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International Business Transactions - Essential rules in the USA Contract Law

Appunti di International Business Transactions per l’esame del professor Pellegrino. Gli argomenti trattati sono i seguenti: Essential rules in the USA Contract Law, Contracts build the life of a company, contract formation, termination of an offer.

Esame di International Business Transactions dal corso del docente Prof. S. Pellegrino

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ESTRATTO DOCUMENTO

International  Business  Transactions  

Contracts  build  the  life  of  a  company,  the  base  of  the  business  law.  However,  business  law  is  not  diritto  

commercial,  business  law  is  based  on  the  relationship  between  companies.  Corporate  law  instead  is  about  

types  of  company.  There  are  different  applicable  law  in  USA,  there  is  common  law  that  is  applied  in  the  all  

USA  and  state  laws,  applicable  in  only  precise  states.  From  the  last  group  we  have  UCC,  it’s  not  uniform  

because  it’s  valid  by  one  state  or  another.  Different  states  have  different  version  of  the  UCC.  It  is  not  

commercial  because  is  applied  also  for  consumers;  it  is  not  a  coda  because  it  is  a  private  collection  of  rules.  

The  UCC  cover  certain  institutes.  The  article  2  is  referred  to  the  sale  of  goods.  It  is  only  referred  to  

moveable  goods  and  not  real  estate  properties.  Some  states  enacted  different  version  of  the  UCC  that  

covers  other  institute  like  NY  that  has  the  article  2a  that  covers  the  lease  contracts.  So  if  I  have  a  lease  

contract  and  I  am  not  in  NY  I  will  apply  the  common  law,  if  I’m  in  NY  I  will  apply  the  UCC.  There  are  also  

mixed  contracts,  contracts  that  have  different  elements  that  came  from  different  contracts.  The  applicable  

law  comes  from  the  most  important  element  of  the  contract,  the  most  relevant  to  the  intentions  of  the  

parties.  We  can  find  the  most  important  element  basing  our  decision  on  some  criteria  like  the  type  and  the  

timing  of  the  price.  

 

CONTRACT  FORMATION  

What  is  a  contract?  It  is  a  legally  enforceable  promise,  a  legally  enforceable  agreement.  It’s  starts  from  

scratch,  the  first  thing  is  the  promise.  When  I  say  I’ll  do  this,  it’s  not  a  contract  there  must  be  an  exchange  

of  promises.  However,  it  is  not  enough  there  must  be  an  exchange  of  promises  and  it  must  be  enforceable,  

so  I  can  go  to  the  judge  to  oblige  the  other  part  to  fulfill  the  obligation.    

Contracts  can  be  formed  in  two  ways,   expressed,  from  words,  and   implied,  from  conduct.  

There  are  also   quasi  contract,  when  I  do  not  have  a  contract  but  it  will  be  unfair,  so  an  equitable  remedy  is  

the  solution  that  prevents  unjust  enrichment.  The  effect  is  a  payment  only  of  the  costs  and  not  even  the  

entire  price,  its’  called  a  restitution.  

For  the  formation  of  the  contract  are  necessary  two  elements:  an  offer  and  acceptance.  The  offer  is  a  

manifestation  of  the  intention  to  be  bound.  Advertisements  (pubblicità)  are  not  offers,  but  there  is  an  

exception  when  the  quantity  is  established.  For  example  3  bottles  of  water  for  1  euros.  

There  is  indefiniteness  when  the  terms  of  a  contract  are  not  defined.  There  are  note  the  terms  to  create  a  

contract.  A  specific  rule  is  the  open  price  term,  so  I  do  not  decide  the  price  but  there  is  a  contract  where  

the  judge  decides  the  reasonable  price.  It  is  not  the  same  rule  for  real  property  sales  where  the  price  must  

be  determinate.  Other  specific  rules  are  requirement  contracts,  it  is  an  open  contract.  I  will  pay  you  for  

providing  me  pizza  on  a  daily  basis  for  the  quantity  that  I  need.  The  only  exception  is  when  the  quantity  I  

ask  is  not  regular,  it’s  exceptional.  

 

TERMINATION  OF  AN  OFFER  

Lapse:  after  a  stated  time  the  offer  expires  or  after  a  reasonable  time.  

Revocation:  at  any  time  before  the  offer  is  accepted  I  can  decide  to  revoke  it.  It  can  be  direct  or  indirect  

(conduct).  There  are  exceptions  to  the  rule:  

1. Option:  (opzione)  a  promise  to  keep  the  offer  open  for  a  certain  amount  of  time  in  exchange  of  a  

payment.  In  NY  my  option  is  valid  either  if  you  pay  for  it  or  if  I  write  it  down  and  then  I  sign  it.  


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DETTAGLI
Corso di laurea: Corso di laurea magistrale in giurisprudenza (a ciclo unico)
SSD:
Università: Pavia - Unipv
A.A.: 2015-2016

I contenuti di questa pagina costituiscono rielaborazioni personali del Publisher liuk91-votailprof di informazioni apprese con la frequenza delle lezioni di International Business Transactions e studio autonomo di eventuali libri di riferimento in preparazione dell'esame finale o della tesi. Non devono intendersi come materiale ufficiale dell'università Pavia - Unipv o del prof Pellegrino Stefano.

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