• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.30
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• pp.59-88
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• 2006

After sources of risks are identical and measured, a decision can be made as to how the risk should be handled. A pure risk that is not identical does not disappear ; the business merely loses the opportunity to consciously decide on the best technique for dealing with that risk. The process used to systematically manage risk exposures is known as risk management. Risk management is the logical process used by business firms and individuals to deal with their exposures to loss. It is a strategy of preloss planning for postloss resources. Besides, in the enterprise judiciary researches the textbook and the instance which relate risks, and reflects it to the written contract provision and various every manuel or holds seminar. It is a risk management which this talks generally. Here it stands but it becomes a problem the quality of type and countermeasure of risks. The purpose of this paper aims to explain adequate preventions to positively predict the risk this before being materialized, in practical section which is directly exposed to these risks in introducing international sale contracts(for example, the FOB and CIF contract) and the active management method of the risk which accompanys to the execution. And also analyzes the Lite-On case which relates with an international sale contracts.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.66
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• pp.95-118
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• 2015

This study examines the Buyer's Remedies in respect of Defects in Title under SGA. As SGA divides contractual terms into a condition and a warranty, its effects regarding a breach of a condition or a warranty are different. Where a stipulation in a contract of sale is a condition, its breach may give rise to a right to treat the contract as repudiated and to claim damages. Where there is a breach of a warranty in a contract of sale, the aggrieved party may have a right to claim damages. Regarding a breach of a condition under SGA s 12(1), although the buyer may have his right to terminate the contract, he may lose that right when he accept or is deemed to have accept the goods by intimating his acceptance to the seller, acting inconsistently with the ownership of the seller, or retaining the goods beyond a reasonable time without rejecting them. Furthermore, the buyer may claim the estimated loss directly and naturally resulting from seller's breach. SGA contains the principle of full compensation and so the suffered loss and the loss of profit are compensable. As to specific performance under SGA, the court has been empowered to make an order of specific performance to deliver the goods in conformity with the terms of the contract and so it is not a buyer's right. This order should be made only where the goods to be delivered are specific or ascertained goods and the court must think fit to grant the order. However, among these remedies, the buyer cannot have the right to terminate the contract where there is a breach of warranty by the seller under SGA s 12(2).

• Journal of Arbitration Studies
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• v.27 no.4
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• pp.91-113
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• 2017

UN Convention on International Sale of Goods (CISG) and International Commercial Arbitration aim at the promotion and facilitation of international trade. Both of them share similar general principles; i.e., party autonomy and pacta sunt servanda. Also they are often applied concurrently in the case of the international commercial trade. The purpose of this article is to investigate whether the CISG could apply the formation of the arbitration clause that is included in the main contract governed by CISG. Sellers and buyers have freedom of designating choice of law that is applied to their contracts. An international arbitration agreement is presumed to be separable from the contract in which it is found. However, arbitration clauses commonly form part of a general contract. Thus, the CISG is intended to be applied to dispute resolution clauses, including arbitration clause even if it is not completely suitable. Notably, there is a fundamental distinction between the CISG and arbitration. The CISG abolished the formalities of contract. New York convention requires Contracting States' Courts to enforce written international agreements to arbitrate.

• International Commerce and Information Review
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• v.19 no.3
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• pp.215-235
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• 2017

The United Nations Convention on Contract for the International Sale of Goods(CISG) is legislated for unified of international sale of goods, but does not cover all concerns related to that. Arilce 4 provides the exclusions of CISG. These exclusions might be govern by a domestic law. This paper analyses what are excluding under CISG Article 4, and then provides the Korean and Chinese domestic regulations related to them. At first, whether some issues are excluding based on the interpretation of CISG Article 4 depends on the agreement of parties concerned. An issue that a national law applies even might be invalid if it does not follow the general principles of CISG. In Conclusion, CISG does not cover the validity of the contract and the property in the goods sold under CISG Article 4. a company who trades with Chines company should understand the differences of both countries' regulations about the validity of the contract and the effect of property transfer and be careful to decide a govern law to avoid unnecessary disputes about these issues even though their contract is govern by CISG.

• Korea Trade Review
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• v.41 no.4
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• pp.21-40
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• 2016

This study mainly deals with a recent case held as to the formation of contract under the United Nations Convention on International Sale of Goods(CISG). In order to analyse the fact of the case and the justification of its holdings, it examines the rules on the formation of contract under the CISG, focusing on the requirements of offer and acceptance, the time when such offer and acceptance become effective, the issues on the battle of forms. In addition to these, it particularly investigates the rules on a delayed acceptance under the CISG. After looking into those rules, it criticizes the holdings and provides legal and practical advice to contracting parties who intend to conclude a contract under the CISG as a governing law. It finds that whose e-mail in the case amounts to an offer and an acceptance is depended upon the interpretation of intention of the parties expressed in their statement. According to such interpretation, even if a purchase order is requested by the seller for the formation of contract, a contract may be concluded by a simple statement which commits the buyer himself to purchase the seller's goods. This is particularly the case where such request is made only to clarify the buyer's intention to purchase them.

• Journal of Convergence for Information Technology
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• v.11 no.2
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• pp.31-40
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• 2021

Blockchain technology is also actively studied in the real estate transaction field, and real estate transactions have various ways. In this paper, we propose a model that simplifies the authentication procedure of auction systems using Ethereum's Ether to solve the problem of offline court auctions. The proposed model is written in Ethereum's Solidity language, the court registers the sale date and the sale date with the DApp browser, and the bidder accesses the address of the individual's wallet created through Metamask's private key. The bidder then selects the desired sale and enters the bid price amount to participate in the auction. The bidder's record of the highest bid price for the sale he wants is written on the Ethereum test network as a smart contract. and creates a block. Finally, smart contracts written on the network are distributed by the court auction manager to all nodes in the blockchain network, and each node in the blockchain network can be viewed and contract verified. As a result of analyzing the smart contracts of the proposed model and the performance of the system, there are fees incurred due to the creation and use of Ether on platforms using Ethereum, and participation. Ether's changes in value affect the price of the sale, resulting in inconsistent fees in smart contracts each time. However, in future work, we issue our own tokens to solve the market volatility problem and commission problem with the value change of Ether, and refine complex court auction systems.

• Korea Trade Review
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• v.43 no.4
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• pp.27-50
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• 2018

This study focuses on the judgement of Seoul High Court' regarding the formation and performance of contracts applying the CISG. The purpose of this study is to provide legal understanding to contracting parties involved in contract for the international sale of goods that can be considered in raising the understanding of the CISG within the scope of the subject. This study aimed at the legal validity of judgments, the defects in reason for judgments and legal standards that could be established. The main contribution of this study is summarizing the facts of judgments and arguments of the parties and furthermore, in accordance with the order, the judgment order of the court and the decision criteria of the application law, the CISG articles comment and interpretation on the formation of the contract, legal bases of fundamental breach of contract, termination of contract, concurrent fulfillment and other supplementary matters and so on.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.23
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• pp.93-127
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• 2004

A contract is made when both parties have reached agreement, or they are deemed to have. After contract the law recognizes rights and obligations arising from the agreement. In order to discover whether agreement was reached between these two parties, we have to analyse the process of negotiation. Recently The People's Republic of China legislated a New Contract Law, which has come into effect since 1st of October 1999. This Law adapts the rules of United Nations(Vienna) Convention on Contracts for the International Sale of Goods and the Unidroit Principles for International Commercial Contracts. And this law is now widely enforced to commercial transactions between individuals, enterprises or other economic organizations of the People's Republic of China and foreign enterprises. Therefore, the foreigner who wish to make a sales contract with Chinese should understand the rules of New Contract Law of China. According to this New Law only a contract which contain offer and acceptance is valid and binding, and it is also pointed out that terms of contact must be certain. Though an oral contract is usually equivalent to a written one, in a case of commercial transactions written contract with signature is desirable. The purpose of this paper is to analyze the new rules of this Law and the new features of their application to commercial transactions in China.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.13
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• pp.193-213
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• 2000

The CISG has been legislated for playing roles as uniform rules which govern international sale of goods. The job of getting unification of the diverse domestic legal systems required almost half century of work. In the process of making the Convention some rules resulted from compromises of nation's relevant interests. The Convention, however, promoted both the legal certainty and harmonization in international trade in that the uniform rules suggest the appropriate resolution to the legal problems in the course of concluding a contract as well as in remedies for breach of contract. This paper focuses systematically on the scope of applicability of the CISG. The Convention deals with contracts for the international sale of goods. However, it does not apply to all kinds of the international sale of goods. The CISG confines the sphere of applicability to a certain type of sales. First of all, the CISG is limited to those contracts having been concluded between a particular group of persons, which is called a personal aspect of applicability. Secondly, the CISG covers a specific category of sales, which is called a material aspect of applicability. Thirdly, the CISG are concluded within a particular period of time, which is called a temporal aspect of applicability. Lastly, the CISG is limited to contracts falling within a given territorial sphere, which is called a territorial aspect of applicability.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.9
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• pp.137-152
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• 1996