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Hi Sir, may you help me on below Kaplan exam kit question?
101) In relation to the UN Convention on Contracts for the International Sale of Goods contract,
the market rule arises in relation to which of the following?
The answer given is D and i am not sure what is it about.
Well, Abraham! Honestly, I’m not familiar with the expression ‘the market rule’
So I’ve tackled your question backwards and when I put ‘mitigation and CISG’ into search, I’m repeatedly pointed towards article 77 of the Convention and article 77 states that …
”A party who relies on a breach of contract must take such measures as are reasonable in the circumstances to mitigate the loss, including loss of profit, resulting from the breach. If he fails to take such measures, the party in breach may claim a reduction in the damages in the amount by which the loss should have been mitigated. with the answer ‘mitigation’
To be able easily to answer this question it is first necessary to be aware of the unofficial names by which the various articles are apparently known … I’m sorry!