- Contract — Means of securing payment — Modes of payment — Partial payment — Contractual stipulation and time for payment — Default rules and time for payment — Instalment contracts
This chapter cites the significance of payment. The payment of the purchase price is the reciprocal counterpart of the seller’s obligation to deliver the goods and transfer title. In common law jurisdictions, the seller’s willingness to accept a lesser sum instead of the original contract price is in line with a modification of the contract and thus requires consideration. The chapter highlights the importance of identifying the place for payment as it determines the mode of payment, especially for international transactions. Moreover, the place of payment of the purchase price is primarily a matter of substantive law. Default rules should be consulted if no negotiation was reached.
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