International business transactions


§ 266 Existing Impracticability or Frustration p. 288



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OUTLINE International Business Transactions

§ 266 Existing Impracticability or Frustration p. 288

  • § 267 Effect on Other Party’s Duties of a Failure Justified by Impracticability or Frustration p. 289

  • § 268 Effect on Other Party’s Duties of a Prospective Failure Justified by Impracticability or Frustration p. 289

  • § 269 Temporary Impracticability or Frustration p.290

  • § 270 Partial Impracticability p. 291

  • § 272 Relief Including Restitution p. 292

  • US “commercial impracticability” test derives from the USS. Interestingly, UCC §2-615 is a one-sided provision


    LETTERS OF CREDIT


    GOVERNING LAW

    • no intl treaty governing L/Cs

    • But just about everybody likes UCP so just about every L/C issued in intl transaction says it is subject to UCP.

      • By inserting that into L/C, parties have exercised their party autonomy to be bound by what ICC wrote down on piece of paper (i.e. set of rules written by private people, the UCP).

      • The vast majority of letter of credit law in most jurisdictions is permissive.

    • In US, L/Cs are governed by Article 5 of the UCC

      • UCC 5-116(a) says L/C is governed by law chosen by the parties and the chosen law need not bear any relation to the transaction.
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