What governs the relationships in international trade Flashcards
what are the main characteristics of english commercial law
predictability, flexibility, contract consistency, efficiency and international compliance
what are boiler plate clauses
standar clauses in standardized contracts
what are the two kinds of standar form contracts
Either thy are between parties of equal power or they are by large companies on a take it or leve it basis like when you sign up for any tech service
Do international supply chain contracts have to be reasonable in english commercial law
No, freedome of stupid contracts reign
What is the last shot principle
That the latest communication is binding as long as there as been one agreement and delivery and that the communications are not explicitly stated as non binding
Should figures of speach be used in international contracts
No, they are hard for non naive speakers to understand
Contracts are to be interpreted literally
They are to be interpreted to the lense of reasonalble business people in that industry so interpretations may differ from dictionary defenitions
Business interests are a legitimate excuse to obstain from fufilling a contractual obligation
No, pacta sunt servanda
What are the three types of implied terms in a contract
Terms implied in fact, law or custom/usage
What are the five requirements for a contract to be implied in fact
- It must be reasonable and equitable, 2. it must be necessary to give business efficacy to the contract, 3. it must be so obvious that it goes without saying, 4. it must be clearly expressable and 5. it must not contradict any expressed terms of the contract
What are the requirements for a term being implied by law
- That the contract is of a class governed by law such as that of a landlord or tennent, employer or employee etc and 2. That the term is nessecary for the contract to be viable.
What are the requirements for a term to be implied by custom or usage
that there is consitant proof of the parties being aware of the usage and wanting to follow it and that the usage should be reasonable
What are the pros and cons of harmonizing law
Pros are that it might lead to a wider understanding of laws around the world but it is costly to negotiate, it may still be interpreted diferently be different nations and it may disrupt the continuity of established laws
What is counter trade
Sort of like national bartering, commonly undertaken to save liquidity
What is switch trading
When the imports are payed by the proceeds of exports to that country.
