Natural Gas Case Study

The convention on Contracts for the International Sale of Goods (CSIG) provides a framework for general standards of performance for the buyer and the seller. The buyer and the seller are
entitled to receive what they expect from a contract. If either party fails to deliver as expected, they are in breach of contract. The possibility of a breach of contract creates a risk in any  transaction.

Read case 10-5, The Natural Gas Case, in International Business Law. In 700 to 1,050 words address the following:

Summarize the facts of the case.

o What is at risk for the seller, for the buyer, and in general?

o What was the outcome?

Provide an explanation of the
issues in the case using international law.

o Had the buyer breached by not obtaining the letter of credit?

o Had the seller breached?

o Was the contract avoided?

o Was the buyer entitled to lost profits?

o Had the buyer failed to mitigate?

o How may these risks be minimized?

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