Flashcards in #TheLegalFramework Deck (20):
Main characteristics of Continental Law?
- Consistency and uniformity of enforcement
- Nationally accepted
Main differences between Anglo-America and Continental Law?
Conti: fully codified
Anglo: relies on cases and precedents
What is Entire Agreement?
Final written version of the contract replaces all previous agreement
Principles of an enforceable contract?
- Parties chieve a "meeting of mind"
- Parties are capable of entering a contract
- The purpose of a contract is legal
What does applicable law govern?
Questions concerning the validity, interpretation and performance of the contract
What are the ways to solve disputes?
- Conciliation: An amicable settlement
- Arbitration: a panel of arbitrators solves the disputes
- Litigation: settlement by court
What is termination?
one side may have the right under the contract to end contract
2 types of termination?
Termination for convenience
Termination for default
What are advantages of using a panel of arbitrators?
Cost are predictable
Decision is business - oriented
What is a panel of arbitrators?
each party appoints one the two parties appoint the third arbitrator
What may create no - contract situations?
Duress, fraud and mistakes
Why do parties agree on a definite language contract?
To have a clarity when a contract is translated
What does the arbitration clause specify?
- The rules of arbitration
- The place and the language of arbitration
- Number of arbitrators
When a contract does not specify an applicable law, what can decide the law to apply?
the rules of international private law
How does a contract come about?
through the process of offer and acceptance
What is Rescission?
The parties may agree to end their contractual relationship
What is cancellation?
If one party breach the contract, the other has the right to demand cancellation of the contract
What is discharge by performance?
Both parties perform their duties exactly according to the contract and the last duty is fully performed.
What is "Whereas Recital"? Why neccessary?
- Background of the Contract
- When dispute arises, judges mus t ask some background question