Department of Law
Dean:Eiríkur Elís Þorláksson
BA in Law
Learning OutcomesView
Education cycle1
Degree titleBA in Law
Mandatory course on majorTeaching language
Optional course on majorPrerequisites for course
More infoResearch – theoretical writing – legal argumentationCoreL-000-UNDBECTS 0
More infoMethodologyCoreL-101-ADF1ECTS 8
More infoConstitutional LawCoreL-102-STSRECTS 8
More infoPrivate Law I - Contracts and introduction to torts and general laws of obligationCoreL-105-FJM1ECTS 8
More infoReading groupElectiveL-106-LESHECTS 0
More infoSeeking solutions to legal problemsCoreL-106-ÚRÁLECTS 6
More infoIndependent StudyElectiveL-739-SJVEECTS 2
More infoExchange StudiesElectiveX-699-EXCHECTS 30
More infoReading groupElectiveL-106-LESHECTS 0
More infoCompany LawCoreL-202-FELAECTS 8
More infoPrivate Law II - General laws of obligationCoreL-205-FJA2ECTS 8
1. yearPrint
SemesterSpring 2021
Level of course1. First cycle, introductory
Type of courseCore
Schedule4 lectures a week and seminars
Stefán A. Svensson
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 instructionIcelandic
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More infoMethodologyElectiveL-700-ADFEECTS 0
More infoEntrepreneurship and Starting New VenturesCoreX-204-STOFECTS 6
Haustönn/Fall 2021
More infoCivil ProcedureCoreL-302-EMRFECTS 8
More infoPrivate Law III - TortsCoreL-305-FJA3ECTS 8
More infoEuropean LawCoreL-403-EVROECTS 8
More infoFamily and Inheritance LawCoreL-505-FJERECTS 6
Vorönn/Spring 2021
More infoCompetition LawCoreL-303-SAKEECTS 8
More infoCriminal LawCoreL-402-REFSECTS 8
More infoPrivate Law IV - PropertyCoreL-406-FJA4ECTS 8
More infoPrivate Law V - Project Based CourseCoreL-407-FJA5ECTS 6
Haustönn/Fall 2021
More infoIntellectual Property LawCoreL-304-HOFUECTS 6
More infoSecurities RegulationsCoreL-501-VERBECTS 8
More infoSecurities RegulationsCoreL-501-VIFJECTS 8
More infoTax LawCoreL-502-SKATECTS 8
More infoPublic International LawCoreL-503-THJRECTS 8
Vorönn/Spring 2021
More infoCriminal ProcedureCoreL-605-SAREECTS 7,5
More infoMethodology II-Legal TheoryCoreL-609-ALREECTS 7,5
More infoBA ThesisElectiveL-611-BACRECTS 15