International Biz law chapter 4

Consequential damages

Consequential Damages. The CISG also permits recovery of consequential damages. Consequential damages are those special or indirect damages arising as a"reasonably foreseeable"consequence of the breach. They normally result from some special circumstances involving one of the parties to the contract, where those special circumstances were made known, or should have been known, by the other party. For

Statute of Frauds

Contract must be in writing. CISG deosnt have this... UCC does have this in its laws though....The parties agree that the United Nations Convention of Contracts for the International Sale of Goods ("CISG") governs contract formation here. Under the terms of the CISG,"a contract is concluded at the moment when an acceptance of an offer becomes effective in accordance with the provisions of this Convention."CISG, Art. 23. An offer must be"sufficiently definite,"and"demonstrate an intention by the offerer to be bound if the proposal is accepted."Id. Art. 14. An offer is accepted, and a contract is formed when the offeree makes a statement or other conduct,"indicating assent to an offer."Id. Art. 18. The CISG does not contain a statute of frauds, stating that"a contract of sale need not be concluded in or evidenced by writing and is not subject to any other requirement as to form."Id. Art. 11. Courts have held that a binding contract exists when the parties sufficiently agree to the goods, the quantity and the price. See, e.g., Chateau Des Charmes Wines, Ltd. v. Sabate U.S.A., Ltd. [citation omitted].

Nachfrist

Nachfrist Period. Unlike the UCC, civil law systems traditionally grant an extension of time, beyond the date called for in the contract, within which the parties may perform. French civil law often refers to this grace period as mise en demeue, while German law calls it nachfrist, meaning"the period after."Longer time... essentially..

UCC

The UCC covers many areas of commercial law, including bank deposits and negotiable instruments as well as the sale of goods, and makes the law uniform throughout the United States. Common law controls contracts not governed by the UCC, such as contracts for employment, insurance, and services, the transfer of intellectual property rights, and sales of real property. .