Restitution

Restitution in International Trade

Meaning of Restitution, according to the Dictionary of International Trade (Global Negotiator): In law, remedy for a breach of contract by which the parties are restored to their original positions before the contract was made or the breach occurred. Damages are distinguished from restitution in that damages compensate for a party who has suffered a loss. If a buyer for example, partially pays for merchandise in advance and the seller delivers merchandise that fails to meet the buyer's specifications, the buyer may file a legal action seeking restitution, that is, a return of the advance payment to the buyer may accept the goods and may sue for damages in the amount by which the worth of the goods is less than the original contract price.

Restitution

Embracing mainstream international law, this section on restitution explores the context, history and effect of the area of the law covered here.

Meaning of Restitution

Here is a very short concept of restitution in the European Union framework: An agricultural export subsidy, allowing high-cost EU farmers to sell their produce at world prices.

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Notas y References

See Also

Resources

Further Reading

• The entry “restitution” in the Parry and Grant Encyclopaedic Dictionary of International Law (currently, the Encyclopaedic Dictionary of International Law, 2009), Oxford University Press