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Transnational Commercial Law Assignment - Essay

   

Added on  2020-10-05

10 Pages3045 Words224 Views
EconomicsPolitical Science
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TransnationalCommercial Law
Transnational Commercial Law Assignment - Essay_1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................8
Transnational Commercial Law Assignment - Essay_2

INTRODUCTION Transnational commercial law means the rules, regulation and legislation that governsthe business transaction. The laws are an essential aspect of business transactions and theprovisions different when the parties belong to different state or nation. In the internationalcontract this is of important aspect to choose between relative provision from the laws of thedifferent nation to incorporate under the contractual agreement. In the present report a detaileddiscussion related with different laws and their applicability under contract regarding therelationships as well the dispute resolution are discussed.TASK 1Topic:“Parties to an international contract select both the law applicable to theirrelationship and the forum that could exclusively adjudicate over any dispute between themthrough a choice of forum and arbitration clauses.”International contracts: International business transaction can be described as the international contracts whichcontains the objectives and commitments of each party to the contract. The written agreement isdefines the performance obligation of the each of the contracting parties must carry out. In theinstances where the parties are from different countries they enter into a contract which aregoverned by international contract law unless all parties agree to abide by the laws of one of thecountries (Maniruzzaman, 2017). International contract law is a branch of private internationallaw.For the sales contactor at international level the provisions are governed by theinternational sale contract that is United Nations Convention on contract for the InternationalSales of Goods (CIGS) and the principles on choice of law in international commercial contracts(Hague principle).The definition in the article 1(2) of Hague principle defines that a contract is said to beinternation when such contract have significant connections with more than one state whichinvolves a choice between the laws of different states and affects the interests of internationaltrade.Article 1(1), of Hague principle stats that a contract is said to be commercial where eachparty is acting in the exercise of its trade or profession. As per CIGS the scope of such contractcan be limited to the commercial matters which excludes consumers, family and households1
Transnational Commercial Law Assignment - Essay_3

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