Q 54-4 a) Explain how the currency in which the price has to be paid is deter-mined under the CISG. b) If the currency is to be determined according to Art. 7(2) CISG, it is disputed whether the currency issue is to be resolved according to the general principles of the CISG or under the law applicable through the rules of private international law. Are there any provisions of the CISG which might establish a general principle as to the currency in which payment is to be made? c) How do the UP 2004 and the PECL answer the question as to the currency in which payment is to be made? d) Why does it not seem advisable to derive a general principle from Arts 31(c), 57(1)(a) CISG with a view to determining the applicable currency rate? Consider their importance from a practical point of view.

doi:10.4324/9780203945445-148

Chapter

Q 54-4 a) Explain how the currency in which the price has to be paid is deter-mined under the CISG. b) If the currency is to be determined according to Art. 7(2) CISG, it is disputed whether the currency issue is to be resolved according to the general principles of the CISG or under the law applicable through the rules of private international law. Are there any provisions of the CISG which might establish a general principle as to the currency in which payment is to be made? c) How do the UP 2004 and the PECL answer the question as to the currency in which payment is to be made? d) Why does it not seem advisable to derive a general principle from Arts 31(c), 57(1)(a) CISG with a view to determining the applicable currency rate? Consider their importance from a practical point of view.

Chapter

Q 54-4 a) Explain how the currency in which the price has to be paid is deter-mined under the CISG. b) If the currency is to be determined according to Art. 7(2) CISG, it is disputed whether the currency issue is to be resolved according to the general principles of the CISG or under the law applicable through the rules of private international law. Are there any provisions of the CISG which might establish a general principle as to the currency in which payment is to be made? c) How do the UP 2004 and the PECL answer the question as to the currency in which payment is to be made? d) Why does it not seem advisable to derive a general principle from Arts 31(c), 57(1)(a) CISG with a view to determining the applicable currency rate? Consider their importance from a practical point of view.

ABSTRACT

Art. 55 CISG embodies the subsidiary rule that, where a determined or determinable purchase price of the goods is lacking, the purchase price is deemed to be the market price at the time of the conclusion of the contract. Right from the very beginning of the uniﬁcation process in sales law, the issue of undetermined purchase price was highly disputed. There are disparities in the various legal systems: whereas some strongly require an at least determinable market price, others are less strict. A very ﬂexible solution embodied in Art. 57 ULIS, according to which the buyer, in the absence an agreement on the price, had to pay the price that the seller usually charged at the time of the conclusion of the contract, was modiﬁed at the Drafting Conference to the CISG. Contrary to ULIS, Art. 14 CISG requires an express or, at least, implicit provision of the purchase price (see sub Article 14 CISG).