Contract – Black Law (Pg.

970)

 An agreement between
two or more parties
creating obligations that
are enforceable or
otherwise recognizable
at law.
Agreement – BLD (Pg.209)

a manifestation of
mutual assent by
two or more
persons
 Mutual Assent

 Both parties know

what the terms are,
and both have
willingly agreed to
be bound by those
terms
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Make a Deal
Obligation – BLD (Pg.3406)

 A formal, binding
agreement or
acknowledgment of
a liability to pay a
certain amount or
to do a certain
thing for a
particular person or
set of persons
International Commercial Contract

 International  Commercial
Contract Contract
 International Contract
 when the parties have  place of business” can
—at the moment of the be defined as “the place
conclusion of the from which a business
contract—their relevant activity is de facto
places of business in carried out
different States
Commercial Contract

 whether the  .
parties have the
formal status of
“merchants”
 the transaction is
commercial in
nature
 Freedom of Contract

 The parties are free to

enter into a contract
and to determine its
content.
(PICC 2016 – Art 1.1)
Binding Character of Contract
 A contract validly entered into is binding
upon the parties. It can only be modified or
terminated in accordance with its terms or
by agreement or as otherwise provided in
these Principles.
 (PICC 2016 – Art 1.3)
Good Faith and Fair Dealing
 (1) Each party must act in
accordance with good faith and fair
dealing in international trade.
 (2) The parties may not exclude or
limit this duty.
 (PICC 2016 – Art 1.7)
 Usages and Practices
(PICC 2016 – Art 1.9)

 (1) The parties are  (2) The parties are

bound by any usage to bound by a usage that is
which they have agreed widely known to and
and by any practices regularly observed in
which they have international trade by
established between parties in the particular
themselves. trade concerned except
where the application of
such a usage would be
unreasonable.