THE 10 MAXIMS OF COMMERCIAL LAW

1. In commerce, truth is sovereign, and a workman is worthy of his hire.
2. All are equal under the law, and truth is expressed in the form of an affidavit.
3. An unrebutted affidavit stands as truth in commerce, and an unrebutted affidavit becomes judgment in commerce.
4. A matter must be expressed to be resolved, and he who leaves the field of battle first loses by default.
5. Sacrifice is the measure of credibility, and a lien or claim can be satisfied only through (a) rebuttal by counter affidavit point by point; (b) resolution by a jury; or (c) payment or performance of the claim.

The first maxim, "A workman is worthy of his hire," emphasizes the importance of fair compensation for labor in commercial transactions. This principle of just remuneration is a fundamental tenet of commercial law, ensuring that individuals are rewarded for their efforts and contributions.

The second maxim, "All are equal under the law," underscores the principle of equality before the law. This maxim is crucial in commercial law, as it ensures that all parties involved in a transaction are afforded the same rights and protections, regardless of their social or economic status.

The third maxim, "In commerce, truth is sovereign," highlights the primacy of honesty and truthfulness in commercial dealings. This maxim reinforces the idea that truthful representations and transparent communication are essential for the smooth functioning of commercial activities.

The fourth maxim, "Truth is expressed in the form of an affidavit," establishes the legal significance of the affidavit as a means of conveying truthful information. This maxim emphasizes the importance of written, sworn statements in commercial law, which carry a high degree of credibility and evidentiary value.

The fifth maxim, "An unrebutted affidavit stands as truth in commerce," further reinforces the authority of the affidavit by stating that an unchallenged affidavit is to be considered as truthful and legally binding. This maxim underscores the need for parties to address any discrepancies or disputes through proper legal channels.

The sixth maxim, "An unrebutted affidavit becomes judgment in commerce," extends the weight of an unchallenged affidavit by equating it with a formal legal judgment. This maxim highlights the significant consequences of failing to rebut an affidavit, as it can lead to a legal determination in favor of the party who presented the affidavit.

The seventh maxim, "A matter must be expressed to be resolved," emphasizes the importance of clearly articulating and communicating the details of a commercial dispute or transaction. This maxim suggests that for a matter to be effectively addressed and resolved, it must first be explicitly stated and brought to the attention of the relevant parties.

The eighth maxim, "He who leaves the field of battle first loses by default," underscores the importance of perseverance and commitment in commercial disputes. This maxim warns against premature abandonment of a matter, as it can result in a default judgment or other unfavorable outcomes.

The ninth maxim, "Sacrifice is the measure of credibility," suggests that the willingness to make sacrifices or concessions can be a testament to the sincerity and trustworthiness of a party involved in a commercial transaction or dispute. This maxim highlights the value of compromise and good faith efforts in resolving commercial conflicts.

The tenth maxim, "A lien or claim can be satisfied only through (a) rebuttal by counter affidavit point by point; (b) resolution by a jury; or (c) payment or performance of the claim," outlines the specific methods by which a lien or claim can be properly addressed and resolved. This maxim emphasizes the need for formal legal procedures, such as rebuttal, jury resolution, or satisfactory payment or performance, in order to effectively address and settle commercial claims.

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