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Universally, it remains unknown which clauses used in international sales contracts are seen by the business sector as crucial for reducing perceived risks. It is also unknown whether there is a relationship between companies' attitudes toward risks and the number of clauses they consider essential in international sales contracts for this purpose. The paper surveys how Czech companies assess the importance of selected clauses in an international sales contract when trying to reduce the risks they perceive. The primary purpose is to learn whether there is a concordance with the available literature on the number of clauses considered important, key, or necessary for reducing risks. Companies were offered nine clauses commonly used in international sales contracts and were asked to rate them according to their importance for reducing risks. Furthermore, possible relationships between companies' attitudes toward risk and the number of clauses these companies perceive as important from the point of view of their risk attitude were investigated. Whereas the existing literature provides different numbers of key clauses a sales contract shall include to make such a contract safe enough from the perspective of the perceived risks, the 114 surveyed Czech companies mostly gave the highest level of importance to four of the nine assessed clauses only. These clauses are the identification of parties, price setting, the object of sale and payment terms. There is an indication that companies with an aggressive attitude toward risks could consider fewer clauses as important. The study suggests that the number of clauses that are formulated with enough care for the sake of risk reduction is lower than the numbers proposed by the existing sources. The authors contradict extant academic business literature and expert texts on the issue in question by launching the first survey among companies ever. This paper is a significantly modified and extended version of a text presented at the 48th EIBA Annual Conference – Oslo, in December 2022. [ABSTRACT FROM AUTHOR]

The aim of the research is to analyze the breach of international sales contract based on suspicion on non-conformity of the goods in regards to United Nations Convention on Contracts for the International Sale of Goods (CISG). This study is normative legal research. The types of approach used are the legislative approach, case approach, and conceptual approach. The analysis technique uses syllogistic methods through deductive thinking patterns. The result of the study indicates that the appropriate reason of suspicion of non-conformity of the goods under Article 35 of the CISG is the effect of suspicion on the usability of the goods rather than the existence of suspicion itself. It is required the most influence factor in having adverse effect on the function of the goods to be categorized as non-conformity of the goods in regards to a breach of contract. Suspicion could be removed by ensuring that the goods are functional. Finally, the burden of proof towards the suspicion on the non-conformity of the goods could be liable by the parties, especially the seller. [ABSTRACT FROM AUTHOR]

This paper examines the concept of the fundamental breach of contract and its application within the contract laws of Bosnia and Herzegovina, Croatia, Montenegro, North Macedonia, and Serbia, with a particular focus on sales contracts. It highlights the role of the United Nations Convention on Contracts for the International Sale of Goods (CISG) as a foundational framework for understanding fundamental breaches and their implications for international trade. While regional legislation does not explicitly reference the term "fundamental breach," this study demonstrates how the concept is implicitly recognized and addressed within national laws governing obligations. A comparative analysis of these legal systems reveals both similarities and divergences in the treatment of breaches, shedding light on shared practices and region-specific variations. Notably, although regional laws stress the importance of timely notification and define conditions for contract termination, they lack precise criteria for identifying fundamental breaches. This paper advocates for amendments to national civil codes to incorporate clearer definitions, aligning domestic legislation with international standards. Such reforms could enhance legal harmonization, strengthen adherence to modern international trade practices, and facilitate the integration of Southeast European countries into the global market.

Imagine this: You have signed on the dotted line to purchase a home for $500,000. You have put down an earnest money deposit of $25,000. Right before closing, you find out that your bank will not provide the financing you thought you had secured. You can no longer afford to purchase your dream home. You are coming to grips with the reality that you are going to lose $25,000, which comprises the bulk of your life savings. Then you hear from the seller, telling you that they are going to come after you for $100,000 in "actual damages"--the amount the house depreciated between the time you signed the purchase and sale agreement and the time you breached the contract. How is this possible? It is bad enough that you are going to lose $25,000. How can you be on the hook for even more? It is because of a little-known clause in your purchase and sale agreement that provides the seller with the option of retaining the deposit as liquidated damages or suing for actual damages instead. These clauses have a variety of names: election clauses, election of remedies clauses, optional liquidated damages clauses, or cake-and-eat-it-too clauses. A surprising number of courts are prepared to give effect to these clauses, reasoning that they represent the parties' intent, and that freedom of contract demands that they be enforced. This Article argues that courts are getting it wrong: liquidated damages clauses cannot be reconciled with election clauses. No amount of freedom of contract logic can get around the fact that the two clauses are legally incompatible. This Article examines the two different contexts in which liquidated damages clauses and election clauses intersect. First, a buyer may seek a return of his earnest money deposit, arguing that the presence of an election clause renders the liquidated damages a penalty. Second, a buyer may seek to foreclose a seller from pursuing actual damages under an election clause, reasoning that such a clause is fundamentally at odds with a liquidated damages clause. In the first scenario, the buyer seeks to invalidate the liquidated damages clause; in the second, he seeks to invalidate the election clause. This Article encourages courts to prohibit liquidated damages clauses and election clauses from coexisting in contracts. A seller who attempts to have his cake and eat it too should be relegated to the lesser of the two amounts. [ABSTRACT FROM AUTHOR]

Background: With sustainable bioenergy in the European energy mix, intermediate bioenergy carriers (IBC) become of growing importance, as they can ensure a more efficient utilisation of biomass feedstocks from agricultural and forest residues. A high potential for market uptake is foreseen for fast pyrolysis bio-oil (FPBO), one of several IBCs. While facing the chicken and egg problem in market entry, the aim of this study was the development of adequate strategies to support market implementation. The case study findings and methodological approach can provide policymakers, industry, and a broader audience with a vision for addressing similar challenges in market adoption of innovations in the bioeconomy and beyond. Therefore, we tested a new PESTEL + I approach and its practical applicability to an IBC value chain. Results: With an adopted PESTEL method, we analysed a promising value chain in which FPBO is produced from sawdust in Sweden and Finland, transported to the Netherlands and upgraded and marketed as a marine biofuel. Our results show that the market uptake of IBCs such as FPBO and subsequently produced biofuels is above all driven by the European Renewable Energy Directive II (RED II). In Annex IX Part A, sawdust is listed as a feedstock for advanced biofuels, which can be double counted towards the 14% renewable energy share goal in the transport sector in 2030. To support the use of advanced biofuels in the maritime and aviation sector, the proposal for revision of RED II 2021 contains a new multiplier (1.2x) for fuels delivered to these sectors, while all other multipliers are deleted. These legal European obligations and implementation into national law of member states create strong incentives for many downstream market actors to use advanced biofuel. However, technological challenges for FPBO use still hamper fast market introduction. Conclusions: Overcoming technology challenges and the creation of long-term validity of guidelines and regulatory framework will create stable market conditions, investment security and finally stimulate long-term offtake agreements between feedstock providers, technology developers and downstream customers. The approach and findings can provide a vision to overcome similar challenges in other bioeconomy innovations' market uptake and beyond. [ABSTRACT FROM AUTHOR]

Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Ciencia y Tecnología Agropecuaria is the property of Agrosavia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The author underlines the importance of linguistic competencies and of encyclopedic knowledge for the translation of Common Law sales contracts. Based on the principles of the Interpretive Theory of Translation and emphasizing its relevance and originality in the field of Translation Studies, the paper states that translation is a cognitive act, whose success depends on specific mechanisms implemented by the translator. Translating means interpreting the original meaning and constantly resorting to the cognitive context and baggage, as illustrated in the applicative section of the paper.

Non-fungible tokens ("NFTs") have ushered in a novel era of creative expression and ownership, but with their introduction comes an array of unprecedented legal issues. Neither traditional copyright nor property law conforms to NFT creator or purchaser expectations, and these conflicting expectations hamper the efficiency of NFT sales. Authors of original works may be unprotected from purchasers subsequently minting NFTs from those original works, and NFT purchasers will often be without remedy should an NFT creator mint multiple, substantially similar NFTs from the same underlying asset. NFT purchasers face an additional information hurdle that hampers their ability to negotiate efficiently. Namely, contrary to most mainstream media coverage, NFT ownership does not correlate to a proprietary interest in the NFT's underlying asset. Smart contracts are often touted as the preeminent solution to this efficiency quandary, but they do little to lower the transaction costs associated with the information asymmetry between NFT creator and purchaser. Further, while smart contracts are an efficient mechanism to implement the NFT's terms of sale, they are ill-equipped to equalize an unbalanced negotiating process. An NFT Creative Commons parallel ("NFT CC") is the solution to these issues. With an NFT CC, creators would be able to affix established NFT CC licenses to their NFTs, pre-sale. These licenses would define, and readily convey, the NFT creator's and purchaser's legal rights in the NFT and its underlying asset and would allow for a more informed and efficient negotiating process. The licenses could range from full copyright transfer, to no copyright transfer, to more moderate "reciprocal ongoing licensing transfers" ("ROLTs"), which would enable NFT creators and purchasers to share ongoing copyright interests in the NFT. The NFT CC licenses' transparency would fundamentally lower NFT transaction costs by remedying the negotiating parties' information asymmetry. Injecting clarity and predictability into NFT transactions would not only augment the NFT market but would also protect NFTs' viability as an emerging asset class worthy of investment in the long term. [ABSTRACT FROM AUTHOR]

The article provides update on developments on Article 2 of the Uniform Commercial Code (UCC) on sales of goods and contracts for the future sales of goods. Topics discussed are statute of frauds, contract formation, modification and waiver, contract or contract clause that is unconscionable, warranties including privity of contract, title to goods, creditors and good faith, performance and breach of contract, sellers's and buyer's remedies, and statute of limitations for breach of contract.

The article discusses the Uniform Commercial Code (UCC) survey of cases on transactions on sales of goods. In TreeHouse Foods Inc. v. SunOpta Grains & Foods Inc, the court found that sales contracts satisfied the statute of frauds. In Revere Plastic Systems LLC v. Plastic Plate LLC, the court allowed Plastic Plate to change pricing and payment terms. In Steves & Sons Inc. v. JELD-WEN Inc, the court concluded that the parties' agreement excluded modification of contract terms and conditions.

The sales contract entails reciprocal and interrelated obligations on the shoulders of both the seller and the buyer, because it is a binding contract for both sides, as the corresponding obligations entail, that the breach of one of the contracting parties gives the other the right to abstain upon the execution of his obligation. The other party also has the right to demand the obligation of the breaching contractor to execute forcibly what he committed. The Iraqi Law has organized the provisions of the guarantees which protects the seller against the buyer's breaching the execution of his obligation arising from the sale contract. When these guarantees are effective, their effectiveness needs to be probed. Therefore, the aim of this study was to deal with these guarantees and explain their effectiveness in achieving the best protection for the seller in the price fulfillment. This results in an unjustified repetition of these provisions. With the multiplicity of the legal guarantees that are granted by the Law to the seller in order to fulfill the price due to be paid, this study found that the effectiveness of these guarantees may narrow or expand according to the circumstances. [ABSTRACT FROM AUTHOR]

Copyright of Zbornik Radova Pravnog Fakulteta u Nisu is the property of Law Faculty in Nis and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Historical science today increasingly emphasize the role of the individual in the sphere of economic relations, especially the work of large industrialists and traders, their role in establishing links with various agents of foreign capital and in importing technical innovations and modern practices on the markets in which they were active. Unfortunately, the emphasis on the elite excludes a clear vision by the researcher of the mechanism of functioning of entrepreneurship at the lower level, of practices and techniques that give an idea of the peculiarities of the system of capitalist relations at the local and regional levels. In the present study we aim to examine these issues from the perspective of the guild merchants’ agents, who were at the bottom of the entrepreneurship pyramid. Based on the analysis of unpublished and published sources, of historical literature on economic relations in the Russian Empire during the 19th century, we came to the conclusion that in Bessarabia not only agents of local merchants, but also from other provinces acted. By the mid-1840s, commercial agents became the main commercial actors responsible for the bulk of commercial transactions, such as direct purchase of goods from various Bessarabian producers, as well as from fairs and markets, and even for the signing of contracts and agreements on behalf of guilds merchants. Their activities are reflected in the records of city dumas and magistrates, of the customs bodies of Bessarabia, in legal proceedings on various commercial matters, etc.

The article discusses the Uniform Commercial Code Survey that highlights the most important developments of 2019 dealing with U.S. and international sales of goods. Topics covered include descriptions of judicial decisions highlighted in the survey, along with the legislative progress in this area, a survey of cases under the United Nations Convention on International Sales of Goods (CISG), and the application of Article 2 to present sales of goods and to contracts for the future sale of goods.

There is a paucity of research on Incoterms®. The article reviews the evolution of Incoterms®, the current state of research and use of Incoterms®, and sets the foundation for future research. Incoterms® are the globally accepted terms in a contract of sale that define the obligations, costs, and risks, that the buyers' and sellers' organizations must undertake. The authors classify currently published research into four categories: Incoterms® focused on a country; the comparison between the different versions of Incoterms®; Incoterms® in trade and legal issues; and understanding of Incoterms®. There is no depth of research published on the use of Incoterms® in trade agreements between buyer and sellers, in the implications for the supply chains of both buyer and seller, on the choice of the Incoterm®, nor in the conflict with other legal systems and commercial codes. Further, there is substantial confusion in the industry about Incoterms® and when and how to apply them in practice. [ABSTRACT FROM AUTHOR]

Copyright of Problems of Economy is the property of Research Centre for Industrial Developmen Problems of Nas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article presents several cases to discuss issues involving the United Nations Convention on Contracts for the International Sale of Goods (CISG), particularly on the collection of accounts, jurisdiction, as well as the rights and obligations of sellers and buyers under sales contracts. Also cited are a comparison of CISG and New York law, and some case examples like "Mado Holdings, LLC v. Wu.'

In the context of changing market conditions and high competition, management is obliged to constantly look for new ways to improve the enterprise financial condition. The purpose of the article is to substantiate the theoretical basis for improving the enterprise financial condition in modern economic environment. The essence of the financial condition, as the most important characteristic of business activity, solvency and reliability of the enterprise was disclosed. It was determined that improving the enterprise financial condition is possible due to professional management of cash flows through the implementation of measures for the optimal receipt and expenditure of net cash. The key tasks were identified, the solution of which will allow effectively managing the working capital of the enterprise and maximizing profits at an acceptable level of commercial risk and liquidity. The receivables management tasks were systematized, the implementation of which will allow: accelerating customer payments, implementing an effective sales and market promotion policy, as well as reducing customer debts for which payments are dubious or certainly will not be received. The expediency of developing a system of contracts of sale with flexible terms and forms of payment to maximize the flow of funds to the enterprise was proved. The ways of reducing borrowed funds due to better disposal of working capital and ensuring internal financing at the enterprise were justified. It was determined that the enterprise should set as its goal the development and implementation of its own competitive strategy, conduct diagnostics of the competitive environment and monitor the dynamics of the economic situation. The arguments presented in the article form the theoretical basis for improving the enterprise financial condition, which can be used to develop a strategy for managing the enterprise financial stability. [ABSTRACT FROM AUTHOR]

Article 79 of the CISG exempts a party from liability for damages caused by an impediment beyond the party's control. Article 79(1) specifies the requirements for the exemption and states that the existence of an impediment is prerequisite for the exemption. However, Article 79 does not define "impediment", nor do any other relevant articles. Although a change of circumstances has been frequently claimed to warrant an exemption, no provision of the CISG clearly states whether a change of circumstances can constitute an impediment to warrant an exemption. Although the exemption under Article 79 is confined to liability for damages, Article 79 is one of the most challenging provisions of the CISG in that it limits the absolute liability doctrine at common law. This paper considers what constitutes an impediment and whether a change of circumstances can constitute an impediment that will warrant an exemption. [ABSTRACT FROM AUTHOR]

This article focuses on certain market imperfections that explain why firms extend trade credit and how they establish the terms of sale. The authors begin with an explanation of the selling firm's motives for offering trade credit and analysis of a pure financial incentive for trade credit, one of which is operational. Changes in operations are costly to everyone so they may not be the best means of response to transitory changes in demand. They also show that a borrowing rate of interest is a financial incentive.

Recent interest in consumer protection has focused on the fraudulent or unethical practices of some direct sellers. This paper examines one legislative response to these practices, that of "cooling off" laws, and their effectiveness in protecting consumers particularly those with low incomes. [ABSTRACT FROM AUTHOR]

Will "truth-in-packaging" lead to "truth-in-advertising"? Will "full disclosure" blossom without legislative nourishment? Are demands for consumer protection a political sham? The author discusses the trend of present consumer protection efforts and takes a controversial position. [ABSTRACT FROM AUTHOR]

The article presents a discussion of the terms of sale and its role within the marketplace. Examples of the terms of sale include pricing, packaging, return of goods terms, quantity schedules, taxes, delivery and terms of payment. According to the author, the Office of Price Administration's price regulations played a role in stiffening the terms of sale from the sellers' standpoint. The changing relations between buyers and sellers during the current period is analyzed. Sellers are noted for becoming more demanding and less accomodating to buyers' preferences. The impact of World War II on U.S. production levels, consumption and demand is described.

The article offers information on various topics including the metrics used by non-profit organization Innovation Research Interchange (IRI) for innovation process, the vitality index, and the product sales agreement, and the research and development (R & D) investment decision. Also mentioned are the assessment of business performance and the role of technological innovations in business.

The paper focuses on payment terms companies opt for when trading on international markets. More specifically, it analyses the use of different payment instruments that were dealt with among companies based in the Czech Republic in a five-year period (2012-2016). In total, five payment instruments were included in the survey: bill of exchange (B/E), documents against payment (D/P), documents against acceptance (D/A), letter of credit (L/C), and bank payment obligation (BPO). The goal of the research was to discover to which extent and for which main motives these five selected payment instruments, used nowadays in international business environment, were introduced by companies into their international sales contracts. The main finding of the investigation is that most companies from the survey did not prefer to use any of the five proposed payment instruments, as they used others that can be considered as easier to handle. [ABSTRACT FROM AUTHOR]