Essay Example on Contracts for the International Sales of Good

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Business , Law

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Introduction. Imperial Brands is an FTSE 100 company that is built around having a comprehensive tobacco portfolio, that includes a range of cigarettes fine cut and smokeless tobacco papers and cigars. Imperial brands are sold in 160 markets worldwide including the USA. Imperial is involved in many global transactions and in doing so they must understand the many universal laws with which Imperial should comply with, in particular, those relating to contract and agency law, Within the EU there are many measures relating to consumer law but there is still no law shared by all member states in relation to the sale of goods. Key elements of contract and agency law when forming international contracts. A contract is either a written or spoken agreement between two or more parties. Contract formation requires the following three essential elements. Offer. This is where one of the parties clearly states that they will offer to do something. Acceptance. This where either party accepts all the terms and conditions of the proposal as they are proposed in the contract. Consideration.

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Consideration is basically the benefit that each party receives or expects to receive when entering into a contract. It can be a promise to do something specific or even a promise to stop doing something. Consideration is often valued in monetary terms 1 Sale of Goods Act 1979. The Supply of Goods and Services Act 1982. The sale of goods act of 1979 was amended in 1994 and became the Sale and Supply of Goods Act 1994. The Sale of Goods Act applies when goods are exchanged for cash goods but do not cover those transactions involving the exchange of goods. Services, if indicated in the contract, are not covered by this act but instead the Supply of Goods and Services Act 1982. The most important information needed within the Act for both a buyer and seller can be found in section 12. 1 and 2 section 13.1 section 14.3 and section 15. The sections are very important as they clearly show how the seller and buyer should behave in a contract when they are performing their duties and also indicates what the remedies will be, should one or the other party breach their contract. A contract requires certain elements. The basic requirements of a contract are one of four elements. These are offer and acceptance, consideration and lastly intent to create legal relations. Thomson Reuters Practical Law To help simplify contracts and reduce the chances of misinterpretation certain common terms are used when relating to the delivery title of goods price and insurance like DAP, CFR, CPT. These 3 letter codes are best known as Incoterms which are published by the International Chamber of commerce.

These terms are not legal but when added into a contract indicate the duties of both a seller and buyer. Several conditions are stated in SOGA. These conditions relate to the goods the business sells and with which they must comply. That is that all goods sold must be As Described. This is an implied condition that requires businesses to ensure that all its goods need to comply with the description of those goods whether this is verbal or in an advertisement e law resources. Of satisfactory quality. This is a term applied to all goods sold that they must meet a suitable quality that a person would reasonably view as satisfactory. Usually, Courts will take into account the appearance and finish of the goods if there are any defects. However, under section 14 of the Act, it also states there is no obligation of the buyer to examine the goods prior to purchasing them and any faults pointed out by the seller prior to purchase E law resources. Fit for Purpose. This basically means that the goods are good enough to do the job they were intended for and any specific purpose that the customer agrees with the seller before buying the goods. This is an implied term within a contract For example if you go to a supplier and specifically ask for a printer compatible with your computer. Therefore, if a consumer purchases one of your products which do not meet any of the three points above they have the right to return it or get a full refund and compensation is given to cover any price difference if they have to purchase the item from an alternative supplier. 2 Dispute Resolution Laws 250. If one party within a contract fails to meet its obligations then this will result in a breach of contract. Therefore in order to deal with these breaches specific civil law was introduced.

 The Consumer Rights Act 2015 was introduced in order to modernize the law and give the consumer better shopping rights by replacing the three previous Acts and simplifying them to give clear and defined shopping rights. This act like the SOGA requires all products to be satisfactory in quality as described and fit for purpose. Within the act, it covers both physical and digital goods In digital this can mean downloads from the Internet or Computer games. System software. 3 International Conventions see Appendix 1 From custom habits and common practice these fundamental conventions were created to act as a rule to be administered. Changes are often made in society and these form the basis for governing. These constitutional conventions are noticeably very important to the legal system of the UK, however, they are not legally applied in the courts. One, in particular, is under Article 35,2 of the United Nations Convention on Contracts for the International Sales of Goods CISG.This convention will apply to any International Contract that Imperial enters into in relation to any goods sold between two parties representing separate contracting states. This law is recognized in most states of the world except the UK because this law is interpreted differently in different countries. Incoterms are published by the International Chamber of Commerce and are used to express the obligations of the seller and buyer for delivery transport and insurance of goods. They relate to the movement of goods by sea air and land It is important to identify in your contract which edition of incoterms applies.

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