International business transactions

DAMAGES, REMEDIES AND BREACHES

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OUTLINE International Business Transactions

DAMAGES, REMEDIES AND BREACHES

What is breach?

trigger event that entitles a non-defaulting party to exercise remedies
- don’t just think of as failure to perform obligations
- can also be situation where party can continue to perform, but balance of risks has changed so much that non-defaulting party is entitled to remedies

Breach and Fundamental Breach

CISG follows common law tradition by not requiring a showing of “fault” or “knowledge” as a precondition to holding a party in breach
Breach triggers the injured party’s right to some, but not all, of the available remedies
Breach by itself does NOT under the CISG entitle the non-defaulting party to “avoid” the contract (i.e. cease performance and terminate the contract)
- Except in circumstances involving a nachfrist period, the remedy of avoidance requires the non-defaulting party to show “fundament breach”
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