fin 240 kaplowitz worksheet 20.3: contracts for the international sales of goods

Choice-of-language clause

a clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms

The CISG is similar to _____ of the UCC.

article 2

Sales contracts between parties residing in the United States and foreign countries are typically governed by the:

United Nations Convention on Contracts for the International Sale of Goods (CISG)

Choice-of-law clause

a clause in a contract designating the law (such as the law of a particular state or nation) that will govern the contract

Force majeure clause

a provision in a contract stipulating that certain unforeseen events, such as war, will excuse a party from liability for nonperformance of contractual obligations

Only a handful of countries have adopted the CISG.

false

Under the CISG, an acceptance is effective on dispatch, similar to the rule under the UCC.

false

Under the CISG, a writing:

is not required at all for the sale of goods

The CISG provides that an offer will be irrevocable if the offeror states _____ that the offer is irrevocable or if the offeree _____ relies on the offer as being irrevocable.

orally, reasonably

Because of the CISG rules, businesspersons undertaking international sales transactions _____ draft specific forms to suit the needs of the particular transaction.

should

Article 19 of the CISG provides that a contract may be formed even though an acceptance contains additional terms, unless _____.

the additional terms materially alter the contract

If an additional term relates to payment, quality, quantity, price, time, and place of delivery, the CISG considers the added terms as material alterations.

true

Unlike the UCC, the CISG does not apply to consumer sales.

true

The United Nations Convention on Contracts for the International Sale of Goods (CISG) was created in _____.

1980