International Business Law Essay Example | Topics and Well Written Essays - 1250 words

International Business Law - Essay Example d) Preliminary ruling procedure Demonstrates co-operation between the national courts of member countries and the European Court of Justice and occurs when the national court of a member country is in doubt as to the interpretation of community rules, the national court seeks interpretation from the Court of Justice. After clarification from the Court of Justice the national court is free to proceed with the case (EU Handout). e) Maastricht Treaty This treaty came into force in 1993 and established the European Union and amended the Rome treaties (EU Handout). Task 2 a) Rights and obligations The main contractual obligations of the seller and buyer include; the seller has to cede possession of the thing (car) and transfer ownership, the buyer has to pay the buying price of the thing and take it over. The contractual rights of the seller include a right to cancel a contract and make a claim for damages arising from the purchase of product with encumbrances. The buyer has also got a ri ght to claim for a reduction in the buying price of the product in order to take over the encumbrance. ... This is advantageous to the seller because he is able to prevent the buyer from alienating the car and encumbering it (Andrasi and Mandarassy, 2004). c) Breach of contract This is a defective performance breech of contract. The buyer has guarantee rights. The buyer shall inform the seller of the fault in the car in the shortest time possible. The buyer has a right to chooses whether he wants repair or replacement. If the buyer is not entitled to a replacement or repair or the seller refuses to repair or replace, the buyer can request for a reduction in price, or have the contract rescinded (Andrasi and Mandarassy, 2004). The buyer cannot have the contract rescinded of the fault is minor. d) Defamation The buyer can turn to court and claim for the infringement to be terminated and an injunction issued in order to prevent further injury (Andrasi and Mandarassy, 2004). e) Partial rights and obligations There are three partial rights associated with ownership of the car. They include the right to possess, the right to dispose and the right to use. For example after purchasing the car, I possess it and it is under my power. I have a right to use the car for example as a taxi and collect the money from it (right to use). I can also decide to sell it off and collect the money obtained from the sale of the car (right to disposal). I also have a right to use the car as a security or abandon it (Andrasi and Mandarassy, 2004) Task 3 A. True/False a) True b) True c) True d) False e) False B. Case study a) Company types: The types of companies that exist in Hungary include limited partnership and unlimited partnership, Limited Liability Company and company limited by shares and joint ventures. Foreign investors are free to join a Hungarian company without permission and may