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Midterm

After Midtern Notes.docx

26 Pages
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Department
Law and Business
Course Code
LAW 724
Professor
Gil Lan

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Description
LAW724LegalaspectsofInternationalBusinessChapter7NegotiatingInternationalSaleofGoodsNov12012InternationalContractsfortheSaleofGoodsimportanceofprimarycontractshouldinctransportationinsurancefinancingobligationstradetermsusedinexportsalesincotermsestd1936internationalstandardsellerdeliverdistributingrisksbuyertakedeliverychoiceofincotermsinfluencedbymarketfactorsaccesstoreliabletransportationinsurancegovernmentinvolvementdesiretoavoidcomplexitiesofinternationalsalebuyeralwayspaysforshipmentonewayoranothersoincotermsagreeduponbybothpartiestooptimizemarketfactorspricesrisksrelationshipsaccessetcbuyersellerscompromiseonmostefficienttransactioncostsometimeshirecustomsbrokeranotherallocationoftransactioncostalsousedbydevelopingcountriesasdevelopmentalpolicydevelopingcountrieswantforeigncurrencybyincludingcostsinpriceforgoodsobtainmoreforeigncurrencysellonCIFtermsbuyonFOBtermssellerwouldarrangeonshippingetcbyforcingdevelopedcountrytopaymorealsoCIFsodomesticinsurancecompanygetsmorebusinesscommongetreinsuranceagainstinsurancecompanyorhireinsurancebrokerbuyFOBtermssolessforeigncurrencygoingoutCommonlyUsedIncotermsInORDEREFCDXtermssellerminimumobligations1LAW724LegalaspectsofInternationalBusinessEXWExworksdeliveryoccurswhensellerplacesgoodsatbuyersdisposalreadyforpickupleastamountofriskforthesellerminimalobligationFtermsshipmentcontractstype1FOBFreeonBoarddeliveryoccurswhengoodspassshiprailatportofshipmentonboardpotentialissueUSUKternsdiffgoodsexaminationCtermsShipmentContractsType2ApplicableonlytowaterbornetransportCIFCostInsuranceandFreightSellersObligationtopayforCIFEssentiallyasaleofdocumentsrelatingtogoodsmakemoresenseinCH8Paymentdueuponpresentationofdocumentsbillofladingp197understandtheprocessofhowbillofladingallowsanimportertoactlikeaproxyinsurancepolicycommercialinvoiceDtermsarrivalcontractsDESdeliveredexshipsDEQdeliveredexquayDAFdeliveredatfrontierDDPdelivereddutypaidsellerevenpaysdutyhighestlevelofobligationConventiononContractsfortheInternationalSaleofGoodsCSIGp203akaViennaconventionappliestocontractsofsaleofgoodswhenmemberprivatepartiesdobusinessindiffcontractingstatesDOESNOTAPPLYTOSALEOFSERVICESNOTLEASEbcNOTSALEbecomemorerelevantinrecentyearsveryPROtransactionwantstransactiontogothroughappliesUNLESSpartiesoptoutestdin2005optingoutCSIGyouhavetooptoutcontractdoesntstategoverninglawCSIGisthegoverninglawwhySuccessfulrelationshipfoundedoncommonlawUSUCCuniformcommercialcodeUSAsmodellegislationthatcanbeadoptedbystatesorfamiliarsystemanditmustbeclearandunambiguouslanguagesoifsomeonesaysletsuseOntariolawthentheruleappliesasCSIGThereforeonemustspecificallystateweareusinglawANDSPECIFICALLYEXCLUDECSIGbecauseifyoudontsaythatspecificallymayleadtoconfusionAdvantagesdefaultlawsalesregimefordevelopingcountriesbalancebuyerandsellerinterestDisadvantagescheckslide2
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