LSB 4633 Lecture Notes - Lecture 7: Lex Mercatoria, United Nations Convention On Contracts For The International Sale Of Goods

• School: OSU
• Department: Legal Studies in Business
• Course: LSB 4633
• Professor: Geoffrey Patrick Pivateau

Document Summary

The flip side of expectations are risks. Those risks are magnified in the international context. Those risks include a number of issues. A contracting system provides comfort for those entering into business. In this lecture we discuss the contracting systems, international sales of goods, and the role that the contract plays in different contracting systems. In the modern world, we need contracting systems. The contracting system must provide for the assignment of risks between the parties. Contracts can shift the burdens of risk between parties. Parties can contract with regard to any risk. Parties can contract with regard to risks they have no control over, however. The parties can contract regarding termination without performance. A contract is formed in any transaction in which one or both parties make a. Contracts are enforceable promises. thus, two elements to a contract. there. Is a promise : i promise to do something. purchase car. build a house. there.