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Capital Markets Law Journal Advance Access published online on August 30, 2008
Capital Markets Law Journal, doi:10.1093/cmlj/kmn023
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© The Author (2008). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org

The Vienna Sales Convention and the financial markets

Michael Brindle, QC*
* Michael Brindle QC, Fountain Court Chambers, Temple, London.

The first 150 words of the full text of this article appear below.


Key points

  • The Vienna Sales Convention has been adopted by many countries, including the United States, since it emerged in 1980. Should the UK accede to it?
  • The Convention attempts an international code for sale of goods contracts. But it clearly extends beyond ordinary sale of goods cases and includes at least derivative transactions which provide for physical delivery.
  • This article considers the Convention's scope and how far it extends into the field of financial instruments.
  • Is the requirement in Article 7 of ‘good faith’ in the execution of contracts covered by the Convention consistent with English law or, if not, is it desirable, especially where the wholesale markets are concerned?

 


   1. Introduction and summary of conclusions
 
Introduction
The Vienna Sales Convention (the ‘Convention’) provides a uniform law for international sales of goods. It establishes a series of rules to govern the formation of sale of goods contracts and contains substantive rights and obligations of seller and . . . [Full Text of this Article]

Summary of conclusions

   2. Convention on contracts for the international sale of goods—context and purpose
 
Background to the Convention
Overriding purpose
Unification
Clarity
Flexibility
Application of the Convention

   3. Impact of the Convention in Europe
 

   4. Provisions of the Convention of particular relevance to the financial markets
 

   5. Good faith
 

   6. Application of Convention to financial instruments
 
Two approaches
Provisions
Functional interpretation of provisions
Formal interpretation of provisions

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