Sales and International Law

Question 1

What is the purpose of the Uniform Commercial Code (UCC)

Answer 1

created as an effort to harmonize laws across jurisdictions in an effort to make transactions more efficient and reliable
Article-2 Sales. Longest article in UCC, holds merchant to a higher standard.

Question 2

What 3 elements does the UCC cover in a transaction

Answer 2

identification, risk, insurable interest

Question 3

what is a shipment contract?

Answer 3

transfers the risk of loss to the buyer when the goods are tendered to the carrier. If the goods are damaged in transit, then the buyer is responsible for the loss

Question 4

what is a destination contract?

Answer 4

passes the risk of loss to the buyer when the goods are tendered at the destination by the carrier. Up till the point of delivery, the seller bears the risk of loss.

Question 5

This rule requires the seller to tender delivery of conforming goods.

Answer 5

Perfect tender rule

Question 6

Under this rule, if the seller fails to deliver the quality and quantity of goods described in the contract or fails to deliver the goods according to the contract, the buyer can reject the shipment, accept part and reject part, or accept the shipment.

Answer 6

Substantial performance rule

Question 7

what does it mean for a country to be sovereign?

Answer 7

every country, no matter how big or small, has total authority to control what happens within its borders and to its people

Question 8

What are rules of comity?

Answer 8

the nation’s willingness to enforce another nation’s rules when determining a legal conflict between parties from both nations