Private Law II - General laws of obligation

Course	L-205-FJA2
Semester	2
ETCS	8
Core	Yes

Year	1. year
Semester	Spring 2024
Level of course	1. First cycle, introductory
Type of course	Core
Prerequisites	757,
Schedule	4 lectures a week and seminars
Lecturer	Stefán A Svensson
Content
A. Performance/non-performance of an obligation This section will address the general principle of the law of obligations that for an obligation to be properly discharged it needs to be discharged (i) at the proper time (ii) in the proper place and (iii) in the proper state. Discussions will cover the rules applicable to time and place of payment. The discussion will include the concepts of late payment, late delivery and late acceptance. The rules of due dates, final due dates and earliest discharge date of claims, rules governing acceleration and principles of interest and default interest. Finally, this section will address the state of payment, which will include the rules on faults, and rules on procedural defects. B. Remedies in the event of default This section will address the legal effect of default and conditions for resorting to the various remedies available to parties to a commercial agreement. This will touch on the rules applicable to rescission, specific performance, withholding of payment, damages and discounts, as well as contractual default remedies. C. Cessation of obligations This section will discuss the rules that apply to the cessation of obligations. First, the discussion will relate to the rules applicable to payment of claims, including the permission of a party to make partial payments, rules on the right to reimbursement of overpaid amounts, and rules on escrow. Discussions will then cover rules on limitation of obligations, lapse through neglect, defective statement of claims and netting. Efforts will be made to present the content of the course in a practical form, with reference to case law and practical issues, to enable students better to understand the general principles under discussion at any time. Students will be required to prepare well for classes and to be prepared to express themselves orally concerning the judgments and material assigned each time.
Learning outcome - Objectives
The objective of the course is to provide students with a good understanding of what constitutes default in the context of commercial law and instruction in the various remedies available to parties in the event of non-performance. The course will also include a detailed study of rules on the cessation of obligations. The course is a continuation of Commercial law I.
Course assessment
Practical assignments (30%), mid-term examination (20%), written final examination (50%).
Reading material
No reading material found.
Teaching and learning activities
Lectures and discussions
Language of instruction	Icelandic