1. You have a contract between a US Company and a Chinese seller of a certain product that are goods under the Vienna Convention. Applying Article 1 PARA A of the Vienna Convention and the Status of the United Nations Convention on Contracts for the International Sale of Goods, determine whether or not the Vienna convention will apply to the transaction. 2. Conduct the same analysis with respect to a transaction between a German business and a buyer who is located in the United Kingdom. 3. What is the effect of an Article 95 Declaration? 4. Has your state made an Article 95 declaration? 5. Provide an example of how an Article 95 declaration works. 6. Select any three of the six options below and describe an example of the kind of transactions and goods that would be excluded from the Vienna Convention. The Vienna Convention does not apply to sale: --Of goods bought for person, family or household use --By auction --On execution or otherwise by authority of law --Of stocks, shares, investment securities, negotiate instruments or money --Of ships, vessels, hovercrafts or aircrafts --Of electricity 7. Describe an example for each type of a contract (i.e. service agreement) identified in Article 3 that could be excluded from the obligation of the Vienna Sales Convention. 8. Draft a clause that selects your country's law to govern questions not settled in the contract or the CISG. 9. Read Article 11 and answer the following questions: a. Must a contract be executed in a specific form? b. Does it require any form of notarization? 10. Examine and research if your country (or a country of your choosing) has submitted a declaration as part of Article 11. 11. What form of communication falls under the "writing" reference in Article 13?

Unit 3 Worksheet Based on the lectures in this unit, your assignment is to respond to the following questions. 1. What documents are typically generated and/or exchanged in an international sale of goods? What information is contained in each type of document? 2. Identify three of Incoterms 3-letter shipping designations and explain the legal significance of each (i.e., what does it mean?) 3. What is the legal significance/difference between the various shipment and destination terms (EXW, F or C shipment terms, and D terms)? 4. What contract related matters does Incoterms not address? 5. Which party (buyer or seller) has the duty to insure the goods during shipment? Explain. 6. In the required reading you read the case In Re World Imports, LTD. The case is a bankruptcy proceeding where the issue concerned the date upon which the buyer was deemed to have received the goods in question. You need not be concerned about the underlying bankruptcy issues. Three questions: a. What law did the court apply? Why? b. Were Incoterms part of the applied law? Why? c. What did the court decide? What was the court's reasoning?

1. Which international conventions for ocean transport has your country ratified? 2. How many countries have ratified the Hague Convention? 3. What is a Sea Waybill? What is a Bill of Lading? What is the difference between the two? 4. Which international convention/rules explicitly cover sea waybills? 5. What was the primary effect of the Hamburg Convention? Provide an example. 6. How many countries have ratified the Hamburg Convention? 7. What is the legal effect of a "Himalaya" clause? 8. What is the legal effect of a "Paramount" clause? 9. How many countries have ratified the Montreal Convention? 10. Briefly describe the liability rules deriving from the Montreal Convention 11. Briefly describe the liability rules deriving from the UN Convention on International Multi-Modal Transport of Goods. 12. In the required reading you read the Salco Maritime v. Ocean Atlas case. a. What were the two legal issues that the court considered in the case? b. What were the positions of the parties concerning each issue?

1. Identify and describe the various parties involved in a letter of credit transaction. 2. What are the benefits to the various parties of the use of a letter of credit? 3. What is the legal difference between a commercial letter of credit and a stand-by letter of credit? 4. As a seller of goods in a commercial transaction, would you rather be the beneficiary of a commercial letter of credit or a stand-by letter of credit? Why? 5. What laws govern letters of credit in your country? 6. What are the typical documents utilized in a letter of credit transaction? 7. How strict/flexible is the 1927 examination standard by Lord Sumner as compared to the examination standard that are currently applicable under the UCC Article 5 and UCP 600? 8. Which standard is more favorable to the beneficiary under the letter of credit? Why? 9. You have read the Piaggio case in the required reading. What were the legal issues that the court decided? What did the court decide? What was its reasoning?

1. How is money defined in the local law in your jurisdiction? Is there a definition for other devices, such as debit card, credit card, etc.? Is there a definition of bank deposit in your local law? 2. Name all laws/regulations that govern the use of these four types of payment devices in your country: Negotiable instruments Checks Wire transfer Letters of credit 3. Check the website of the central bank of your country and answer the following questions: How many transactions do they process daily? What is the volume of funds transferred amongst its participants daily? 4. What type of transactions are governed by UCC Article 4A? 5. What are the primary differences between UCC Article 4A and the UNCITRAL Model Law on Credit Transfers? 6. Identify the various parties to an electronic funds transfer. 7. Identify the parties in Delbrueck case and give them labels (e.g. originator, originator's bank, beneficiary, beneficiary's bank). 8. You read the Trustmark Insurance Company v. Bank One, Arizona case in the assigned reading. Why did the court determine that UCC Article 4A did not apply to the dispute? 9. Under UCC Article 4A, under what circumstances is a bank liable for a fraudulent transfer payment?

1. Identify and describe the general types of collateral that are generally used to secure a loan. 2. What are the advantages and disadvantages of possessory and non-possessory collateral? 3. Identify the different assets that AUPP may possess that could be used as collateral for a loan? 4. Identify and describe the various types of "traditional" ownership security devices. 5. What is the practical difference between having a possessory interest versus a security interest in an asset? 6. What are the general forms of public notice for non-possessory security interests? 7. What are the priority of tax and wage claims under your country's laws? If you can't locate the information for your country, choose another one. 8. If you are a US lender contemplating making a secured loan to a German company in order to purchase some equipment for its business operation in Mexico, what type of legal information would you seek to acquire in order to minimize your risk before making the loan? 9. In the Eagle Enterprises Inc. case, what was the legal significance of whether the financial transaction between the two parties was a lease or a security agreement?