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LAW 7157 Business Law

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LAW 7157 Business Law

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LAW 7157 Business Law

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Course Code: LAW7157
University: The University Of Adelaide is not sponsored or endorsed by this college or university

Country: Australia

Question No. 01Please, provide a short overview of the teletanceof party autonomy in the assessment of the rules app hca Ole to International commercial agreement; focusing on the extent and II MRS of the parties’ freedom to draft tailored-made contractual arrangements, to choose the law applicable to the transactionand to select the Court for courts) hay,’ nclunsdictio n. Question No. 02Please. provide a short description of the mea nine CS) and legal IM catants) of entering a “Letter of Intent’ t he course of the negotiationof an inter national contract. Please, real the following hypothetical and then answer the question that follows. Company A (-Seller”) is a company based in Hamburg(Germany) engaged in the manufacturing and marketing of sophisticated medical equipment. Company B (-Buyer”) is a company based in Lisbon (Ponugal), where it rum a chain of private diagnostic centers. In February 2018 Seller and Buyer entered into a Sale-Purchase Agreement (-Agreement”) for the sale of an obstetric ultrasound echography equipment (‘Equipment”). The Agreement included the following ddivery tam: oC IF Lisbon, ICC Incoterrns 2010. The Equipment was shipped from the port of Hamburg through an independent carrier on May 156, 2018 and arrived in Lisbon on lurk 46, 2018. Upon arrival, a representative of the Buyer inspected the Equipment prior to its unloading from the ship and noticed that part of the paclaging was ripped-off and the dectronic paid of the Equipment was severdy damaged. The representative of the Buyer immediately informed the Company’s CEO, who communicated to the Seller that the Equipment was damaged and that the Buyer would not take delivery of the Equipment and would not pay the balance of the purchase price until a substitute non-damaged obstetric ultrasound echography equipment would be delivered. Please, advise the Sella on the legal implkations of the situation presented b you 

Question 1
With regard to the assessment of rules applicable in the international commercial agreements, the relevance of party autonomy is included in the central legislative organ. The parties who deal with arbitration possess certain standards of freedom as per the agreement. But they also possess certain limitations. The basic principles of natural justice and equity bind them together. They can in no means exceed these principles. The arbitration proceedings cannot be conducted in the way they want to. They have to abide by the model law regarding the judicial and the quasi judicial authorities. Thus, the relevance of the party autonomy is that, the parties have the powers of selection in their own hands.
The parties have the freedom of drafting the tailor made contractual agreements to choose the applicable laws and regulations and selecting the court which possesses the jurisdiction. The party autonomy thus has the discretion of making customized agreements as per their needs and the laws must not be in contravention to the agreement. The parties can select the courts under which they want arbitration to take place.
Question 2
A letter of intent refers to a particular document which deals with one or more agreements between two or more parties. This document requires the intention of the parties before such agreement is made final. Such agreements can be regarding mergers or acquisitions, contracts based on transactions, real estates, joint agreements, contracts regarding properties which include lease or mortgage. A letter of intent is concise and unambiguous. It contains tables and the parties are bound with this letter. The letter of intent is given by one party to another before the signatures are put in the agreement. It has to be negotiated in a very careful manner. The parties undertaking such agreement must secure both the parties for the perfect transaction.
In the course of negotiation in the international contract, a letter of intent thus implies a letter to know the real intentions of the parties who live across the world. The implications of the letter of intent in the international contracts is to permit the parties to pen down the primary conditions in a quick manner before extending the resources upon specific contracts, making it the ultimate for the approvals. It also implies that the parties would be negotiating in the manner of a merger or of a joint venture. The letters of intent also provides security when the deal is cancelled in a sudden manner. These letters also undertakes various challenges and resolves them which are created in the international contracts.
Question 3
Facts of the case:
Company A (Seller) does manufacturing and marketing of medical equipment. Company B (Buyer) runs a chain of diagnostic centers. Both enter into a sale purchase agreement for the sale of obstetric ultrasound echography equipment on February 2018. The equipment was shipped from Hamburg through independent carrier on 15 may 2018 and it reached at Lisbon on June 4. A representative of buyer examined the equipment before unloading from ship. He noticed that a part of the packaging was torn. The electronic panel was destroyed. The representative informed Seller about it and told him that he would not take the delivery. He would also not pay the leftover amount. The equipment have to be replaced for a new and without damaged one.
Issues Involved:
The issues involved here is whether Buyer is liable to purchase the damaged equipment? What remedies and rights does the seller possess?
Provisions of law:
According to the law of contract, when a buyer and a seller come into an agreement and before the goods are delivered to the buyer, the buyer possesses the right to examine and investigate the products. In case they find flaws, or there arises a breach in the contract due to the delivery of the goods being different from the ones promised then the buyer possesses the right to refuse the taking of the delivery. This is because the goods are not in the same form as per their promise. In such a situation the seller would be liable to replace the goods or provide compensation for the loss. In this case, the seller could not provide the equipment in the condition promised to the buyer. Hence the buyer refused and the seller was liable to replace the equipment and provide compensation to the buyer.
Thus, Seller would have to replace the equipment. After replacing, the buyer would purchase the same as per their agreement.

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