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UN Conventions on Contracts Int.Sale of goods

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › UN Conventions on Contracts Int.Sale of goods

  • This topic has 3 replies, 2 voices, and was last updated 1 year ago by Vijay.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • April 26, 2021 at 7:39 pm #618908
    tabasumze
    Participant
    • Topics: 39
    • Replies: 47
    • ☆☆

    As specified in the lw-glo notes pg.33,
    Agreements should be supported by consideration.

    Is it necessary for the consideration to be monetary in an agreement?

    UNCISG Contracts specifies for monetary consideration as mentioned in the notes.

    May 4, 2021 at 9:42 am #619619
    Vijay
    Member
    • Topics: 0
    • Replies: 258
    • ☆☆☆

    Hi Tabsumze,

    When it comes to international Sale of Goods, then yes there needs to be an exchange of value (consideration). Specifically there needs to be a transfer of property to the buyer for monetary compensation called the price.

    I hope this helps clarify.

    Kind regards,

    Vijay

    May 5, 2021 at 12:53 am #619690
    tabasumze
    Participant
    • Topics: 39
    • Replies: 47
    • ☆☆

    Yes, Thank you

    May 10, 2021 at 3:54 pm #620230
    Vijay
    Member
    • Topics: 0
    • Replies: 258
    • ☆☆☆

    My pleasure 🙂

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