BU231 Study Guide - Final Guide: Jargon, Barter, North American Free Trade Agreement
Document Summary
Regular rules of contract law but a little more complicated. Additional parties become necessary including: insurers, shippers, financiers (using a bank as a medium so sellers can get their money right away and buyers can pay after they"ve received) Determine the proper law (which country has jurisdiction) The conflict of laws: principles of law that apply to resolve questions concerned with relationships affected by the laws of two or more countries. Lost in translation: need for standardized terminology developed through industry practice (matching legal jargon) Bill of lading: document signed by a carrier acknowledging he"s received his ordered goods. Certificate of insurance: insuring goods against loss or damage. Invoice: name and address of buyer and seller, date of order, full description of goods sold, details of packaging, price of the contract. Who bears the risk is determined and reflected in the price of the transaction. * everyone wants as little liability as possible.
