IBT 10: Contract Practice
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31 Terms
why should contracts be drafted comprehensively?
for clarity and predictability in disputes
common law contracts ?
long, detailed
civil law contracts?
shorter, relies on law
what trend exists today in contract drafting?
harmonization of drafting styles
what are core elements of an international contract?
parties, definitions, substantive provisions
what is the purpose of the preamble?
explain background and intentions (not legally binding)
what is the role of definitions?
clarify terms and avoid ambiguity
what must a sales contract include?
goods and price
what happens if delivery terms are not specified?
applicable law (eg CISG) governs
what is a breach of contract?
failure to perform obligations
what are the consequences of breach?
damages, repair or replacement, termination
what is force majeure?
unforeseeable, uncontrollable event preventing performance
what is the effect of force majeure?
suspension of obligations
what is contract term?
duration of the contract
when can termination occur immediately?
in case of serious breach
can parties avoid taxes by contract?
no
why include tax clauses?
clarify obligations and manage risks
when does confidentiality apply?
during and after the contract
what is a non-compete clause?
restriction on competing activities
why must applicable law be defined?
avoid uncertainty
what happens if no law is chosen?
conflict of law rules apply
why is contract language important?
avoid interpretation conflicts
what is an “authentic language”?
the binding version of the contract
what is signing?
formal agreement of parties
what is closing?
fulfillment of all conditions for effectiveness
What is the purpose of a preamble?
explain background, describe intentions, outline deal structure
What is the role of definitions in a contract?
clarify terms, avoid ambiguity, simplify drafting
What happens if delivery terms are not specified?
applicable law governs, CISG may apply, default rules fill gaps
What characterizes force majeure?
unforeseeable event, uncontrollable situation, prevents performance
What is the purpose of tax clauses?
clarify obligations, address changes, manage risks
What is the difference between signing and closing?
signing = agreement, closing = fulfillment of conditions