1. First semester Lecture #5 Chapter TWO:International Sales … continued
College of Law, Al-Mustansiriyah U. Fourth Year Course in Mercantile Contracts
First semester
Lecture #5
Chapter TWO:International Sales … continued

2. The basis on which incoterms were founded
We explicate the basis on which they were founded. This includes: 1- common practices, 2- considerations for minimum liabilities as well as 3- minimum references.

3. Incoterms in the Iraqi law
The book covers a number of incoterms in the Iraqi law and explains the obligations on both parties: seller and buyer. Some of these include:
Ex Work
FOR/FOT
FOB
Generally, for the incoterms discussed, the organization goes from minimum obligations to maxim obligations for the seller.

4. Term, word and phrase meaning
Grounded,
fair,
reasonable,
common,
adopted,
major,
liabilities,
references,
customs,
port,
minimum,
avoid.