Law Commons^™

Self-Regulation In Global Electronic Markets Through Reinvigorated Trade Usages, Raj Bhala

Faculty Publications

In a global electronic market the role of trade usages must be reinvigorated to better suit the needs of market participants. Contrary to the approach to trade usages often adopted by courts and scholars, usages should not be seen as merely a device to interpret disputed terms in a contract. Rather, they should be viewed as a legal foundation for existing and new trade practices and, therefore, as a source of authority for and legal obligation arising from such practices. In sum, they should be regarded as a means by which participants in global eiectronic markets can engage in self-regulation. …