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5 - International Commodity Sales

Published online by Cambridge University Press:  14 May 2021

Ross Cranston
Affiliation:
London School of Economics and Political Science
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Summary

To satisfy an industrialising and industrialised Britain, huge quantities of ‘soft’ commodities - grain, cotton, coffee, cocoa, sugar and palm oil – were grown, harvested and transported from North America, the steppes of Russia, Asia, Africa and the southern hemisphere for sale on the commodity markets of London and Liverpool. Sales of commodities in the first part of the nineteenth century were by dealings on physical markets and by auction. Trade associations like the London Corn Trade Association formed from the mid-nineteenth century had as a major aim the formulation of standard form contracts to govern the international sale of these commodities. Sale in this way need not be on physical markets or by auction, but could be at a distance. These standard form contracts modified the default rules of sales law. They are the precursors of contracts used world-wide today. Although governed by English law, they were adopted internationally. Traders in other countries had an input into their formulation. In drawing them up trade association members took the lead, with lawyers ‘on tap, not on top’. Disputes were settled by arbitration provided in the contract, and relatively few reached the courts. Untoward court decisions were remedied by redrafting the contracts.

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Publisher: Cambridge University Press
Print publication year: 2021

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  • International Commodity Sales
  • Ross Cranston, London School of Economics and Political Science
  • Book: Making Commercial Law Through Practice 1830–1970
  • Online publication: 14 May 2021
  • Chapter DOI: https://doi.org/10.1017/9781108182836.006
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  • International Commodity Sales
  • Ross Cranston, London School of Economics and Political Science
  • Book: Making Commercial Law Through Practice 1830–1970
  • Online publication: 14 May 2021
  • Chapter DOI: https://doi.org/10.1017/9781108182836.006
Available formats
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Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • International Commodity Sales
  • Ross Cranston, London School of Economics and Political Science
  • Book: Making Commercial Law Through Practice 1830–1970
  • Online publication: 14 May 2021
  • Chapter DOI: https://doi.org/10.1017/9781108182836.006
Available formats
×