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Summary International Business Awareness - Law
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A full summary of the International Business awareness (specifically the law segment) lectures and chapters.
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International Business Awareness – LawWeek 1 – Kick-Off lecture
I – Contract Law Basic
A contract is an agreement, made between two or more parties which is legally binding on them. A
contract is made up of three parts:
1. Offer a proposal made on certain terms bij the offeror, with a promise to be bound by that
proposal, if the offeree accept the term Capacity to contract
2. Acceptance the unconditional agreement to ALL the terms on the offer Legal intent
3. Consideration the content of the exchange promises Legal content
A contract is breached if one of the parties breaks one or more of the terms of the contract. The law
provides legal remedies if a promise is breached, which makes things right for the person who has
been wronged. The innocent party can take court action and claim (among other things):
- Damages
- Specific performance
- Avoidance (repudiation)
II - CISG
Convention on the International Sale of Goods (CISG)
What is the CISG? It provides parties from different countries the same contract law to rely on. In a
dispute between parties in Member States the CISG applies directly. This means that is uniformity
and gives clarity. No domestic laws play a role in this.
Art. 1 CISG “This Convention applies to contracts of sale of goods between parties whose place of
business are in different States”
- Sale of goods
- Sale between private business
- Sale in more than 1 country
- Parties in Member States to CISG
CISG sets out how parties to a contract should behave while negotiating and carrying out the terms of
the contract. For example:
A) Formation of the contract
B) Obligations of the seller
C) Obligations of the buyer
D) Remedies for breach of contract
E) Passing of Risk
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