International Contracts Lecture 4 Case 4 Matti Rudanko

International Contracts Lecture 4 Case 4 Matti Rudanko

Lecture 4: Slides Slide sets: 5, 6, 7, 8 (Sales contract, choice of law, limitations of liaibility, liquidated damages) International Contracts Lecture 4 2

Search of Regulation Material • • • Links to Finnish legislation translations : http: //www. finlex. fi/en/laki/kaannokset/haku/? search%5 Btype%5 D=pika&se arch%5 Bpika%5 D=Act+on+Investment+Firms&submit=Search The Finnish Sale of Goods Act: http: //www. finlex. fi/en/laki/kaannokset/1987/en 19870355. pdf The Finnish Contracts Act: http: //www. finlex. fi/fi/laki/kaannokset/1929/en 19290228. pdf CISG: http: //www. cisg. law. pace. edu/cisg/text/treaty. html Unidroit Principles: http: //www. unidroit. org/english/principles/contracts/principles 2010/integralv ersionprinciples 2010 -e. pdf Links to EU legislation: http: //eur-lex. europa. eu/en/tools/sitemap. htm (by indicated search keys, e. g. document number) International Contracts Lecture 4 3

Case: Limitation of Liability Clauses, Liquidated Damages Task: 1. International Dimension: Choice of Law 2. Breach of Contract Types: Delayed Performance 3. Damages Liabilities in Sales Contracts 4. Limitation of Liability Clauses, Liquidated Damages 4. Optimization of Contract

Other Material and Further Reading • Exam textbook: Mc. Kendrick, Ewan : Contract Law (9 th edition, Palgrave Macmillan), especially Ch. 11, Ch. 20 and 21. 5 • Exam textbook: Murray, Carole, Holloway, David, Timpson-Hunt, : Schmitthoff s Export Trade: The Law and Practice of International Trade, Ch 8 (Liquidated damages and penalties) • Please make use of your knowledge of IB, Finance, Logistics, and other business economic or legal know how International Contracts Lecture 4 5

Possible Tasks and Questions Please account for the: • 1. International Dimension: Choice of Law • 2. Breach of Contract Types: Delayed Performance • 3. Damages Liabilities in Sales Contracts • 4. Limitation of Liability Clauses, Liquidated Damages • 4. Optimization of Contract view (Law and Economics and Contract Law views) International Contracts Lecture 4 6

Topics and Issues System of Contractual Liabilities Contractual Damages Liabilities, Legal Model • Types of breaches of contract, especially delayed performance • Legal remedies • Damages liabilities in law: defective goods, delays • Restrictions of legal liability, especially: • Control liability International Contracts Lecture 4 7 Agreed Liability Rules • Limitation of liability clauses • Liquidated damages (cf. Penalties) • Optimization of Contract • Law and Economics