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Commercial Law

Commercial Law

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Penalty Clauses And The Cisg, Jack Graves Jan 2012

Penalty Clauses And The Cisg, Jack Graves

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Commercial agreements often provide for “fixed sums” payable upon a specified breach. Such agreements are generally enforced in civil law jurisdictions. In contrast, the common law distinguishes between “liquidated damages” and “penalty” clauses, enforcing the former, while invalidating the latter as a penalty. The UN Convention on Contracts for the International Sale of Goods (CISG) does not directly address the payment of “fixed sums” as damages, and the validity of “penalty” clauses has, traditionally, been relegated to otherwise applicable domestic national law under CISG Article 4. This traditional orthodoxy has recently been challenged—suggesting that the fate of a penalty clause …


Freedom From Claims And Defenses: A Study In Judicial Activism Under The Uniform Commerical Code, Julian B. Mcdonnell Apr 1983

Freedom From Claims And Defenses: A Study In Judicial Activism Under The Uniform Commerical Code, Julian B. Mcdonnell

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The suggestion that we might today learn something about the judicial process in such a staid area of private law may seem surprising. After all, has not the Federal Trade Commission "repealed" the holder in due course rule thus tossing negotiable instruments into the dust bin? Have not the remaining technical questions been answered by the "detail and rigid precision" of the Uniform Commercial Code so lamented by Professor Gilmore? Surely, the attentive observer of the role of the courts might conclude that there is nothing left for the judicial policy maker in the field of bills and notes. The …


Book Review: Handbook Of The Law Under The Uniform Commercial Code (1972), I. Boyce Covington Apr 1973

Book Review: Handbook Of The Law Under The Uniform Commercial Code (1972), I. Boyce Covington

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Book review of HANDBOOK OF THE LAW UNDER THE UNIFORM COMMERCIAL CODE, by James J. White and Robert S. Summers (St. Paul, Minn.: West, 1972).