This chapter considers the nature and structure of international trade. It cites that trade carried on across national boundaries since ancient times, but the volume of international trade in modern times increased dramatically. Generally, the expression of ‘international trade law’ refers to the law which applies to international trade transactions. The chapter considers the sources and development of international trade law, particularly English law relating to international sale contracts. It also provides an illustration of an international sale transaction composed of several contracts, while also having the sale of contract at its heart, to consider the stage of a typical transaction.
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26. The Nature And Structure Of International Trade
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11. International economic law
International economic law covers a vast range of rules and principles on economic conduct and relations between states, international organizations and private actors, both individuals and corporations. This chapter deals with the most fundamental areas of the law: the international law of trade, international investment law and international monetary law. It introduces the World Trade Organization and the most important principles governing international trade, including those contained in the General Agreement on Tariffs and Trade. It presents international monetary law, with a particular emphasis on the role and activities of the International Monetary Fund. It also discusses the international regulation of international investments and the most important principles thereof, including those that govern expropriation of foreign property.
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Reza Beheshti, Séverine Saintier, and Sean Thomas
Bradgate's Commercial Law provides comprehensive coverage of the principles of commercial law alongside critical discussion. It offers rigorous in-depth analysis and a modern, contextual approach which draws links to the practice of commercial law. This edition includes new chapters on international trade, foreign investment, and the future trajectory of the subject. There is expanded coverage of territorial matters, the law of the sea, and maritime delimitation, with the aim to reflect advances in the area. Also, chapters have been updated to include detailed explanation of topics such as international organisations, international environmental law, the law of treaties, and legal subjects. All chapters have been revised to incorporate new developments and all major judgments in the area.
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29. Financing international trade
This chapter covers the financing of international trade. It details the nature, essential characteristics, and stages of documentary credit transaction, wherein the buyer is required to enter into an arrangement with a bank whereby the bank gives the seller an undertaking to pay the price due under a contract. Essentially, the documentary credit is ideal as a payment guarantee, particularly in contracts of sale. However, other breaches may take place, such as failing to deliver or extensive losses to the buyer. The chapter then offers different performance guarantee arrangements which share features of the documentary credit while securing the performance of obligations other than financial payment.
Book
Eric Baskind, Greg Osborne, and Lee Roach
Commercial Law offers a fresh, modern, and stimulating account of the subject, thereby helping students better understand this important area of law. It provides thorough coverage of all key aspects of the syllabus, including the law of agency, the sale of goods, international trade, and methods of payment, finance, and security. A range of learning features is employed throughout the book to encourage understanding of the law, and to demonstrate how the principles behind it play out in practical domestic and international commercial transactions. Practical, fictional case studies are referred to in example boxes throughout the book, demonstrating the types of legal issues and problems that the law is intended to regulate, and helping students to understand the context and practical application of the law. The book includes: regular case boxes throughout the text to highlight cases of importance, providing a succinct account of the material facts of the case, a clear account of the court’s decision and reasoning, and, where appropriate, commentary on the decision; key legislation boxes to help students understand which statutory provisions are of fundamental importance; and definitions of key terms, which appear in the margins the first time the term is used, thus ensuring that students are not confused by the terminology of the subject.
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12. Union Policies: Overview
This chapter offers an overview of the main internal and external policies of the Union. The internal policies of the Union can today be found in Part III of the TFEU entitled ‘Internal Policies and Internal Actions’. The external policies of the Union are generally placed into Part V of the TFEU entitled ‘The Union’s External Action’. This chapter discusses two internal and two external policies. It provides an introduction to the Union’s Economic and Monetary Union (EMU). Section 2 moves to EU Social Policy. This is an important internal policy for a continent that prides itself as being the ‘social continent’. The two external policies discussed are the Common Commercial Policy and the Union’s ‘special’ Common Foreign and Security Policy.
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15. International sales
D Fox, RJC Munday, B Soyer, AM Tettenborn, and PG Turner
This chapter examines the rules of English law governing international commercial sales, a subject of disproportionate importance because of the surprisingly large proportion of international trade carried on under contracts governed by English law by choice of the parties. Contracts of this type expose the parties to greater risks than purely domestic sales. The chapter gives detailed coverage of typical export transactions and INCOTERMS, both marine and non-marine, including FOB contracts, FAS contracts, CIF contracts and variants of the CIF contract, and DAP contracts as well as FCA, CIP, and similar contracts. Likely future developments are also mentioned.
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19. Bills of exchange
D Fox, RJC Munday, B Soyer, AM Tettenborn, and PG Turner
This chapter focuses on bills of exchange, especially in the context of international trade. It first provides an overview of how bills of exchange are used as a method of payment before discussing the relevant provisions of the Bills of Exchange Act 1882. It then considers the definition of a bill of exchange, how a bill of exchange is transferred, and persons entitled to the benefit of the obligation on the bill. It also examines the general principles governing liability on the bill of exchange as well as the enforcement and discharge of the bill. Finally, it looks at mistaken payment, focusing on cases where the payment was received in good faith and in ignorance of the mistake.
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21. The financing of international trade
D Fox, RJC Munday, B Soyer, AM Tettenborn, and PG Turner
This chapter examines the methods used to finance international trade. The method chosen will in practice greatly depend on the seller’s confidence in the integrity and solvency of the buyer, as well as on the bargaining strengths of the respective parties. The chapter discusses the traditionally most common methods of payment, such as documentary bills, documentary credits, standby credits, performance bonds, and guarantees, together with more modern developments such as Bank Payment Obligations or BPOs. The coverage also includes other financing methods such as forfaiting and financial leasing before concluding with an overview of export credit guarantees.
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6. The Global Economy
Celebrated for their conceptual clarity, titles in the Clarendon Law Series offer concise, accessible overviews of major fields of law and legal thought. This chapter presents a survey of international economic law. It discusses the creation of the Bretton Woods system, the General Agreement on Tariffs and Trade (GATT), and the Havana Conference. It considers the roles of the World Bank, the International Development Association, the International Finance Corporation, the International Centre for the Settlement of Investment Disputes, the Multilateral Investment Guarantee Agency, the International Monetary Fund, and the World Trade Organization. It also looks into commodity and energy agreements and regional economic arrangements.
Book
Alan Boyle and Catherine Redgwell
Birnie, Boyle, and Redgwell's International Law and the Environment places legislation on the protection of the environment firmly at the core of its argument. It uses sharp and thorough analysis of the law, sharing knowledge and experience. The chapters provide a unique perspective on the implications of international regulation, promoting a wide understanding of the pertinent issues impacting upon the law. The text starts by looking at international law and the environment. It looks at the rights and obligations of states concerning the protection of the environment. The text also considers interstate enforcement which includes state responsibility, compliance, and dispute settlement. It moves on to consider non-state actors such as environmental rights, liability, and crimes. Climate change and atmospheric pollution are given some consideration. The text also examines the law of the sea and protection of the marine environment. Conservation is dealt with in detail, including the conservation of nature, ecosystems, and biodiversity and marine living resources. Finally, the text looks at international trade.
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8. International Regulation of Toxic and Persistent Pollutants and Waste
This chapter relates at toxic and persistent substances such as chemicals, plastics, industrial wastes, and agricultural pesticides to international environmental law. These substances certainly create an environmental risk which has an international dimension. The chapter outlines the reasons for this. First, the release of persistent and potentially toxic substances into the environment may have long-term and cumulative effects on human and animal health over a wide area, including the marine environment. Secondly, international trade in wastes and chemicals poses a potential risk of accidental pollution of the marine environment and of transit states. The chapter aims to illustrate the importance of adequate institutional machinery for supervising implementation of environmental protection treaties and ensuring their continued development.
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6. The European Union and the environment
Stuart Bell, Donald McGillivray, Ole W. Pedersen, Emma Lees, and Elen Stokes
This chapter explores the historical and continually important influence played by EU law on UK environmental law. Despite Brexit, EU law remains an important factor in national environmental law. The chapter includes a discussion of the history of EU environmental law, its impact on UK environmental law, and the continuing relevance of EU environmental law.
