Euro transition period poses choices; from 1999 to 2002, when the euro will replace 11 currencies, companies have many options
Article Abstract:
Companies doing business in Europe will be able to use both euros and national currencies during the transition period, which lasts from 1999 to 2002. At that time, currency markets will be converted to the euro, and trading in participating national currencies will stop. During the transition, the euro will be only book money, and Euro bank notes and coins will start being circulated in Jan 2002, when national currencies of participating countries will be withdrawn. One of the main features of the single currency will be increased transparency of actual business costs for companies doing business in several countries.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1998
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When is a deal a deal? A recent 2d Circuit decision established a framework for determining when negotiations have actually led to the creation of a contract
Article Abstract:
The 1997 US Court of Appeals for the 2d Circuit ruling in Shann v. Dunk is one case illustrating the difficulty of deciding when a preliminary agreement is a contract. The case summarizes two types of preliminary agreement. A type I agreement needs only formalization, whereas with a type II agreement, some of the terms are still open and the parties are obligated only to negotiate in good faith. The consequences for breach of either one can, of course, be significantly different.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1997
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