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

Search of Regulation Material Links to Finnish legislation translations : http://www.finlex.fi/en/laki/kaannokset/haku/?search%5Btype%5D=pika&search%5Bpika%5D=Act+on+Investment+Firms&submit=Search The Finnish Sale of Goods Act: http://www.finlex.fi/en/laki/kaannokset/1987/en19870355.pdf The Finnish Contracts Act: http://www.finlex.fi/fi/laki/kaannokset/1929/en19290228.pdf CISG: http://www.cisg.law.pace.edu/cisg/text/treaty.html Unidroit Principles: http://www.unidroit.org/english/principles/contracts/principles2010/integralversionprinciples2010-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

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: McKendrick, Ewan : Contract Law (9th 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

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

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