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Burden of risk by change of Legislation under the Contract for International Sale of Goods

  • Journal of International Business Transactions Law
  • Abbr : IBT
  • 2019, (24), pp.163-181
  • DOI : 10.31839/ibt.2019.01.24.163
  • Publisher : The Institute for Legal Studies Dong-A University
  • Research Area : Social Science > Law > Private Law > International Commercial Transactions Law
  • Received : December 31, 2018
  • Accepted : January 17, 2019

WOOJOO BYUN 1

1동아대학교

Accredited

ABSTRACT

It's usually time-consuming to complete a contract in transactions between parties with offices in different countries. International transactions involve a variety of risks that the party cannot foresee compared to domestic transactions. In other words, after signing the contract, there are many dangers involved in the theft, fire, and corruption of goods. Therefore, the parties to the contract must engage in the transaction taking into account the possibility of such a risk. Furthermore, to avoid economic losses that may arise from it, it can be said that setting reasonable standards about the burden of risk is a matter of paramount importance. In this respect, in the event of a new or existing law being enacted to the contract after signing the contract. The performance of the contract itself is possible, but changes to those laws add to the burden that both parties have never anticipated. With respect to these issues, it is necessary to consider whether these risks should always be transferred from the seller to the buyer when there is nothing specifically set by the parties to the ‘Change of Legislation’ in international transactions.

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