International Business Law Essay examples

3044 Words Oct 8th, 2010 13 Pages
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INTERNATIONAL BUSINESS LAW
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BUSA 391 – SUMMER 2010

Prepared For: Professor Leslie Beck
By: Gabriela Popescu
ID: 260224311
June 17, 2010. Six months ago, Antiques R Us (a Canadian corporation) entered into a contract with Yankee Antiques (an American company) to purchase “a desk used by George Washington himself after his retirement from the Presidency”. The sum of $500,000 was to be paid to Yankee Antiques after 30 days of
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4. Under Article 39(1)(2) of CISG, the buyer loses his right to fight against non-conformity of goods if he does not give notice to the seller specifying the nature of the lack of conformity within a reasonable time, or at the latest within a period of 2 years.

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SCENARIO 1 – Proof of Authenticity is Given
If authenticity is proven, Yankee Antiques have fulfilled their contractual obligations; Antiques R Us would therefore be obliged to comply with the agreed terms and provide payment within 30 days of the delivery of the desk. From a legal perspective, Antiques R Us cannot terminate the contract unilaterally and consequently has no recourse but to reach an agreement with Yankee Antiques to modify the terms of the contract.
In honouring the relationship with Yankee Antiques and the full disclosure principle, it is crucial at this point to respectfully send a formal apology and thank you letter. The main purpose of the apology letter is to ease any possible apprehension Yankee Antiques may have as to why there was doubt cast against them, and to prove that they are still a valued supplier. By providing a full explanation and apology it is also more likely the supplier will be willing to allow Antiques R Us a “grace period” and agree to extend the terms of payment.
Extending the Terms of Payment
As stated earlier, Antiques R

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