Commercial law, it is sometimes said, is the application of the general principles of contract and property law in particular practical contexts. This edition, like its predecessor, builds on those general principles. We set out how contracts are concluded (often by agency) by particular parties (often juristic persons, such as partnerships) on classic commercial subjects (such as sale, insurance, partnership, caution). Other chapters address some of the basic legal structures used to ameliorate risk (as with security); and what can happen when the risks undertaken do not provide the anticipated rewards: possible alternative dispute resolution methods (ADR) and enforcement, whether by conventional security or by diligence. Fundamentally, since risk must often be measured against the benchmark of a counterparty's insolvency, there are also chapters on the detail of the law of bankruptcy (for individuals and partnerships) as well as an introduction to the Scots law of corporate insolvency.

The first edition of this textbook was a collaboration between various colleagues then teaching at the Glasgow Law School, all under the editorship of Professor Iain MacNeil. Due to other commitments Iain was unable to continue as general editor. My enthusiasm for a second edition reflected in part my admiration for the way Iain brought the first edition to fruition. That enthusiasm has not always been matched by any confidence in my ability to emulate Iain as editor. But I am grateful to Iain for giving those of us who embarked on the first edition the opportunity to do so and, having himself disembarked, for encouraging the rest of us on to a second edition. We hope we have done justice to his brainchild.

The present volume is a student textbook. The chapters that follow contain introductions to their respective subjects, not the last word. The views expressed are not designed to be definitive commentary. The university teacher, like the advocate, for the purposes of presentation and exposition, must often simplify material that is inherently complex. Whether we have succeeded in our modest presentational aims is for others to judge.

I am grateful to all the contributors for their industry and enthusiasm: to the surviving members of the original team, some of whom are no longer in Glasgow or even in Scotland; and to those from outside the Glasgow Law School who have been so willing to join in the preparation of this edition.