Internationally, the preferred applicable law for commercial transactions is “English Law”. It has prevailed throughout the world because it has a well-established and well-developed respectable jurisprudence. Historical evidence of English law, connects to the period of the British Empire, which was one of the largest empires in history along with the French Empire. The former colonies had established their legal systems as legacies of English law. The common law system has been maintained to this day by several British colonies; has been used by the respective courts as a source of interpretation, guidance, rules and input. They refer to the rulings of the higher courts of England and Wales, particularly the Privy Council, to make new and unusual decisions or matters. Similarly the English court also seeks assistance from the rulings of courts and other jurisdictions with universal laws to consider issues as they arise. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay The laws of the United States are greatly influenced by the “English common law system.” Historically, the enduring legacy of international law is based on the “East India Company”. The Royal Charter of 1600 is the foundation stone of the “English joint stock company to start 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 trade by creating the first joint-stock company, which contained investors who held shares in the company. On the basis of some shares the company provided them with profits and dividends. The liability of East India Company investors was also limited by Queen Elizabeth, as the English joint-stock company became the world's first largest “private limited company”. This provided protection to investors' money against their initial investments. As a result, if the company ran at a loss, the outstanding debts were not divided among the investors. Therefore, Queen Elizabeth established a prototype for modern societies as we practice today by granting a charter to the East India Company. The high quality of UK law firms, judges and barristers, the reputation of judges and their experience, as well as the independence of the judiciary, have strengthened English laws. Individuals and businesses have access to justice through HM Courts and the court services which tend to administer the work of the courts. Matters relating to financial conflicts, employment rights, family law, administrative law, are dealt with by the “courts of law, national courts, Crown and FAMILY courts, as well as the Royal Court of Judges”. Arbitration disputes, matters relating to banking and commercial services, commercial agencies, insurance matters, commercial matters, commercial contracts and documents, professional and commercial disputes as well as financial conflicts are dealt with by the “Mercantile Court”. English law also gained fame for providing relative and speedy judges in commercial disputes. The fundamental principle of judicial independence of the United Kingdom Constitution is based on the careful selection, impartiality and experience of English judges and their professional skills in dealing with complex cases. The UK government does not put pressure on judges to obtain a judgment they are interested in, and judges have the power to make decisions based on their judgments. The judicial nominating commission subordinates theappointment of judges on the basis of merit to the fact that they have no political influence to hold the judicial office. Therefore, they do not experience pressure and influence from politicians or other external forces in deciding cases or in maintaining the integrity and independence of the English courts. Therefore, English law dominates many areas such as “international commercial contracts, financing, banking, shipping and maritime, mergers, takeover disputes”. and international arbitration”. In fact, it has four interrelated characteristics. First, it is a “pragmatic” business law focused on getting things done, solving problems[1]. It tends to deal with the satisfaction of legitimate market demands, the formulation of contractual structures and numerous legal instruments. Secondly, it is “responsive”. It provides a set of rules developed in response to the needs of the trade. According to Professor Goodee, “the totality of laws relating to mercantile conflicts is represented by commercial law.[2], He further indicated that trade is impossible without commercial laws. Third, the role of commercial law is to facilitate the efficient operation of transactions rather than emphasizing the content and forms of transactions. Finally, they are “consequentialist” rather than “normative.” Trade laws are said to be consequentialist because they provide certain outcomes without concern for whether they will be achieved or not. In fact, these four characteristics are the caricature of trade laws, and each of them is questionable because in some cases the perceptions are different from the interpretation in the decision-making process, for example, the interpretation of the facilitative rules and mandate is not very clear. [3 ] It is mentioned by Ayres et al., (1989) “How can we classify a rule that says 'there must be an offer by one party and acceptance of that offer by another party for a contract is enforceable". Furthermore, there are other key contemporary developments such as apprehensions regarding regulatory issues on “fairness and good faith”. Furthermore, the perspective for defining contemporary commercial law is the evaluation of the historical origin of commercial law. Researchers believe that the ancient laws that tend to govern the disputes and practices of merchants and traders once "credited or borrowed, absorbed and incorporated from the common law" that was initiated in the 17th century.[4] Thus, it laid the foundation of today's modern commercial law.[5] John Braithwaite and Peter Drahos (2000) describe the extraordinary evidence of transcontinental private rule as the “medieval Lex Mercatoria.” These laws were formulated by traders and established policies to regulate trade relations. In the context of commercial life, the role of the court was to operate according to a declaratory model.[6] Significantly, mercantile law has been applied internationally due to its composition, adaptability, flexibility and freedom from technical rules of evidence and procedure. According to Gunther and Teubner (1983) commercial law includes broader principles that have the potential to change their application from case to case. In fact it is more about the law of values ​​than the law of rules, structures and procedures.[7] Therefore, the most important characteristic is the “commitment of good faith,” which is the overriding need to enter into agreements.[8] In recent years, globally, commercial lawyers' emphasis on the idea of ​​good faith principles rather than rules, although there are conflicts regarding contemporary consequences. All these characteristics are therefore useful for understanding the meaning of lawcommercial. In the 19th century, lawyers attached importance to the role and significance of commercial law, Ferguson's research revealed that lawyers were the driving force in raising concerns with the prospect of "business men's" interest. [9] In 1889, the barrister responsible for the 'Bills of Exchange Act 1882, the Sale of Good Acts 1893 and the Marine Insurance Act 1906, Mr Mackenzie D Chalmers stated that the mercantile laws are not intended for barristers, although they have been created by lawyers or laymen to regulate the conduct of business in relation to the rules indicated by the law.[10] The categorization was carried out to provide legal certainty to economic operators and help them to abstain from disputes[11]. of commercial law were commerciallaws for commercial lawyers”. Closer examination of history therefore reveals that the relationship between commercial law and commercial practices should be explained cautiously and in a simple framework. commercial activity turns out to be a complex series of changes and connections between self-regulation of trade and mercantile law. However, nowadays commercial law is perceived as important and practical in the sense that it is the law for doing things. Cranston, it is a vital concern for commercial law researchers and also for practitioners called upon to investigate it.[12], it is also believed to have no relevance to practitioners and it is also noted that major law agencies adjudicate through their websites [13] do not use the term “commercial law” to define the services they offer, although they use specializations related to commercial law such as banking and finance law or competition law”. It therefore seems that it is an academic question and that it should be expanded to the element of decreasing the capacity for contamination between the categories of commercial law.[14] Risk Factors There are various broad categories of commercial contractual risks such as “Liability Risk; violation of contractual issues; affirmations; warranty issues; terminations; allegations of intellectual property infringement, alleged confidentiality disclosures, controversies and allegations. International and English courts have focused on "tort law and have granted the potential liability of successor companies primarily for the opportunity to spread the risk of accidents", viewing the issue of successor liability as a matter of corporate law or commercial.[15] Traditionally, contractual expectation is perceived as a promise made to receive benefits. Good faith operational performance standards are based on cost perspectives articulated in common law jurisdiction. The good faith perspective could be implemented when one party exercises discretion in performance and another party controls the intended benefit. Risk arises when discretion is used in bad faith to regain predetermined opportunities.[16] Another risk factor is that disclosures of supposed confidentiality lead to information leaks. Companies implement innovations and inventions that serve as legal protection against copying the inventions because they are not protected by papers and copyrights because their process involves the public and could disclose the information and, as a result, a company would not be in able to defend intellectual property property. illegitimate if related to the acquisition of the investment relevant to the jurisdiction of the court; instead, the ex post illicit conduct of the company is a question of admissibilityrealization of the investment. However, some courts deny jurisdiction after finding the illegitimacy of the establishment (Fraport I, II, Metal-Tech Ltd. v. Republic of Uzbekistan), other courts find such claims inadmissible (Plama v. Bulgaria, World Duty-Free v. Republic of Kenya, SGS v. Republic of the Philippines Violation of international law jurisdiction is another issue. However, many cases of investment treaties have established that foreign investments by foreign nationals in host countries cannot be protected before investment arbitration tribunals There has been discussion as to whether illegal considerations are a matter of jurisdiction, research reveals that is considered. Furthermore, in the era of globalized business, industries are responsible for selecting governance. English law is mainly preferred for cross-border commercial contracts because it is adaptable to allow and implement limitations of “cause of liability, waivers of consequential damages, liquidated damages, time limits and procedures. barring claims”. Furthermore, “knock to knock” and “pay when paid” clauses are favorable elements for choosing English law.[17] The impact of BERTIX has also not had a negative impact on the jurisdiction of England and Wales, particularly in relation to international commercial contracts, as mentioned by the Law Society of England and Wales.[18] It has not been influenced by EU law because it is formulated on the perimeters of global standards and is derived from common law, as well as the flexibility of English contract law allows the contract to be adapted so it tends not to have any commercial risk. The point is that English lawyers, law agencies and judges are the best in the world and English contract law is used internationally because it offers “certainty, stability and predictability”.[19] Furthermore, the sanctions imposed by the EU are ambiguous, but impose important obligations on commercial entities in relation to compliance and could influence the enforcement of existing contracts, practicable limits etc. they are a question of risk for companies. However, the new UK Office for Foreign Sanctions Enforcement provides a high level of quality services to the private sector, but cannot eliminate the risk imposed by EU sanctions. It is essential to consider the element of risk of sanctions in the aspects indicated below. Risk of violation of sanctions. Signing a contract due to current violation of sanctions. Risk imposed or extended due to sanctions that interfere with the ability of the parties to perform according to the original commitments mentioned in the contract. Change of status is also a risk arising from the sanctions although it was not indicated in the original contract before the sanctions. Frustration is another risk factor doctrine; the contract may terminate if the contracting parties are unable to fulfill their commitments in the contract or are unable to deliver due to unfavorable circumstances.[20] Dependence on frustration and lawlessness can abstain from contractual parties, to avoid liability caused by a breach of contract resulting from the imposition of sanctions. Conclusion English law is predictable and transparent; offers contractual freedom and a pro-business approach. There is no implied rule of duty of good faith in commercial law, unlike in other jurisdictions. Under English law, a “duty of faith dictates that neither party should take advantage of the other.” In the context of., 6(1), 83-118.