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Contract = agreement/understanding between 2 parties (International…
Contract
= agreement/understanding between 2 parties
International Contract
Choice of the law to apply
Choice of law clause
: Parties
agree in advance
as to what national law should apply
Court should
apply that chosen law
(even if they have no factual connection with the country whose legal system they have adopted)
No choice
from the parties
Judge makes the choice
for the parties
Following
statutory dictates
,
Determining which state has the
most significant relationship
with the dispute, or
(in a few states) Determining which state has the
greatest interest in the outcome
of the case
Vesting rights doctrine
: courts should apply the law of the state where the rights of the parties legally became effective
Freedom of contract for international contracts
: freedom to choose the law applicable to the contract
Choice of place of jurisdiction or alternative dispute resolution mechanism
No choice
from the parties
Each party has the right
to be sued in their place of business
Parties
agree on the choice
of the place of jurisdiction (= court :female-judge::skin-tone-3:)
:bulb: Where the law chosen to be applied in the contract is
well-known
. :earth_africa:
Parties
agree on the choice
of an alternative dispute resolution mechanism such as
arbitration
:pencil2:
Arbitration
= private justice, excludes state course
:smiley:
tailored tribunal
depending on the contract
:frowning_face: more
expensive
than state course
(☞ worth going to arbitration if you think your claim is worth ≥ 4 million)
;
one single round
(no appeal)
Freedom of contract
: freedom to or not to contract, freedom to choose the matter of the contract, freedom to choose the counterpart, freedom to create the contract, within certain limits.
Communication of acceptance
:
In
bilateral contracts
, important to express it because it is a "promise to a promise"
In
unilateral contracts
, usually made through the performance of an act
I
O
nly
A
ccept
C
old
C
ash
F
or
W
orking
L
ate:
Intention
Offer
Acceptance
Consideration
(interest you have in the transaction)
Capacity
Form
(if the law requires it)
Writing
Legal