...contracts for the sale and lease of goods we move away from common law and into the area of statutory law. - UCC article 2: on sales, 2A: on leases - The goal of the UCC is to simplify and streamline commercial transactions, allowing parties to form contracts without observing the same degree of formality used in other types of contracts by making laws governing sales and lease contracts clearer, simpler and more readily applicable to the difficulties that can arise during such transactions. The Uniform Commercial Code (1949) Comprehensive Coverage of the UCC UCC: single most comprehensive codification of laws involved in total commercial transaction Views commercial transaction for sale and payment of goods as a whole Article 1: General Provisions Definitions and general principles applicable to commercial transactions, including an obligation to perform in “good faith” all contracts un the UCC Provides basic groundwork for the remaining articles A Single, Integrated Framework for Commercial Transactions UCC attempts to provide a consistent and integrated framework of rules to deal with all phases ordinarily arising in a commercial transaction Many sections from the different articles can apply to a single transaction Periodic Revisions of the UCC To clarify certain rules or establish new rules when changes in business customs have rendered existing UCC provisions inapplicable * Articles 3 4 5 8 & 9: revised in the 1990s The Scope of Article 2- The...
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...Unit One :Introduction of International Trade Law Outline Definition of ITL The Scope of ITL （调整范围） History of ITL Comparison of ITL and In. Business Law Sources of ITL( 渊源） Question How to understand the word “international law” here? What is International Law? “A rule… that has been accepted as such by the international community.” Includes :Customary international law. International treaties and agreements. General principles common to major legal systems. Public vs. Private International Law Public International Law. – Involves relationships between countries and applies “norms regarded as binding on all members of the international community” Private International Law. – Is described as conflict of laws or “domain of rights, duties, and disputes between and among persons from different places. Part I Definition 国际贸易法：调整跨越国界的货物贸易、技术贸易和服务贸易关系以及这些贸易关系有关的其他关系的法律规范和规则的总和。 (a) The body of norms and rules – Private law: governs transnational Relationships of Private Persons ( International transaction Law) e.g. the law of international sales, trade finance, licensing agreement etc. – Public law: laws that make up the legal framework within which international business takes place. e.g. the treaties of EU, GATT agreement, NAFTA (b) the scope of ITL（调整范围） Trade in goods, Trade in service，Trade in technology,other international business field Part III History of International Trade Law • Customs and usages ...
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...common law, the Uniform Commercial Code, and the new sources of law evolving in response to e-commerce. Common Law The common law was the first law of contracts. It consists today of those traditional notions of law and the body of law developed by judicial decisions dealing with contract issues. Common law applies to contracts that have land or services as their subject matter. Contracts for the construction of a home and employment contracts are governed by common law. The Uniform Commercial Code (UCC) One of the problems with common law is its lack of uniformity, the states do not follow the same case decisions on contract law, and some states do not follow the Restatement. To address the uniformity, the National Conference of Commissioners on Uniform State Laws and the American Law Institute worked to draft a set of commercial laws appropriate for businesspeople, lawyers and lawmakers, the result of their efforts was the Uniform Commercial Code (UCC). * Article 2 of the UCC Governs contracts for the sale of goods and has been adopted in all states except Louisiana. Under article two contracts can be formed more easily, the standards for performance are more readily defined, and the...
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...Contracts, Fall 2012, Dr. Adams Introduction Contract law is a promise or set of promises for the breach of which the law gives remedy * Sources of Contract Law & Authority (primarily state law, not federal) * Common Law -Judicial opinions * Restatements – produced by the ALI to bring clarity & consistency to CL * Statutory law- always supersedes CL; UCC only applied to the same of goods * International commercial law & the CISG- applies mainly to international contract issues Consideration * Consideration as Benefit or Detriment 21–32 * Appeal of Clark * Court defines consideration via benefit-detriment analysis * Court allows individuals to place a value on services, the court has no right to limit the values a contracting individual puts on the services they receive * Dougherty v. Salt * In order for there to be consideration, both parties must understand that a bargain has happened (a child cannot understand a bargain) * Why is consideration required * Hamer v. Sidway I * Gratuitous transfer (i.e. to give someone something) is not consideration * Consideration must be something of value (a benefit for a detriment trade-off) * Hamer v. Sidway II * Forbearance from a legal right (drinking, smoking, pressing charges) can be consideration because it counts as the detriment element of consideration * Consideration to enforce...
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...This week's graded topics relate to the following Terminal Course Objectives (TCOs): A | Given an organizational requirement to conform business practices to both the law and best ethical practices, apply appropriate ethical theories to shape a business decision. | I | Given specified circumstances of a business decision to expand to international markets, determine what international legal requirements or regulatory controls apply. | Topics for This Week's Discussion * Introduce yourself to your professor and the rest of the class. (not graded) * Thread over TCO A/I (graded) * Ethics and Patent Rights Post 9/11 (graded) * Q & A Forum for your questions and comments (not graded) | | There is a drop down arrow next to the "Select a Topic" box. Click on this arrow to select topics for discussion. | ------------------------------------------------- Top of Form Select a Topic: Bottom of Form The World Bank Situation (graded) | Class, please read Chapter 2, problem 5 from the Jennings text, p. 72. This week, we will discuss the Wolfowitz situation at the World Bank. Consider the questions at the end of the problem as you make comments in the threads this week. What are the ethics here? Was Wolfowitz trying to do the right thing? Does that make a difference ethically? Throughout the week, I will bring in further questions. Be sure to read the lecture and the international ethics article stated in your reading for the week as well. | ...
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