Roy Goode published the first edition of this book in 1982 with the aim of explaining the fundamental concepts of commercial law and then applying them to common forms of business transaction. The first edition was widely regarded as comprehensive, scholarly and readable, explaining both the theoretical basis and the practical application of numerous aspects of commercial law. Since its publication, however, there have been substantial changes to both domestic and international commercial law. Three sale of goods statutes have been enacted, insolvency law, particularly corporate insolvency, has been restructured and several European directives concerning unfair contract terms and commercial agents have been promulgated. Several transnational commercial law bodies have also published new or revised practices and standard terms. Given these changes, the first edition had become rather out of date and had ceased to be a first choice text on commercial law. The publication of a considerably revised and redrafted second