Convention on Contacts for the International Sale of Goods

The video tutorial explains the CISG, a Model Law for international transactions, also known as the Vienna Convention. It was created by the United Nations to facilitate cross-border transactions. The CISG provides a framework similar to the Uniform Commercial Code in the U.S., covering offer acceptance, performance requirements, and remedies. It is widely adopted by signatory states and promotes international trade by providing a common understanding of applicable rules.

What is the primary purpose of the CISG in international transactions?

• To enforce local laws in international agreements

• To replace all local laws with a single international law

• To provide a common set of rules for cross-border contracts

• To facilitate domestic trade within countries

Which organization is responsible for creating the CISG?

• World Trade Organization

• International Monetary Fund

• International Chamber of Commerce

• United Nations Convention on International Trade Law

How does the CISG compare to the Uniform Commercial Code in the US?

• It has similar provisions for contract formation and enforcement

• It only applies to domestic transactions

• It is more restrictive than the UCC

• It is a completely different set of rules with no similarities

Approximately how many member states have signed the CISG?

• 100 to 110

• 87 to 89

• 70 to 80

• 50 to 60

What is a significant benefit of the CISG for international trade?

• It provides a singular framework where none existed before

• It eliminates the need for any legal agreements

• It only benefits countries that are not signatories

• It complicates the process of international transactions