The law merchant was developed in the 11th century. Its main aim was to protect the foreign merchants not under the jurisdiction and protection of the local law. It also aimed to help the traders to negotiate contracts, partnerships, trademarks and various aspects of buying and selling by themselves. Especially sales contract. It spread hugely first around Europe and then around the whole world.

The 1924 Constitution was followed by the 1961 Constitution and the 1982 Constitution. Therefore the correct answer is B.

Simple interest applies only for the capital and its is calculated for a certain period of time whereas compound interest is the interest calculated over the sum reached by the addition of a certain interest on the initial capital.

Duplication is not a way to discharge an obligation.

The Capital Markets Board has been provided with exclusive authority to regulate corporate governance. Therefore the correct answer is A.

The following are some important points relevant to the acquisition process of a commercial enterprise: 

a. A commercial enterprise is to be acquired with all its credits and debts,

b. Pursuant to the TCC, it is possible to acquire a commercial enterprise with all the elements therein without,

c. The acquisition needs to be agreed with a written agreement,

d. In some cases, depending on the nature and turnover threshold of the acquisition, the agreement may need to be notified to the Competition Authority.

Therefore, the correct option is C.

For an international treaty to become a source of law in Turkey, it should, first of all, become a party to this international treaty. In order to become a party, the international treaty should be concluded on behalf of the Turkish Republic by an authorized person. After Turkey becomes a party to the international treaty, this treaty should, as a rule, be approved by the Turkish Grand National Assembly by enacting a law. This process is named as ratification; and after ratification, the international treaty enjoys all the qualities of a code or statute.

Persons of limited incapacity do not have the capacity to enter into legal transactions. These persons cannot create a legal effect by their actions. If they enter into a transaction, this transaction shall be completely null and void. The correct answer is C.

The first book of TCC regulates matters related to commercial business such as consequences and liabilities of a commercial enterprise; types of merchants and acting merchants; bankruptcy, trade registry, interest in commercial business; transfer of commercial enterprise; commercial litigation; consequences and liabilities of being a merchant; trademark and trade name, commercial books and unfair competition/trading.

The Code of Obligations is taken from Switzerland by way of reception in 1926.

To act diligently indicates an expectation that a merchant has to foresee legal and economic circumstances and foresee future. Pursuant to the case law, to act diligently indicates a type of a behaviour from the merchant that he/she should reasonably foresee the future and act reasonably cautiously by taking into account the nature of commercial business (Article 18/2 TCC).

One important point relevant to the acquisition process of a commercial enterprise, is that pursuant to the TCC, it is possible to acquire a commercial enterprise with all the elements therein without a need to separately conclude agreements or registrations for each of the elements concerned.

Commercial Enterprise within that context is one of the main legal concepts regulated in the first book (sub-section) of Turkish Commercial Code No.6102 (“TCC”) which is enacted in 2011 and became effective in 2012.

Incorporation is the process by which a new or existing business registers as a company. A company is a legal entity with a separate identity from those who own or run it. A business cannot operate as a company until it has been incorporated under the TCC.

Since codification is important in Turkey, as is the case with other Continental Law countries, the main source of law constitutes the written laws. The legislation power belongs to the Turkish Grand National Assembly. In general, legislation means both enacting new laws, abrogating the old ones and amending the existing laws when necessary.

The parties are free to determine the place of performance. But if they fail to do so, the Code of Obligations brings a complementary provision to fill the gap. According to article 89:

- Pecuniary debts must be paid at the place where the creditor is resident (domiciled), at the time of performance.

HUK128U

Cooperatives are defined among the types of companies in the TCC. Based on the specific nature and the usage of cooperatives in practice, the legislator had regulated cooperatives with a special law. Therefore, all kinds of cooperatives are subject to Law No.1163. For the areas not regulated in this special law, one should refer to the general provisions of TCC. The rules in the TCC which relate to the legal consequences arising from the status of operating as a merchant apply to the cooperatives.

Customers have the standing to sue only where their economic interests are injured. For customers to have a cause of action, there must be actual damages. Prospective damages are not sufficient.

A joint stock company can go public and offer shares traded publicly.