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Ten Commercial Maxims of Law

There are ten essential maxims or precepts in commercial law.

1 - Workman is worth of his hire. The first of these is expressed in Exodus 20:15; Lev. 19:13; Mat. 10:10; Luke 10:7; Tim. 2:6. Legal maxim: "It is against equity for freemen not to have the free disposal of their own property."

2 - The sec...

The Eight (8) Essential Elements of a Lawful Contract

1. The Parties are competent to contract

The parties to a contract should be competent, being of the age of majority/consent, of sound mind, and not disqualified from contracting by any law to which s/he is subject. A flaw in capacity may be due to minority, lunacy, idiocy, drunkenness or st...