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Commercial Law Foundations 1 Essay 2004/2005 Although the principles of commercial law can be drawn from many different areas of jurisprudence, primarily the facilitation of the law concerning the transactions of the supply and financing of goods and services is governed by the law of contract. In any commercial contract the concept of certainty and risk are predominantly of essence. Certainty is essential in an environment of commerce subject to fluctuating markets as any disagreements require speedy resolution as to not be affected by such fluctuations. Any delays caused by uncertainty may have negative repercussions on the original contract as alterations in market climates may affect the desired intentions of the parties involved. The parties would have contracted on the basis of an established rule and been secure in the knowledge that the application of that rule was certain. If the rule is then changed, their expectations of the contract may...

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