Asked by Deanne Pawhay on May 06, 2024
Verified
The Convention on Contracts for the International Sale of Goods (CISG)requires a written contract for the sale of goods when the price exceeds $5,000.
CISG
The United Nations Convention on Contracts for the International Sale of Goods is a treaty designed to provide a standardized framework for international trade.
Written Contract
A legally binding agreement between two or more parties that is put in written form and signed by those involved, specifying the terms and conditions of their arrangement.
Sale of Goods
A transaction between two parties where the seller transfers ownership of tangible personal property to the buyer for a price.
- Understand the enforceability and stipulations of contracts under the Uniform Commercial Code (UCC).
Verified Answer
AS
Armando SoberanisMay 07, 2024
Final Answer :
False
Explanation :
The CISG does not require a written contract for the sale of goods. It allows for contracts to be formed by any means, including oral or implied agreements. However, some national laws may require written contracts.
Learning Objectives
- Understand the enforceability and stipulations of contracts under the Uniform Commercial Code (UCC).