Chapter 1 introduction to the cot
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Chapter 1: Introduction to the COT. - Commercial: Merchants -Transaction: Trans + Action - The purpose of the course: The major legal aspects of COT into 4 sections. 1- Sale of goods 2- Secured Transaction 3- Negotiable Instruments 4- Payment systems.

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Chapter 1: Introduction to the COT

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Chapter 1 introduction to the cot

Chapter 1: Introduction to the COT

- Commercial: Merchants

-Transaction: Trans + Action

- The purpose of the course:

The major legal aspects of COT into 4 sections.

1- Sale of goods

2- Secured Transaction

3- Negotiable Instruments

4- Payment systems

C.O.T.


Chapter1 introduction to sale of goods

Chapter1:Introduction to sale of goods

The exchange of goods is an essential part of every economy.

Most countries have developed special rules governing.

The special rules were developed with a common goal in mind:

- To facilitate commercial activities

- Predictable

- Efficient

- Fair

- Protecting consumers

- Discourage anti-competitive practices

C.O.T.


Sources of law governing the sale of goods

LAW

Sources of law governing the sale of goods

  • We will be relying on two laws:

    - The D#38 governing K and other obligation

    - Civil Code Rkmrdæb,evNI 2007

    - The United nations convention for International sale of goods (CISG)

    1-Decree#38

    - Law governing, sale Ks (ch II section I, Art 34 – Art55)

    - Applies to all sales Ks, not just to Ks for sale of goods (real & personal property)

C.O.T.


Chapter 1 introduction to the cot

  • There some Arts are not consistent with free market principles. Such as:

    - Art12 Consideration from each party must be equal when there is different in consideration given, the party who receives less can rescind the K. (no profit)

    - Art 59 interest 5% per year

    2- CISG: apply to

    - Only applies to sale of contract

    between different countries.

    - Only applies to countries that have

    signed the CISG

C.O.T.


Chapter 1 introduction to the cot

LAW

  • Basic Application of CISG

    A K B

    CISG Problem CISG

    A sues B Court looks at PIL (conflict of law) which country law will apply ?

    - If A country law CISG apply

    - If B country law CISG apply

    A K B

    no CISG Problem CISG

    A sues B, so the Court looks at PIL (conflict of law) which country law will apply ?

    - If A country law CISG not apply

    - If B country law CISG apply

C.O.T.


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