Author(s): Linda Hamed Malkawi
Moral law is based on a set of legal principles that are considered one of the most important characteristics of the exchange obligation, and aims to achieve circulation of the commercial paper and transfer the right fixed in it at the speed that serves commercial activity, and to ensure the greatest amount of confidence in the holder of the commercial paper that he will obtain its value on the maturity date. The exchange law means a set of rules mentioned in the commerce code related to the creation, circulation, and guarantee of commercial papers, and the fulfillment of their value, and the procedures to be followed upon refraining from such payment, and the statute of limitations resulting from it. It was called the exchange law because the bill, in particular, was originally created to implement the exchange contract. The characteristics of the exchange obligation can be attributed to a comprehensive idea that commercial paper cannot perform their various economic functions unless their circulation is easy and affordable, and the successive campaigners are assured that their value will be met on the due date, and this is why the law made the moratoria obligation an obligation of extreme cruelty to the debtor. Formally, independent of the fixed exchange obligations in the same paper, and abstract from the original relationship that led to its creation.