This book is designed for the law student studying international sales contracts and for the many lawyers who want a quick introduction to the area. The field is of growing importance. In 1960 and 1970, the sum of U.S. imports and exports of goods constituted 6% and 8% of U.S. gross domestic product. In 1980 and 1990, that percentage rose to 17% and 15%. In the last three decades, the ratio of the value of imports plus exports to gross domestic product has hovered around 20%.
The principal focus is on the United Nations Convention on Contracts for the International Sale of Goods. The number of countries adhering to CISG now stands at 95. It includes all top seven trading countries (China, United States, Germany, Netherlands, Japan, Hong Kong and France) measured in total imports and exports. In addition to analyzing CISG, the book provides an introduction to two other topics of importance to international sales contracts: letters of credit and the U.S. income tax consequences of international sales.