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Formation of International contract in the ( CISG ) under actical 1224,8,9,11,29 - Essay Example

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A contract is an agreement enforceable by law. A contract is made between two or more independent legal entities, by which rights are acquired by one or more, to act on the part of the other. It creates and defines obligations between the parties of the contract (Research(ICMR).
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Formation of International contract in the ( CISG ) under actical 1224,8,9,11,29
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Download file to see previous pages It may be noted that a contract essentially contains two elements: Agreement and enforceability by law. An agreement is defined as 'every promise and every set of promises forming consideration for other.' This essentially means that there should be an offer and acceptance to form an agreement. It is important that before an agreement is finalized there should be a Consensus ad idem (Consensus to the matter) between the two parties. Both the contracting parties should 'say and mean the same' without which there cannot be a contract (Bharadwaj).
The other element of contract, enforceability by law, emphasizes the importance of intention to create a legal obligation or duty to perform or abstain from performing certain act(s). These acts could relate to social or legal matters.
The initial efforts to develop a uniform law of international sales began in 1930 under the auspices of the International Institute for the Unification of Private Law (UNIDROIT). UNIDROIT submitted two draft conventions: the Convention Relating to a Uniform Law on the International Sale of Goods (ULISG or ULIS) and the Convention Relating to a Uniform Law on the Formation of Contracts for the International Sale of Goods (ULFC or ULF). ...
Although both draft conventions were adopted at a 1964 Diplomatic Conference in The Hague, many states, including the United States, did not ratify them. Some of the criticisms expressed were that the provisions primarily reflected the legal traditions and economic realities of continental Western Europe (Germain).
There is a distinction between a sale and an agreement to sell. This distinction between a sale and an agreement to sell can be summarized as follows:
1. A contract which contemplates transfer of title to goods to the buyer immediately is a sale while a contract which does not contemplate a transfer of title to goods immediately is an agreement to sell.
2. A contract of sale is an executed contract. It involves a contract plus a conveyance of the property. When the property is transferred, the rights and liabilities attached to the goods are also transferred. An agreement to sell, on the other hand, is an executor contract. The property in the goods does not pass until a certain time has lapsed or until a certain condition is fulfilled.
3. In an agreement to sell, the seller remains the owner of the property until it is actually transferred to the buyer at a future point of time. However, in a contract of sale, the buyer becomes the owner immediately and all the risks attached to the goods are passed on to him irrespective of the fact whether the goods are delivered to him or not and whether the price is paid or not.
4. In an agreement to sell, the seller agrees to sell the goods for a price and the buyer agrees to buy the goods for a price. In a contract of sale, the seller sells the goods to the buyer for a price.
5. The consequences of a breach of an agreement to sell is as follows:
a. In case the buyer defaults, the seller may sue for ...Download file to see next pagesRead More
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