Unformatted text preview: Holding: It is affirmed that the contract was changed in a written form and the buyer is bound to pay the debt and interest on it. Rationale: The court applied Article12 of CISG, holding that contract of sale shall be made or modified in written form. Moreover, the modification of the terms of delivery is a written agreement between the parties. Additionally, the buyer chartered a ship and paid the cost of freight, which can be evidence of modification agreed by the buyer. Besides, an agent of the buyer signed a certificate of acceptance, which is another evidence of the proper quality of the goods. For all these reasons, it’s unreasonable for the buyer to refuse to pay. The buyer is bound to pay the debt and interest on it and the seller is entitled to receive the recovery....
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- Spring '11
- Management, buyer, Joint stock company, Russian Federation Case, Firma Kosmos