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Lecture

Chapter33ReadingNotes.doc

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Department
Business
Course
BU231
Professor
Daniel J Fife
Semester
Spring

Description
1READING NOTESCHAPTER 33 International Business TransactionsLaw and International BusinessInitially firms establish themselves locally then become international as when they engage in business with customers in foreign countriesAs the foreign market grows a business may appoint an agent or representative officeEventually operations may develop into full scale manufacturing and a branch or subsidiary discussed later may be establishedQuestions of private law and public now arise now in the realm of public international law relations between statesForeign TradeExport ContractsoContract of SaleMuch of our earlier material regarding contracts still appliesHowever international contracts with an international element present special problems due to longer times requiring transportation insuranceoProper Law of ContractThe proper law of contract is the law of the country or jurisdiction that the parties intend to governClearest method of establishing the proper law is for the parties themselves to make express provisionWhere proper law is not expressly stated the court will attempt to determine the intentions from circumstancesoContractual Terms TerminologyA standard set of terms known as Incoterms have come to be widely usedAlso the publication and widespread adoption of standard form contracts published by global trade associations UNECE in order to harmonize international lawsoShipment and Insurance Good for multiple choiceEx WorksSellers responsibility is only to make goods available to thebuyer at the sellers own warehouse no responsibilityFOBBuyer arranges shipment and seller is responsible to deliver thegoods to the carrier responsibility ends thereCIFSeller assumes responsibility for shipping the goods to the country of destination responsible for delivery and insuranceDDP One step further as seller does all of the above and pays the
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