APPLIES TO ACADEMIC YEAR 2013/2014

EXC 2121 International Commercial Law

Responsible for the course
Cathrine Bjune

Department
Department of Accounting - Auditing and Law

Term
According to study plan

ECTS Credits
7,5

Language of instruction
English

Introduction
The course aims at providing an understanding of the legal framework that governs international business transactions. It aims to give the students a thorough introduction to the various legal systems, legal terminology and the body of law that governs business and commercial transactions. The course covers general contract law and mechanisms for entering into and interpreting international contracts. Standard contracts and their use will be covered, as well as standard trade terms, commonly used documents and their use(such as a B/L, a Letter of Credit and cargo insurance. The students will learn the importance of determining jurisdiction and applicable law when entering into contracts, or when a dispute has occurred. Methods of dispute resolution, such as court process, mediation and arbitration will be covered. The course covers specific regulations such as CISG (Convention for the International Sale and Purchase of Goods), INCOTERMS, documentary credits and their use.

Learning outcome
Acquired knowledge
On completion of this course, the student should be able to:

• Identify sources of law and regulations applicable to international business transaction, such as national laws, international conventions, trade terms and commercial practices.
• The students will be able to identify, understand and apply common legal terms and expressions, and to choose between different dispute resolution methods.
• The students will have a good overview of international sales and purchse law
• The students should be able to enter into legally binding business contracts and ti identify potential pitfalls and areas to be considered.
• The students will have a good overall understanding of the legal challenges in international business and standard contracts used for international sale and purchases.
• The students will gain practical knowledge about the law as it relates to international business.
• The students will be able to interpret contracts and find and apply relevant clauses and rules
• Dispute resolution and claims enforcment will also be an acquired skill.

• Find and apply relevant sources of law for international contracts
• Distinguish between civil law and common law practices in a commercial setting
• Evaluate the extent to which the parties may have to apply the law or if they can derogate from it in their contracts.
• Understand the mechanisms of choice of forum and choice of law, enabling them to identify the law applicable to the contract and to choose the method of dispute resolution.
• Be able to enter into basic commercial contracts and to understand and interpret relevant clauses.
• Understand and apply international sale and purchase contracts and associated contracts such as Incoterms and letters of credit.
• Be able to apply and use CISG - the Convention on International Sale of Goods.
• Acquire adequate tools in order to handle legal challenges arising out of international business transactions, and methods for avoiding conflicts and dispute resolution.

• Different legal systems and terminology
• Mandatory laws vs. non-mandatory and contract law
• International conventions and their use
• Conclusion of contracts and standard terms in international contracts
• Methods for interpretation of international contracts
• International sale and purchase - CISG (the international sale of goods act)
• Terms of delivery – INCOTERMS
• Payments and transfer of risk
• Letters of credit and standard documents used in international trade
• Case work