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Introduction – Breach of Contract
The world of business has been overwhelmed by various activities following the endless pursuit of people and corporations to make profits. This has been intensified in present times, whereby the issue of globalization and liberation of markets has taken charge. The activities in the business sector have been ever increasing thus calling for change and improvement of tactics in undertaking business.
A key phenomenon which has dominated the business world today is the issue of contracts. This has been intensified following the need for specialization, quality and efficiency in production and distributions of services. The concept of supply chain management has also been in place thus intensifying the adoption of contracts. Another key phenomenon contributing to the emergence of contracts is the issue of outsourcing, whereby businesses are in the present engaged in delegation of various activities to other businesses.
The issue of contract has been of great importance in the business sector in recent days. This has however been overwhelmed by various challenges and more specifically the breach of contracts. Nevertheless, the CISG has put across various guidelines concerning the undertakings of contracts. The CISG is in hereby concerned with international sale of goods, majorly for private businesses. The issue of fundamental breach of contracts has been given optimum attention by the CISG. In this regard, various obligations and remedies have been established which are in this case aimed at protecting the rights of each member. Incase of a fundamental breach of contracts, the CISG has offered remedies for both the seller and buyers. This is aimed at offering solutions incase of a failure to comply with the contract.
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Treitel, G. (1999). The Law of Contract, 10th ed. London: Sweet & Maxwell