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Summary Summarized lecture notes for exam

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Vak
Commercial law RB20 (RB20)

Instelling
Erasmus Universiteit Rotterdam (EUR)

This document is a summary for the lecture notes of Commercial law RB20 including all 13 lectures. The use of this summary is highly advisable for exam preparation. They are concise as well as detailed; fully preparing you for academic and practical usage!

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Commercial law
Introduction
Lecture 1

• The main theme of this course is international commercial transaction.
• When a commercial problem arises there must be a solution
• It covers aspects of costs and risks.
• There are trade terms
• What jurisdiction or law applies?

• The exam entails a case in which we have t solve using the reader.

• Focus
Key concepts:
- delivery
- cost
- risk
- title
- control
- payment
^
• In balancing the conflicting interests of the parties involved
• In providing them with legal certainty
• In linking different legal aspects of the international commercial transaction

Basic/ simple sale of goods:

Seller -> goods -> buyer
Buyer -> payment -> seller

• Features:
• Open market situation
• Seller and buyer and goods are all in the same place
• Immediate inspection of goods possible
• Simultaneous exchange of goods and payment
• Risk and title pass with handing over of goods

• Problems:
• What if parties are not in the same place?
• What if goods must come overseas?

,Sale and transport”

Seller -> goods -> carrier -> buyer
Buyer -> payment -> seller

• Features:
• Transport is integrated in commercial transaction
• Third party service provider ex carrier takes care of transport in return for freight
• Seller and buyer do not have to be in the same place
• Risk passes when goods are taken over by carrier dependent on the type of contract

• Problems:
• Who bears the risk of transport damage?
• No simultaneous exchange of goods and payment
• Who shall perform first? Seller or buyer?
• How to control the goods during transport?

Sale, transport and b/l

Seller -> goods -> carrier -> buyer
Buyer -> payment -> seller
Carrier bill of lading -> depends

- Usually, the bill of lading names the seller the shipper and buyer the consignee
- If its to bearer = the consignee
- If its to order without a name = the shipper
- If its to order with consignee name = the bill of lading can be endorsed by either
The carrier issues the bill of lading to the seller in return for a certain document depending on
the contract.

• Features:
• Transport is integrated in commercial transaction
• Third party service provider takes care of transport in return for freight
• Use of docs of title
• Control over goods through b/l
• Payment in return for b/l possible

• Problems:
• Who bears the risk of transport damage?
• What if carrier is not liable?

Sale, transport and b/l and insurance

,Seller -> goods -> carrier -> buyer
Buyer -> payment -> seller
Carrier makes bill of lading -> seller and buyer
Goods are insured depending on contract who?

• Features:
• Integration of insurance into commercial transaction
• Third party service provider, insurer, covers the risk of cargo damage in return for premium
• Insurance certificate to order or bearer can pass with b/l in return for payment

• Problems:
• How to ensure simultaneous exchange of docs, control over goods and payment?

Sale, transport and b/l and insurance and CAD

Seller -> goods -> carrier -> buyer
Buyer -> payment -> seller
Carrier makes bill of lading -> seller and buyer
Goods are insured depending on contract who?
Payment handled by third party bank!

Seller presents required documents in return for payment. The payment process occurs
through a third party bank.

• Features:
• Integration of banks into commercial transaction
• Third party services provider, bank, facilitates documentary payment of sale price
• Cash against docs in return for a fee

• Problems:
• What if seller wishes to ensure payment of the purchase price?
• What if buyer needs a loan to finance commercial transaction?
• The bank will want to ensure repayment of the loan by demanding collateral.

Sale, transport and b/l and insurance and l/c

Seller -> goods -> carrier -> buyer
Buyer -> payment -> seller
Carrier makes bill of lading -> seller and buyer
Goods are insured depending on contract who?
Payment handled by third party bank!

, • Features:
• Integration of banks in commercial transaction
• Bank of buyer facilitates commercial transaction by opening letter of credit in favor of seller
in return for interests on the loan and fees
• Documentary sales such as cad and l/c allow goods to be bought, sold, delivered and paid
during transit.
• This allows a string of sales contracts in relation to commodities, often on standard terms

Layers of complexity:
• International trade
• Flow of goods and money across borders
• B2B and B2C
• For profit
• Private law relations
• Network of contracts

Specific layers of complexity:
• Sale of goods
• Agency
• Transport of goods
• Documents
• Payment procedures
• Insurance
• Export and import

Sale of goods:
• Contract of sale
• Trade terms
• Incoterms 2020
• B2B
• B2C
• Commodities
• Freedom of contract
• Internationality
• Goods description
• Conformity
• Delivery
• Rejection
• Passing of risk and ownership
• Allocation of costs

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