Introduction to Contract Contract, in law, an agreement that creates an obligation binding upon the parties thereto. The essentials of a contract are as follows: (1) mutual assent; (2) a legal consideration, which in most instances need not be pecuniary; (3) parties who have legal capacity […]


Summary of Carrier

A firm engaged in the business of transporting persons or goods for profit. Railroads, trucking companies, airlines, and steamship operators are examples of carriers. Carriers can be divided into three categories: the private carrier moves only its own goods or those of […]


A codification of terms used in foreign trade contracts. Local customs and usage imported variations in meaning for such common terms as F.A.S., C.I.F., et cetera, often resulting in disputes between buyer and seller as to the respective obligations of each. In 1936 the Paris-based […]


An arrangement in which an insurance underwriter contractually spreads its policy risks with other underwriters, sharing the premium with them. For example, an underwriter may issue a policy for fifty million dollars to cover the loss of a ship; being unwilling to assume the full risk of loss, […]


A commercial arrangement in which the buyer pays for his purchases, wholly or partly, with something other than money. Very often countertrade deals include some cash, but a significant portion of the transaction is settled with commodities or services. Countertrade has been employed heavily […]

Contract Administration

Literature Review on (Contracting) Labor Relations and Contract Administration In the Encyclopedia of Public Administration and Public Policy, [1] D.S. Chauhan offers the following summary about the topic of (Contracting) Labor Relations and Contract Administration: The impact of […]

Hague Conference on Private International Law

Hague Conference on Private International Law see Hague Conference on Private International Law Conventions With 72 Members (71 States and the European Union) representing all continents, the Hague Conference on Private International Law is a global inter-governmental organisation. A melting […]

Federal Law

Federal Law Explained in the United States of America (In the U.S. law) References See Also Contracts (in international or comparative law) Sources (in international or comparative law) Contract Law (in international or comparative law) Resources See Also Contracts Sources Contract Law


Literature Review on (Contracting) Constructive Change Proposals In the Encyclopedia of Public Administration and Public Policy, [1] Elisabeth Wright offers the following summary about the topic of (Contracting) Constructive Change Proposals: The theory of changes is unique to public […]

Act of God

Act of God, in law, any occurrence not caused by human intervention or negligence, such as lightning or floods. Because such events are beyond human control, ordinarily no person may be held legally responsible for the injuries and losses they may inflict. For example, a failure to deliver […]

Voluntary Abandonment

Description of Voluntary Abandonment In this reference work, voluntary abandonment is a sort of the Criminal law, Bankruptcy, Contracts, Insurance, Trademarks, Legal History, Copyright, Intellectual property category. Resources See Also Salvage Divorce Adoption Bankruptcy Insurance […]

Liquidated Damages

In the United States For information about Liquidated damages in the context of international trade, click here Liquidated Damages in International Trade Meaning of Liquidated Damages, according to the Dictionary of International Trade (Global Negotiator): A sum of money that a contracting […]

General Average

Summary of General Average

An ancient principle in international maritime law requiring a contribution by the vessel and cargo interests to pay for "extraordinary expenses and sacrifices"incurred in saving the vessel and its cargo. The term average derives from an Arabic word […]

Amazon eBook Contracts

Amazon eBook Contracts European Union antitrust investigation into the Amazon’s eBook Business The European Commission opened in 2015 a formal antitrust investigation into Amazon’s ebooks distribution agreements. At the heart of the Commission investigation were the clauses included in Amazon’s contracts with publishers, and the European Commission were concerned that publishers were forced to inform … Read more

Non-Conforming Delivery

Non-Conforming Delivery Vienna Convention on Contracts for the International Sale of Goods 1980: Special Cases Partial Delivery and Partial Non-Conforming Delivery Although Art. 52(2) entitles the buyer to refuse to take delivery of the excess quantity, it does not make clear whether the buyer has the right to refuse to take delivery where the seller … Read more

Withholding Performance

Withholding Performance Buyer’s Right to Withhold Performance of Contract under the UN Sales Convention Introduction Concept of the Right to Withhold Performance Withholding performance under the Convention, as in English law, means that the buyer is entitled to refuse to perform his obligation without being required or even being entitled to terminate [avoid] the contract. … Read more

Convention on Contracts for the International Sale of Goods Contracting States

United Nations Convention on Contracts for the International Sale of Goods (CISG) Contracting States At the United Nations Diplomatic Conference which adopted the Convention on Contracts for the International Sale of Goods, “62 states took part: 22 European and other developed Western states, 11 socialist, 11 South-American, 7 African and 11 Asian countries; in other … Read more

Monetary Damages

When Monetary Damages Are Inadequate: Main Elements The coverage of When Monetary Damages Are Inadequate includes the following element(s): Other Remedies for Breach of Contract For detailed information on this issue, please read the corresponding entry. References See Also Contracts (in […]

Bill of Lading

Bill Of Lading Summary of Bill Of Lading

A document issued by a carrier to a shipper acknowledging receipt of the goods, and stating the points of pick-up and delivery, as well as other information relative to value declared for carriage, terms and conditions of transport, freight charges, […]