Although in recent years, the sharing economy is picking up traction, contracts for the sale of goods still constitute one of the pillars of global commerce. These contracts revolve around a change in the ownership of the object of the sale and have been around for millennia. Latin phrases such as “caveat emptor” (“let the buyer beware”) are a testament to their longevity.
Depending on the applicable legal framework, the object of a sales contract may not be limited to tangible goods. Shares in companies, intellectual property rights, or government-issued licenses may just as well be sold and purchased through sales contracts, although special rules may apply to certain aspects of the transaction(s).
International sales law cases often involve the 1980 United Nations Vienna Convention on Contracts for the International Sale of Goods (CISG). Contracts not governed by the CISG are subject to domestic sales law.
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