Compensation for damages due to a failure to perform a contractual obligation in a purchase and sales contract in foreign trade operations

One of the oldest human activities is the trade of goods, services, money and other property values both within a country and abroad. Foreign trade business has an exceptional importance for socio-economic relations between countries. Each state independently regulates the trade of goods and services. However, no state economy is self-sufficient, so its need to join the international markets is quite justified. Through a mutual trade cooperation, states transfer the effects of the concluded agreements beyond their borders, and the need for the unification of certain norms is absolutely necessary, as well as the regulation of the issue of a breach of contractual obligation and compensation for damages as a consequence resulting from such a thing. Some countries have a fear of ratifying the international rules, because they think that the accepted solutions would be contrary to their national legislation. There is mentioned only one of the reasons for the states resistance, as well as the difficulties in achieving the unique acceptable solution. This paper analyzes the concept, the importance of foreign trade business for countries, then the rights and obligations of the contracting parties and the compensation for damage due to a breach of a contractual obligation by non-performance in the sales contract.