Problem
A. UNCITRAL has asked you to produce a feasibility study on the drafting of an international instrument for the sale of Bitcoin. They have asked you to provide your recommendation as to whether they should consider the adoption of a model law or an international convention. Which do you recommend and why?
B. You are an advisor to a senator who contemplates introducing legislation to prohibit all derivatives. Provide arguments in favor and against such legislation, as well as you specific advice whether such legislation should be enacted.
C. Explain why securities these days are held in securities accounts rather than in the form of paper certificates.
D. Explain the main difference between hard law and soft law instruments, and list two examples of each as well as the organizations behind the instruments.
E. Of the following cross border transactions, identify those to which the CISG does not apply and explain why (in each case, assume that the contract does not include an opt-out clause and that no other rules of private international law apply):
a. Mr. John buys a new high-tech smart TV through a mail-order catalogue from the Alibaba store in Beijing, China, for his condo at 1201 E Speedway Blvd, Tucson. There was no physical interaction between Mr. John and the store sales rep. The TV will ship from Beijing.
b. Drive-Well Corp., a Tucson-based car dealer, purchases a fleet of new Land Rover SUVs from a U.K. manufacturer for sale in the its new Los Angeles office.
F. Drive-Well Corp., a Tucson-based car dealer purchases a fleet of new Renault SUVs from a Paris-based manufacturer for sale in its new Los Angeles office. The contract indicates that "time is of the essence" in the performance of the contract and that all the cars delivered must be silver. The cars were delivered on time, but a third of the cars had brown paint.
a. Using the same scenario as above, assume that the vessel transporting the cars arrives at the Port of New York, but was unable to dock and discharge the goods due to port congestion. Assume the parties have chosen the FOB INCOTERM. Who is responsible for the late delivery of the goods?