Business and Management
Submitted By talhaamla2000
* The common law is often referred to as judge made law and was originally a case based system that had as its foundation. The principal that has similar disputes should have similar legal outcomes. The civil law is code based originating with the Justinian code of the Roman Empire. Codes consist of large comprehensive statues or specific legislation in specialized area. * Four essential elements of valid contract in the common law tradition, how different from civil law. 1) The parties must intend to be legally bound. Family members may make promises without intend to be contractually bound to them 2) A contract must contain an offer and acceptance of that offer. A counter offer also requires acceptance. 3) The parties must have legal capacity of contract. 4) The contract must be for a legal purpose and legal in nature. * If contract sign by duress (undue influence) imp resentment. * The contract law also requires that be consideration from both parties in order for the contract to be valid and enforceable. Also known as the bargaining theory of contract. * The requirements for consideration specify that the each party must trade something in value. Consideration is required under common law only. The civil law does not require it. * CISG ( international sales of goods)
UCC (uniform commercial law)
Common law * CISG applies to all contract of sale of goods when the parties have their place of business in different countries. * CISG applies only to commercial sales of goods and does not apply to household or domestic goods, goods sold by auction, sale of securities, electricity or aircraft. * Parties may specifically opt out of the CISG if they want their contract to be bound by the common law or the US uniform commercial code. * All 3 legal system of their legal view. 1)…...