A COMPARATIVE PERSPECTIVE OF LIABILITY ISSUES IN COMMERCIAL TRANSACTIONS

Commercial transactions form the backbone of modern economic activity, involving the exchange of goods, services, and finances between parties. With the increasing complexity of trade—both domestically and internationally—issues relating to liability have become more significant. Liability in commercial transactions refers to the legal responsibility of parties for breach of contract, negligence, misrepresentation, or non-performance of obligations.
A comparative perspective on liability examines how different legal systems address and resolve such issues. For instance, common law jurisdictions like India and the United Kingdom primarily rely on contractual principles, judicial precedents, and statutory frameworks such as the Indian Contract Act, 1872. In contrast, civil law countries emphasize codified rules and doctrines that govern obligations and liabilities in a more structured manner.