International Commercial Law Review Flashcards

Vocabulary practice flashcards generated from lecture transcript notes covering International Commercial Law concepts, principles, international organizations, Incoterms, and legal system classifications.

Judge

Public official who issues a judgment.

Arbitrator

Private person appointed by parties who issues an award.

International Commercial Law (ICL)

Law that governs private commercial relationships across borders and regulates the content of cross-border transactions, focusing on companies, entrepreneurs, and traders.

Hard Law

Binding treaties such as CSIG and the New York Convention.

Soft Law

Not-binding but influential legal instruments, such as UNIDROIT and Incoterms.

Lex Mercatoria

Merchants customs and practices recognized in arbitration.

International Private Law

Rules that decide which country's law applies, which court has jurisdiction, and the recognition of judgements.

Freedom of Contract

Principle of ICL where parties decide everything in the agreement.

Freedom of Form

Principle of ICL specifying that no strict form is required for contracts.

Good Faith

Principle of ICL emphasizing honesty, cooperation, and no abuse.

Primacy of Imperative Rules

Principle of ICL stating that some rules cannot be waived.

Pacta Sunt Servanda

Principle stating that agreements must be kept.

UNCITRAL

United Nations Commission on International Trade Law; a UN body structured with a Commission, Working groups, and Secretariat that harmonizes international commercial law.

CISG (Vienna Convention)

Flagship convention governing the International Sell of Goods, adopted by 97 countries (2/3 of global trade), which excludes consumer sells and services.

UNIDROIT

International Institute for the Unification of Private Law; an independent organization based in Rome that produces soft law instruments providing flexible rules for contract interpretation, performance, and remedies.

International Chamber of Commerce (ICC)

Private transnational organization that produces standards which become binding when adopted, famous for Incoterms, ICC Arbitration rules, and UPC 600.

UPC 600

ICC standards governing Letters of credit in banking.

EXW (Ex Works)

Incoterm where the seller has the minimal responsibility and just makes the goods available.

DDP (Deliver Duty Paid)

Incoterm where the seller carries maximum responsibility and does everything through to destination.

CIF and CIP

Incoterms (Cost, Insurance, freight and Carriage and Insurance) that explicitly include insurance coverage by the seller.

Civil / Continental Law

Legal system based on written codes where judges apply law rather than create it, predominant in Europe and Latin America.

Common Law

Legal system based on cases where judges create rules through decisions, predominant in the US, UK, and Canada.

Public Law

Body of law that organizes the State and relationships between countries.

Private Law

Body of law regulating relationships between private people or companies.

Commercial Law

Special rules for business that are fast, flexible, and shaped by globalization and merchant custom.