The Bills of Exchange Act and the Sale of Goods

question 67

Essay

The Bills of Exchange Act and the Sale of Goods Act both arose as codifications of judge-made rules.Furthermore, the original legislation in each case was intended to increase certainty and efficiency in the commercial world.There is, however, a major difference between the two statutes.One generally provides default rules that the parties are free to accept or reject.The other does not allow the parties to freely opt in and out of its sections.Which of the two statutes is less flexible and why?

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Definitions:

Networks

Complex systems of interconnected individuals, computers, or organizations.

Formal Organizations

Are secondary groups designed to achieve explicit objectives.

Inconspicuous Level

A state or condition not clearly visible or attracting attention, often due to subtlety or understatement.

Best Chance

The most favorable or advantageous opportunity or possibility to achieve success or a desired outcome.