Legal Principles And International Law (C1) Flashcards
Q: What is ‘choice of laws’ in international contracts?
A: Parties can pre-select which country’s laws will govern their agreement.
Q: What frameworks can parties in international contracts opt to use?
A: Rules from the UN and the International Chamber of Commerce (ICC).
Q: What does the UNCISG apply to?
A: Commercial sales between parties in different countries.
Q: What does the UNCISG stand for?
A: UN Convention on Contracts for the International Sale of Goods (UNCISG)
Q: What types of sales are excluded from the UNCISG?
A: Sales involving labor, personal use goods, auctions, and certain restricted products such as aircraft, electricity and investments.
Q: What is a buyer’s obligation under the UNCISG?
A: To pay for the goods and comply with payment formalities.
Q: What are the seller’s obligations under the UNCISG?
A: Deliver goods at the agreed time and place, meet contract specifications, and provide proper packaging.
Q: When does the risk pass from seller to buyer according to the UNCISG?
A: In accordance with contract terms or upon transfer to the first carrier.
Q: What do ICC Incoterms provide?
A: Standardized rules for international trade contracts covering delivery, duties, insurance, and freight.
Q: What is the range of obligations for sellers in ICC Incoterms?
A: From minimal obligations (e.g., ‘ex-works’) to maximum obligations (e.g., ‘delivered duty paid’).
Q: What does the ‘ICC’ stand for?
A: International Chamber of Commerce.
Q: What type of law is criminal law?
A: Public law addressing conduct disapproved by the State.
Q: What is the primary purpose of criminal law?
A: To enforce specific behaviors and ensure compliance.
Q: How is a criminal case initiated?
A: By the State in the name of the Crown (e.g., R v …).
Q: How is a criminal case initiated?
A: By the State in the name of the Crown (e.g., R v …).
Q: What is the burden of proof in criminal law?
A: On the prosecution.
Q: What is the standard of proof in criminal cases?
A: Guilt must be established beyond reasonable doubt.
Q: What type of law is civil law?
A: Private law governing relationships between individuals.
Q: What is the main purpose of civil law?
A: To settle disputes and provide remedies.
Q: How is a civil case initiated?
A: By the claimant seeking a remedy (e.g., Brown v Smith).
Q: What are the two main sources of law in England and Wales?
A: Statute law and case law (common law).
Q: Which type of law takes precedence over the other?
A: Statute law takes precedence over case law.
Q: What is direct legislation?
A: Laws enacted directly by Parliament, which is the supreme legal authority.
Q: What are the two houses of Parliament?
A: House of Commons (elected) and House of Lords (appointed or inherited).
Q: What is required for a Bill to become an Act of Parliament?
A: It must be passed by both houses and receive Royal Assent.
Q: What is delegated legislation?
A: Legislative powers delegated by Parliament to other bodies through an ‘enabling’ Act.
Q: Name an example of delegated legislation.
A: Statutory instruments, bye-laws, or Orders in Council.
Q: What is the Doctrine of Judicial Precedent?
A: A system where judges follow decisions from previous similar cases.
Q: What is a binding precedent?
A: A precedent that must be followed in later cases (from higher courts).
Q: What is a persuasive precedent?
A: A precedent that a judge may choose to follow but is not required to do so.
Q: What governs Islamic finance?
A: Sharia law.
Q: In which countries is Sharia law part of the legal system?
A: Pakistan and Iran.
Q: What is the key rule in Sharia law regarding finance?
A: The prohibition of usury (charging or receiving interest).
Q: How is money viewed in Islamic finance?
A: As a medium for exchange, not a commodity for profit.
Q: How is money viewed in Islamic finance?
A: As a medium for exchange, not a commodity for profit.
Q: Can profits be generated under Sharia law?
A: Yes, profit generation and sharing are allowed; contracts must focus on profit-sharing.
Q: How is an Islamic savings account structured?
A: Customers invest, and the bank acts as a fund manager, returning capital plus profits (minus fees).
Q: How are loans structured in Islamic finance?
A: The bank purchases the asset for the customer and sells it at a profit; the customer pays in installments.
Q: Who retains ownership of the asset until final payment in Islamic finance?
A: The bank retains ownership until the customer completes all payments.
