Status Quo Bias, CISG and the future of the Common European Sales Law
Author
Aksoy, H. C.
Date
2013Source Title
European Business Law Review
Print ISSN
0959-6941
Publisher
Kluwer Law International
Volume
24
Issue
4
Pages
459 - 465
Language
English
Type
ArticleItem Usage Stats
73
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35
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Abstract
Common European Sales Law (“CESL”) is not the first legal instrument directed
at the formation of a uniform legal regime applicable to international commercial
sales. N ot surprisingly its scope overlaps with the scope of the already existing
United Nations Convention on Contracts for the International Sale of Goods
(“CISG”), which is the default cross-border sales law regime in 23 European Union
member states that have adopted the Convention. Unlike the CISG, the CESL has
acknowledged an “opt-in” mechanism. However the studies show that when they
can choose among alternatives, individuals prefer to leave things as they are. The
author argues that status quo bias is a huge barrier in front of the CESL’s future
success.