"s as tr#th in commerce 7eca#se it hasn:t 7een re7#tte" an" has le!t the 7attle!iel".9o*ernments allee"l3 exists to resol*e "isp#tes> con!licts an" tr#th. 9o*ernments allee"l3

exist to 7e s#7stit#tes !or the "#elin !iel" an" the 7attle!iel" !or s#ch "isp#tes> con!licts o!a!!i"a*its o! tr#th are resol*e" peacea7l3 an" reasona7l3 instea" o! 73 *iolence. So people canta-e their "isp#tes into co#rt an" ha*e them all opene" #p an" resol*e"> instea" o! oin o#t an"marchin ten paces an" t#rnin to -ill or in@#re. )eal Maxim& He who "oes not repel a wronwhen he can> occasions it.

+. SA?RIFI? IS TH MAS5R OF ?R6IBI)ITY. Nothin *ent#re" nothin aine". Aperson m#st p#t himsel! on the line> ass#me a position> ta-e a stan"> as rear"s the matter athan". an" One cannot realie the potential ain witho#t also exposin himsel! to the potential o!loss. 8One who is not "amae"> p#t at ris-> or willin to swear an oath on his commerciallia7ilit3 to claim a#thorit3< 8Acts /> li!e"eath o! Stephen< !or the tr#th o! his statements an"

leitimac3 o! his actions has no 7asis to assert claims or chares an" !or!eits all cre"i7ilit3 an"riht. )eal Maxim& He who 7ears the 7#r"en o#ht also to "eri*e the 7ene!it.

1%. A )IN OR ?)AIM ?AN B SATISFI6 ON)Y THRO59H RB5TTAB) BYAFFI6ACIT DOINT BY DOINT> RSO)5TION BY E5RY> OR DAYMNT. In commerce a lienor claim can 7e satis!ie" in an3 one o! three wa3s 89en. $;,( Mat. =( Re*elation. point 73 point> #ntilthe matter is resol*e" as to whose is correct> in case o! non;resol#tion.

8B< Yo# con*ene a Sheri!!:s common law @#r3> 7ase" on the Se*enth Amen"ment> concernin a

"isp#te in*ol*in a claim o! more than $%. Or> 3o# can #se three "isintereste" parties to ma-e@#"ment.

8?< The onl3 other wa3 to satis!3 a lien is to pa3 it.

)eal Maxim& i! the plainti!! "oes not pro*e his case> the "e!en"ant is a7sol*e".