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Unformatted text preview: 4: Contracts for the International Sale of Goods 17:06 Law of Sales Sales Law Body of law which governs contracts for the present or future sale of goods Saletransfer of the ownership and possession of tangible goods from seller to buyer in return for a price or monetary payment Sales law developed out of the practices of merchants and traders Does not apply to contracts for the sale of real estate or intangibles, such as stocks, bonds, patents, copyrights, and trademarks Courts look to determine whether a valid and enforceable agreement exists, how to interpret contractual provisions, what remedies are available in the event of a breach, and what damages can be awarded National Differences in Sales Law and Contractual Uncertainty Unpredictability of foreign law is the unknown factor in contracting, and can lead to tremendous uncertainty in buying and selling goods across national borders No nation can be open for business with the rest of the world without a stable and predictable body of sales law Unification of Sales Law Process of making laws more uniform 1966 UN created a new organization responsible for unifying trade law United Nations Commission on International Trade Law (UNCITRAL) led to the adoption in 1980 of the United Nations Convention on Contracts for the International Sale of Goods (CISG) In creating the CISG the UN was able to bring together legal scholars from all regions of the world, representing diverse legal systems. It was able to develop a code acceptable to the common law countries and civil law countries The Law Merchant and English Sales Law 12 th Century, medieval Europe experienced a renaissance of trade and commerce customs of the marketplace became known as the lex mercatoria law merchant and they were enforced by the merchants themselves Eventually local courts in both England and continental Europe recognized the law merchant and used juries made up of other merchants to decide cases English Sale of Goods Act of 1894 United Kingdom Sale of Goods Act of 1979 US Uniform Commercial Code Law of sales was originally drawn from English common law of contracts and the law of the merchant 1906 Uniform Sales Actcodified the law of sales was passed in many US states (no longer in effect) Primary body of commercial law for domestic transactions in the US Covers many areas including: bank deposits and negotiable instruments as well as sale of goods and makes the law uniform throughout the US Not governed by UCCcontracts for employment, insurance, and services, transfer of intellectual property rights, and sales of real property...
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- Spring '11