Dispute Settlement Mechanism
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-Dispute Settlement Mechanism*note:1. 2. which WTO rules are breach 3. exceptions (see whether any of the exceptions apply)i.e.: Malaysia and Singapore signed an agreement on the haze issue 4. If u discuss 1 & 3, u must bring in TBT5. Procedures Lecture 4&5 Contracts for the international sale of goodsGoods here refers to movable properties (lands, buildings, assets are not goods)*note: 1. would it be bangla law or international law?2. choice of forum – which court3. Incoterms 2010 shall apply – model of terms (contractual terms), certain standard of terms universally applicable4. Vienna Convention 1980 – international law5. Obligations: things ur obliged to doSOGA – Sale of Goods Law (with regards to selling and buying goods)Breach of contract: One of the term in the contract is not fulfilledFundamental breach – major breachSeller’s remedies – what does the seller wants (obviously buyers have breached contract i.e. non-payment, late payment, lack of information)Buyer’s remedies – what does the buyers wants (obviously sellers have breached contract i.e. fulfilment)***passing of risk & propertypassing of property means ownership passeswhen ownership passes, risk could also be passed (risk: responsibilities)reservation of title (ownership) clause: seller wants to retain ownership until payment is made WHY? Seller does not wants the goods to be used by the creditors against a bankrupt buyerforce majeur: something happened beyond human control i.e. natural disaster essential elements: must have those elements otherwise it’s not a valid contractoffer: intention to do something (cf – contrast further) , invitation to treat (just information), supply of information (enquiry and supply of information has no contract), advertisement
acceptance: when a party agree to providecounter-offer: when a buyer change the price (i.e. car is 100k offered by seller, buyer replied by countering offer of 80k) *** when u counter offer, current offer are not valid anymore.Consideration: something given by the person accepting to the person making the offer – usually in the form of moneyCertainty: contract must be clear i.e. car, what model, how many units, price etcOnce all of the elements is satisfied, it is a contract.Every Contract has this these three stages:Is there a contract? (If there’s no contract u have no rights)Is there a breach? (to know u gotta see what does the contract sayIf there’s a breach, what are the remedies u want?Can terms be inserted after formation? (the moment offer accepted, it means there is an agreement) – NOPEIf there’s a clause stating subject to change, they can change (terms must be reasonable to court’s decision)Terms are divided to two:Condition – Something which is very important (can terminate, sue for damages)Warranty – Something that is less important (can only sue for compensation)Anticipatory Breach: U can foresee the contract will be breached (breach occurs before the actual date of performance)