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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.

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Chapter 1: Introduction to the COT

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  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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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