...UNITED CITY MERCHANTS (INVESTMENTS) LTD. and GLASS FIBRES AND EQUIPMENTS LTD. v ROYAL BANK OF CANADA (INCORPORATED IN CANADA) AND VITROREFUERZOS S.A. (FIRST THIRD PARTY) AND BANCO CONTINENTAL S.A. (SECOND THIRD PARTY) [On appeal from UNITED CITY MERCHANTS (INVESTMENTS) LTD. v. ROYAL BANK OF CANADA] HOUSE OF LORDS [1983] AC 168, [1982] 2 All ER 720, [1982] 2 WLR 1039, [1982] 2 Lloyd's Rep 1 20 May 1982 LORD DIPLOCK. My Lords, this appeal, which is the culmination of protracted litigation, raises two distinct questions of law which it is convenient to deal with separately. The first, which I will call the documentary credit point, relates to the mutual rights and obligations of the confirming bank and the beneficiary under a documentary credit. It is of general importance to all those engaged in the conduct and financing of international trade for it challenges the basic principle of documentary credit operations that banks that are parties to them deal in documents only, not in the goods to which those documents purport to relate. The second question, which I will call the Bretton Woods point, is of less general importance. It turns upon the construction of the Bretton Woods Agreements Order in Council 1946 and its application to the particular fact of the instant case. All parties to the transaction of sale of goods and its financing which have given rise to the appeal were represented at the original hearings before Mocatta J. The sellers and their own merchant bankers to whom...
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...Journal of International Commercial Law and Technology Vol.2,Issue 1(2007) The Postal Acceptance Rule in the Digital Age∗ Dr. Marwan Al Ibrahim Asst. Professor in commercial and Company law, Amman Arab University for graduate studies – Jordan Dr.Ala’eldin Ababneh Assistant Professor in Private Law at Amman Arab University for Graduate Studies-Jordan. Mr. Hisham Tahat PHD student, University of Aberdeen Abstract: This article examines the application of the postal acceptance rule to email acceptances. Different views have been argued against the application of traditional rule like the postal acceptance rule, which was established in 1818 as a legal norm in contract formation to modern communications like the email. The paper presents the arguments and rationale behind the application of this rule and contends its applicability to the modern communication via e-mail. The paper posits that email is not an instantaneous method of communication, but can be viewed as a digital version of the normal post and thus the postal acceptance rule should apply to this kind of contracting. Keywords: E-commerce, Email, Contract law, Conclusion of Contract, Postal Acceptance Rule. 1. Introduction The conclusion of distance contracts has been one of the controversial issues in the law of contract formation. It raises some question marks, especially with regard to the type of rules that should govern the timing of contract formation. More specifically, a strong debate has been...
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...International Commercial Law and International Business Transactions Bristan Keller BUS 378 International Business Law Ashford University Instructor Jumper May 5, 2014 International Commercial Law and International Business Transactions In recent years, various conflicts of law have been identified regarding commercial law and international business transactions. In most cases, there are procedures to follow when a conflict of law comes into play. In others, much is open to interpretation and can be argued in favor of all parties. Normally if this happens, mediation is sought after and all parties compromise upon agreeable terms. Though there are various issues, international commercial law affects international business transactions and strategies through combining common law, international policies, and international organizations. In 2001 the Brussels Convention of 1968 was replaced with the Brussels I Regulation. This has been the topic of many debates as it governs cross-border disputes in civil matter and commercial matters in the European Union (EU). The Brussels I Regulation establishes rules regarding international jurisdictions of courts in addition to enforcing foreign judgments. The regulation was revised in 2007 and publicized in the Heidelberg Report. “It became apparent that the question of possible inclusion of arbitration in the scope of the Regulation would be a controversial question during the revision process.” (Hauberg, 2014) Theoretically...
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...A conflict occurs in commercial law when the rights of some people are heavier or regarded more important than that of others, principles of commercial law may take a different course. Decisions made by the judges will be in favor of one group that is a disadvantage to the other. In the case, St Albans City and District Council v International Computers Ltd the issue of limitation of liability was brought into question testing the extent that limitation can be granted.” The computer software company was at a loss as the judge summed up saying the loss falls on the computer company and not the citizens. His decision was protective of one party even though the law was not clear on the decision against International Computer Ltd ICL. The company’s software failed and did cost the council a lot, therefore, an argument of breach of contract and the argument that limitation of liability was unreasonable if the Unfair Contract Terms Act 1977 was used. The judge favored the taxpayers saving them from a burden of heavy taxes. Such a case creates a situation of conflict between the principles and the law as there was no clear indication of the software’s stance as a good or service. For example, some transactions may have taken place in circumstances that are not clearly a business and some parties may try to defend themselves with that fact. For example, in the case Stevenson v Rogers,” the defendant tried to argue that his sail of a boat to the plaintiff was not in the course of his...
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...Legal and Ethical Environment of Business your T name AMERICAN INTERCONTINENTAL UNIVERSITY Abstract How important is it to have freedom to contract and practical commerce and be technologically neutral. Can you create a new computer chip design it , bubble wrap it and ship it for sale and still have ownership of that computer chip? With the Uniform Commercial Code and Uniform computer Information Transaction Act they will shed light of how you are protected by the government. Not just consumers but business are govern a like . . Before the UCC and the UCITA, the first U.S attempt to promote uniformity in commercial laws from state to state is the commerce clause. The commerce clause of the constitution, provides congress with authority to regulate business in different states. The commerce clause extends to all instrumentalities of interstate commerce as well as to intrastate conduct that has substantial effect on interstate commerce. The UCITA is intended to facilitate the licensing of computer related intellectual property, with an emphasis on permitting owners of software the ability to maintain control over their intellectual property forever. The UCC is designed to facilitate the sale, shipment and delivery of tangible goods identified in a contract. The biggest difference I see between UCITA and UCC is UCITA gives the software designer control of their property even after sale of their property...
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...Business and Society Law David White LAW/421 May 14, 2013 Page Beetem Business and Society Law In looking at the role of law in business and society, it is helpful to first understand the definition of Law and how that definition is applied in the business environment. Law of some variety has been a part of society since the time of the most primitive societies. Initially, the primary purpose of the law was to keep the peace, but as society became more complex and developed, the law took on additional functions. Today, at least eight major functions of law can be identified: (1) to keep the peace, (2) to influence and enforce standards of conduct, (3) to maintain the status quo in certain aspects of society, (4) to facilitate orderly change, (5) to allow for maximum self-assertion by the individual, (6) to facilitate planning and the realization of reasonable expectations, (7) to promote social justice, and (8) to provide a mechanism for compromise solutions between polar principles and positions. (World Academy Online, 2012) Commercial law, also known as business law, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales. It is often considered to be a branch of civil law and deals with issues of both private law and public law. Some general concepts of business law include malpractice, fraud deterrence, financial regulation, international trade law, employment issues,...
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...Role and Functions of Law LAW / 421 July 18, 2012 Role and Functions of Law Law has a vital and important role in our society. Law is somehow rules created and applied by the government system for peace and order in the society. Law is intended to be interpreted and applied as correctly it was intended to, reasonable and just. Every law has its purpose, and there are many laws for every situation. This also applies to business. There are many laws addressed for the business environment and for every situation in it. The purpose of this laws in business, are intended to ensure that all business related issues and situations are running properly, without affecting their businesses and customers, and/or any consequences in between. In the case of companies, laws are addressed for them to comply correctly and properly with the function and purpose of their business, employees and customers. There are also in the business environment, the labor area, laws that are intended to protect the employees and their right as workers. And there are also many laws addressed to protect and ensure the best interest for the customers. But in business and more importantly addressed to companies, there are laws that prevents them to dominated markets too aggressively and/or completely, or controlling it at all. These laws are mostly as monopoly’s laws, which are addressed directly to prevent any monopoly action or state from any company. These normally are intended for bigger or larger...
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...the UCC and UCITA acts are, and the reasons why the acts were created. Discuss the differences between the Article 2 of the UCC and the UCITA. Determine the distinction between selling a product and licensing that product legally. Discuss the reasoning for drafters to propose a separate and distinct uniform act. UCC and UCITA Act UCC stands for Uniform Commercial Code, and that is a code that addresses the majority of aspects of commercial law. (No Author, 2011) UCITA stands for Uniform Computer Information Transactions Act, and that code is to regulate transactions in computer information products. But before the UCC and the UCITA act there was the Interstate Commerce Act of 1887. The act was put in place to normalize railroads that saturated the states boundaries. (U.S. News, 2012) Even though each one of the acts are different and provide different provisions, they all have something in common, they all create a better way to provide uniformity in commercial law between states. The Uniform Computer Information Transaction (UCITA) act started out as an amendment to article 2 of the Uniform Commercial Code (UCC), but there were so many disagreements with the amendment, that it was decided to rename it the UCITA and to keep it moving as a separate act, and it was approved in February 2000. (Andersen, Raymakers, & Reichenthal, 2001) The difference between selling a product and licensing a product is when you are selling a product it is a product that has gone...
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...Business Models and Systems Terilyn L. Blue BUS 210 June 8, 2012 Tony Sines, MBA/TM Business Models and Systems The three components of business are: Business Commerce, Business Occupation, and Business Organization. Business Commerce is the process through which people produce exchange and trade goods and services. Business Occupation is the acquired set of specialized skills and the abilities that allows people to create valuable goods and service. Business Organization is the system of task and authority relationship which coordinates and controls the interactions between people so that they work towards a common goal. When you put all these factors together you get a business system, which is the combination of business, commerce, occupations, and organizations that produces and distributes the goods and services that create value for people in society. In my area there is a business that operates as a pharmacy. It is owned and operated under a franchise name. The owners are in a partnership with various members of the family, making it a family owned business. The owners of this business decided they wanted to be able to serve the community in various ways. The shelves are stocked with quality low priced items that everyone in the community can afford. The service is on a more personal level. Mr. Woods purchases his supplies from the local market in Alabama where his says he get a great deal to pass onto his customers. There are times when Mr. Woods have...
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...Uniform Commercial Code: Article 2 Sales Transactions over the Internet Introduction The Uniform Commercial Code (UCC) generally refers to the main set of regulations and laws that were primarily established to harmonize and standardize sales and commercial transactions in the United States. The primary reason for standardizing the state laws regarding the conduct of sale and transactions is that, often in today’s society, those transactions and sales tend to extend beyond the jurisdiction of a given state. For instance, a particular product may be manufactured in California, warehoused in Arizona, sold in Texas and delivered in Michigan. Consequently, the use of the UCC has not only ensured uniformity of the state laws regulating commercial transactions but has also allowed the states to achieve the necessary flexibility required to meet their local transaction demands (Benjamin and Jane,1998). The history of the UCC dates back to the 1940s when top American legal scholars began to draft a uniform law regulating commercial transactions that was intended to be adopted into the code of statutes of all of the states in America. Although the content of the UCC is generally the same in all the states that have adopted it, some states have however undertaken minimal structural adjustments to conform to the local state customs. The implementation of the UCC has enabled people from various states to freely make their commercial contracts without the different terms and conditions...
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...because they entered into an oral modification of their written contract. Under Montana law, a written contract can be altered in writing or by an executed oral agreement therefore making their alteration legally binding. Dr. Vranich acted extremely unethical in raising the defense that the contract was not in writing because he was aware of the oral alteration he entered with Dr. Winkel and the only cause for this case was due to a disagreement among the two parties. Cheeseman, Henry (). Business Law: Legal Environment, Online Commerce, Business Ethics, and International Issues [7] (VitalSource Bookshelf), Retrieved from http://online.vitalsource.com/books/9781256088080/id/ch09lev1sec11 10.7 In this case, Peter Andrus would win because he did not accept the terms of the policy two months prior to the expiration. Although Durick sued Andrus to recover the premiums on the $48,000 policy, these details were never agreed upon and are therefore not legally binding. An agreement is the manifestation by two or more people through a contract that requires an offer and an acceptance. The acceptance in this case existed in the beginning of the contract but not two months prior to its expiration when Durick notified Andrus of the new terms. Therefore, Durick will not recover the premiums of the policy. Cheeseman, Henry (). Business Law: Legal Environment, Online Commerce, Business Ethics, and International Issues [7] (VitalSource Bookshelf), Retrieved from http://online.vitalsource.com/books/9781256088080/id/ch-G1 ...
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...Create a flowchart of the three branches of government and associate two (2) Uniform Commercial Code (UCC) clauses for each branch of government. Designate the relationships among the governmental branches. In an accompanying document, exemplify the types of powers of each branch of government and include these items: • Taxing and spending powers • Limits on both federal and state governmental actions • Due process • Equal protection In a three to four (3-4) page flowchart, include the following: 1. Organize all three (3) branches of government in a flowchart format. 2. Designate two (2) UCC clauses that align with each branch. 3. Illustrate the interactivity among the branches of government in the flowchart. 4. In a separate document, exemplify the types of powers of each branch of government. Your assignment must follow these formatting requirements: • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions. • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length. The specific course learning outcomes associated with this assignment are: • Explain the functions of law, the nature of crimes and torts, and the structure of the U.S. legal system, including...
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...patent prosecution and protection) Costs Marketing streams (such as agreements with doctors, pharmacies, and hospitals to promote or utilize the drugs, and then making sure that the doctors legally and properly utilize the drugs) Significant legal barrier What are the possible ethical dilemmas present in this example? There are possible issues here with trade agreements, which are illegal under the Sherman AntiTrust Act. Also, there is an issue with costs--since companies are directly refusing to compete, the buyers lose out and as such an unfair agreement has taken place.Dimitry Alexander Kaplun40281.1716250347 Expert Type | Attorney | Category: | Business Law | Pos. Feedback: | 98.5 % | Accepts: | 1005 | Answered: | 4/13/2010 | Experience: Run my own successful business/contract law practice Ask this Expert a...
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...Schools and Colleges, Association of Independent Schools and Colleges who have been approved by the Florida State Board of Independent Colleges and Universities, and Canadian Schools who have been approved by their provincial educational bodies. 2. The accounting education program must consist of 36 semester hours of upper division accounting courses including coverage of tax, auditing, financial, and cost accounting. The business education program must consist of 39 semester hours of upper division general business courses with some exceptions. One micro-economics, one macro-economics, one statistics, one business law, and one introduction to computers course may be lower division. As part of the general business hours, applicants are required to have a total of six semester hours of business law courses which must cover contracts, torts, and the Uniform Commercial Code. Excess upper division accounting courses may be used to meet the General Business requirement. Elementary accounting classes are never acceptable for credit. Courses for non-accounting majors and any MBA courses that are equivalent to elementary accounting are not accepted for this requirement. Examination Dates April - May July - August October - November January -...
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...Mattie I agree with you this is a very tough situation to be in. On one hand I would want very much so to continue to watch and participate in this families walk with the Lord but on the other hand I would not want to continue business with someone who is dishonest and misleading. I also agree with your decision to not do business with Dan however I don’t feel like I would wait until legal action was filed. I would actually go to Dan and explain this situation and educate him as to why I could no longer do business with him and then let the chips fall where they may. I agree that eventually this situation may have to be settled with legal action. I think you make great points as far as the legal aspects. Another way that you could look at this particular situation is based on honesty. Just by going on what we have to read Dan was not being honest with his supplier. He was not paying him on time and he allowed a minor to sign a binding contract. An article on the online library states. As a CEO or manager you have to be incredibly honest to gain the respect of your staff and to ensure that they will be honest with you ( Osteryoung, p.1 ) Dan being the manager or CEO of his business did need to be honest with his supplier to ensure a good business relationship. You can also look at this situation from a honesty standpoint at scripture. The bible says in Proverbs 19:5 A false witness shall not be unpunished; and he that uttereth lies shall not escape. Dan was dishonest with his...
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