Law

Question 1

‘By establishing an international legal framework that recognizes rights and duties for the buyer and seller, the UN Convention on International Sales of Goods (‘the Vienna Convention’ or ‘CISG’ 1980) has helped to increase the predictability in international trade.’

Discuss the above statement, with reference to specific legal provisions under the Vienna (‘CISG’) Convention.

Question 3

Cariby Ltd, a UK oil company associated with terrorist groups in Levyland, sells $2million worth of assets to finance the activities of a terrorist group which was plotting to assassinate three high ranking government officials. The company uses two different accounts, one in a UK bank and another in a Cayman islands bank, in order to transfer the funds.

In turn, Cariby Ltd is willing to raise more money in order to buy weapons, and it does this through the sale of illegal drugs. Cariby then uses an account in a Swiss bank in order to launder the money raised through the illegal activity.  The Swiss bank upholds the principle of secrecy and confidentiality of bank accounts and refuses to release the source of the money and the account details to the police authorities.

Cariby also manipulates market information over-estimating its finances in order to raise the value of its equity share value. In addition, Cariby bribes foreign officials in order to be awarded a contract for extraction of oil in the Nigerian delta. The subsidiary of Cariby in Nigeria is responsible for a major oil spill in the Nigerian delta, causing the death of 30 people and an estimated damage to the environment of $100 million.

Critically discuss the legal implications, including the potential liabilities, for the parties in the above scenario.

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