StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

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

Cite this document
Summary
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).
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER92.6% of users find it useful
Formation of International contract in the ( CISG ) under actical 1224,8,9,11,29
Read Text Preview

Extract of sample "Formation of International contract in the ( CISG ) under actical 1224,8,9,11,29"

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 pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Formation of International contract in the ( CISG ) under actical Essay”, n.d.)
Formation of International contract in the ( CISG ) under actical Essay. Retrieved from https://studentshare.org/miscellaneous/1525544-formation-of-international-contract-in-the-cisg-under-actical-1224891129
(Formation of International Contract in the ( CISG ) under Actical Essay)
Formation of International Contract in the ( CISG ) under Actical Essay. https://studentshare.org/miscellaneous/1525544-formation-of-international-contract-in-the-cisg-under-actical-1224891129.
“Formation of International Contract in the ( CISG ) under Actical Essay”, n.d. https://studentshare.org/miscellaneous/1525544-formation-of-international-contract-in-the-cisg-under-actical-1224891129.
  • Cited: 0 times

CHECK THESE SAMPLES OF Formation of International contract in the ( CISG ) under actical 1224,8,9,11,29

International Sale, Carriage, and Contract of Goods

Introduction: Overview of Practical and Legal Issues in International Trading The advent of globalisation and free trade has resulted in the rapid burgeoning of international commercial trade, including the export and import of goods from one country to another.... The Uncertainty Brought About by Transit of Goods by Sea It has been said that the management of international business is the management of risk, a fair assessment considering the geographical distance between parties and the political and legal disparities between and among various jurisdictions....
14 Pages (3500 words) Essay

The impact of the CISG on international business transactions

… The United Nations Convention on Contracts for the International Sale of Goods is popularly known as the cisg.... Chapter 2 Building on the cisg 2.... It mainly seeks to lessen the problems of international trade pertaining to law.... Hence in order to reduce it and facilitate smother transaction process harmonization of international trade took place.... After the incorporation of CSIG the system of international trade witnessed drastically changes....
6 Pages (1500 words) Essay

A genetic link for diabetes

rg/[Online 6 October 2005] A series of international Agency for Research on Cancer multinational studies of workers involved in the production of chlorophenoxy herbicides and chlorophenols indicated excess mortality from cancer, ischemic heart disease (IHD), and possibly diabetes in association with 2,3,7,8-tetrachlorodibenzo-p-dioxin (TCDD) exposure (Flesch-Janys et al....
8 Pages (2000 words) Essay

International Trade Contracts

As noted by Hannold, both English law and the cisg maintain that if a sales contract stipulates that the seller deliver the goods to the carrier or buyer at a specific location and time, and if the goods are delivered in the required condition, risk of damage passes from the seller to either the buyer or the carrier (depending on whom they were delivered to).... In accordance with the UK Sales of Goods Act (1893), a sales contract constitutes a guarantee that the goods delivered are in compliance with the goods contracted for....
10 Pages (2500 words) Essay

Goodscan Contract Fact Pattern

Article 29 clarifies that a mere agreement of both parties can be initiated to either modify or terminate a contract (Ramberg 6).... A mutual agreement refers to a contract that is agreeable to both parties.... The two parties agreeing to enter into an agreement are capable of performing specific duties of the contract against each other.... Any contract can be a mutual contract, as long as it binds two parties....
9 Pages (2250 words) Assignment

Speed Control of DC and AC Machines

The components that make up the DC motor including the stator and rotor winding which are separately excited, in this case, have independent DC voltage sources.... The speed ranges from zero up to motor max speed rating is a feature that requires feeding the armature windings with… A rectifier made available for such a function is one that allows variations of voltage henceforth leading to variation in motor rotary speed....
14 Pages (3500 words) Lab Report

A Subsidiary Framework for the Conduct of International Trade in Goods

in the cisg, Articles 66 – 70 regulate the passing of risk to help decide about which party, the seller or the buyer should bear the economic consequences in the event of damage, loss or destruction of goods due to an unfortunate incident.... Articles 67 – 69 of the cisg deal with the time of the passing of risk passes from seller to buyer, and Article 70 elucidates the relation between the passing of risk and breaches of contract by the seller.... the cisg does not link passing of property of goods to passing of risk, because according to Article 4 of the cisg, the Convention only governs the obligations of the seller and the buyer arising from the contract of sale....
14 Pages (3500 words) Research Paper

The Magnitude of the Problem: Human Immunodeficiency Virus

… The magnitude of the problem: an overviewHIV (Human immune deficiency virus) is the virus that leads to AIDS (Acquired Immune Deficiency Syndrome).... But these medical terms can't envelope all the symptoms and stretches of this disease.... For, one, it is The magnitude of the problem: an overviewHIV (Human immune deficiency virus) is the virus that leads to AIDS (Acquired Immune Deficiency Syndrome)....
17 Pages (4250 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us