place of destination and the ordinary contract of insurance of the goods on that voyage, and to tender these documents against payment of the contract price. So far as physical arrival of the goods to the buyer is not a condition of CIF contract, it does not mean that the goods may never have been shipped. On the contrary, only provided they are shipped and available for trade, there is no requirement that they actually arrive for the buyer to pay price. Because CIF is a contract performed by the delivery of documents, it is thus ideally suited to on-sale of goods afloat. Obligation of seller to a CIF Contract This is provided for under article 30-44 of the United Nations Convention on Contracts for the International Sale of Goods (Vienna • The buyer is considered to have taken delivery if he does all the acts which could reasonably be expected of him in order to enable the seller to make the delivery, or when he takes over the goods The issue as to whether the buyer must make payments against tender of documents or against delivery of goods was discussed in Biddell Brothers v E. Clemens Horst where the buyer insisted that they would only pay against the goods and not the documents. The buyers had wanted a sample which the seller refused to send. The seller argued that a third party merchant exchange had already provided the buyer with a certificate of quality. The buyer held that since they have a CIF contract, they are free to decide whether to accept goods and pay or accept documents and pay while the seller held that in a CIF contract, payment must be made against documents. LJ Williams in his decision said that payment is due when seller has done everything that was required of him therefore making payment due at symbolic delivery. LJ Kennedy agreed with him holding that payment is due when “possession” passes to buyer, possession in this case being the title in the goods contained in a bill of lading. It was seen that the seller would be unfairly performing twice if he had to deliver the bill of lading and delivery of goods for it to amount to the buyer’s obligation to pay the seller. Further, a CIF contract meant that the delivery of the bill of lading when the goods are at sea can be treated as delivery of the goods themselves therefore the buyer was entitled to pay upon delivery of
First, when a creditor (ICE) extends credit to a debtor (Top Quality) and takes a security interest in some property of the debtor, Top Qualities inventory in this case, it is called a secured transaction. The inventory is then considered collateral for the financing that ICE provided for Top Quality, which was made clear in the financing statement that ICE filed. Any secured transactions where personal property is used as collateral is governed by Article 9 of the Uniform Commercial Code. The UCC was revised in 2001 to better adhere to modern times, and since this case took place from 2007 to 2009, we will be applying the revised edition. There are many sections of Article 9 that should be considered when examining this case. First, the filing of a financing statement, form UCC-1 in Article 9, should be confirmed as filed with the appropriate state office. Once this has been done, confirming the attachment of Top Quality’s inventory to ICE, we can then look to confirm that the initial sale to Chrisman was paid in full to Top Quality, which it was. If this were not the case, ICE would be entitled to the remaining sale proceeds. Now we move on to the requirements of a buyer in the ordinary course of business, per Article 9 of the UCC. According the textbook, “A buyer in the ordinary course of business who purchases goods from a merchant takes the goods free of any perfected or unperfected security interest in the merchant’s inventory, even if the buyer knows of the existence of the security interest” (Cheeseman). The textbook then continues to explain that this rule is necessary because buyers would be reluctant to purchase goods if the merchant creditors could recover the goods if the merchant defaulted on the loans owed to secured creditors. These statements come from the Revised Article 9, section 320(a). This is based on the idea that the buyer purchases in good faith, meaning that they are
The dispute occurred in Victoria between a registered company, Tallerman & Co Pty Ltd ("the plaintiff") and an incorporated company, Nathan's Merchandise Pty Ltd. ("the defendant), where both parties operated their business. Two previous binding contracts (orders No. 58 and No. M57) were made in communications on 14th May 1951 and 2nd August 1951 respectively, each for the sale by the plaintiff to the defendant of 1,000,000 Hungarian .22 bullets. A consignment of 1,800,000 bullets for the above orders was dispatched from Sydney to the defendant by rail on the 12th February 1952 and was received by a carrier employed by the defendant in Melbourne who stored the bullets in the defendant's warehouse, where they resided for three days. Claiming that under the contractual terms, those bullets should only be delivered when requested, the defendant refused to take the delivery, and thus reconsigned the bullets back to Sydney by rail. On 3rd March 1952 a letter by the plaintiff's solicitor was sent out requiring the defendant to accept the "contractual goods" and that otherwise necessary steps would be taken to enforce the plaintiff's legal rights. On 6th March the defendant's solicitors responded by reasserting the stance that it had been settled from the start that delivery of bullets should be made only when the defendant required them, to fulfill its customers' orders. In addition the defendant's solicitors raised the further point that the location of delivery in Melbourne was inconsistent with the contractual terms.
Grocery, Inc. uses many vendors from individuals to corporate giants. Each is engaged in moving products from the supplier to the retailor. The goal of the UCC is to provide a smooth transaction by promoting efficiency and standard procedures consumers and merchants may rely upon. Article 2 of the UCC helps fill in the gaps of missing details to help complete the sales contracts. These gaps may include a set delivery schedule, a standard order, specific types of products, guarantees for los...
A Chinese toy manufacturer known as Fan Li approached Tegan to distribute its accessories for its Chinese made products in Europe in the May of 2007. According to the case, it was specified that Tegan’s traditional products had generally been £50 whereas Fan Li’s accessories were priced below £5. As their order’s size decreased, the growth of direct sales to consumers had increased their number of transactions. But it was a threat as Fan Li’s project provided a boost to the sales as tegan said agreed for Fan Li’s agreement. To get the appropriate outputs, Tegan’s account payables played a major role where tegan received discounts on most of its payables in prior payments as per the agreement.
Legal Studies Essay Joey Agerholm Exclusion clauses determine the liability of something that might go wrong within a contract. They are used by sellers as an attempt to avoid or limit their liability. The seller has the advantage over the buyer who must agree to the clauses to purchase the product/service. Because of the buyers disadvantage the court takes such cases, involving exclusion clauses, very seriously, and the content of the clauses are carefully interpreted. With the current Trade Practises Act and the Fair Trading Act the standard form of business contract is adequate and effective in protecting the buyer. The Trade Practise Act is the most effective legislation for the protection of the consumer. It implies to the following situations:- - “A promise by the seller that the buyer will become the owner” If a car dealer breaks a promise or part of a contract, for example that he has the right to sell a car, and the car is stolen then although the buyer will have to give the car back he/she will get her money back. - “ A promise by the seller that goods will fit the description supplied by the seller” In this case the buyer is protected if the seller makes a promise, which is a condition of the contract, describing the product, and when the buyer receives the product, it does not match the description. - “ A promise where the seller is made aware of the purpose for which the goods are required, that the goods will be reasonably fit for that purpose” This condition is implied when the buyer makes the purpose of the goods needed known to the seller, and the buyer then relies on the seller’s judgement in providing the correct product. For example it would not be reasonable if you made the seller aware that you wished to purchase something suitable for mowing the average suburban backyard and you were sold a tractor. - “A Promise that goods are of merchantable quality” According to this act a good is considered to be merchantable if they are suitable for the prospect for which other similar goods are sold, involving the description applied to them, the price and any other relevant information. This act does however does not protect the consumer if he/she has examined the product and missed any defects that should have been seen or if the seller made him/her aware of the defect prior to the purchase of the product.
http://www.wto.org. 2013. WTO | Regional Trade Agreements gateway. [ONLINE] Available at: http://www.wto.org/english/tratop_e/region_e/region_e.htm. [Accessed 02 December 2013].
Suppliers must maintain good relations with the companies in the industry. This is low because there are multiyear service contracts and the delivery industry uses items such as vehicles, employee benefits, general goods and airline contracts associated with overhead of running business, but all contracts are rewarded through an RFP process. There are enough players in the market and had high fixed cost and thus have substantial buying power.
The goods must also be paid for by various methods of payment to facilitate international trade. This essay aims to analyse the possible claims from our advising buyer G arising from other parties to the contracts involved in this transaction. The essay will also analyse the legal relationships of all parties created that their respective rights and duties may have in the transaction. In doing so, it will discuss sale of contracts on c.i.f.
In the competitive environment, it is necessary for moving products involves reception of products at an intermediate location, store, repackage, clear customs and transport to final destination. The other factor in the supply chain logistics is speed given information flows fast in the internet era. The customer expects everything quick accustomed to the instant status access to the information. With the real time inventory, customer expects the location of the product, it is next scheduled movement and the final delivery schedule.
This judgment given set criterion which is still been used in the modern court system and due to this case it was developed that an offer of contract can be unilateral and doesn’t have to be made to a specific party only. Also it was developed to that the acceptance of an offer does not require a notification and that once the concerned party purchases the product the contract is active then and there itself. And it was also established that purchase of an item is a fine example of consideration and therefore makes it a valid contract. (Smith, 2000).
The basic law of a contract is an agreement between two parties or more, to deliver a service or a product. And reach a consensus about the terms and conditions that is enforced by law and a contract can be only valid if it is lawful other than that there can’t be a contract. For a contract to exist the parties must have serious intentions, agreement, contractual capacity meaning a party must be able to carry a responsibility, lawful, possibility of performance and formalities. Any duress, false statements, undue influence or unconscionable dealings could make a contract unlawful and voidable.
the state is bound as a bailee in such cases even in the absence of contract for such a purpose. In case where the authorities have acted on mere suspicion and have seized the goods according to the procedure established under criminal procedure code. Then until the final decision of the court is declared the authorities have to act as a bailee of goods and the burden of proof is upon bailee to show that he has exercised reasonable care.
ICI’s Legal Department supported the research and investigated all aspects of international law as pertinent to this business proposal.
For the tangible products such like complementary meals, pillow and blanket, AirAsia credit card. For the intangible goods that includes AirAsia
The following provisions with their terms and conditions shall become an integral part of the purchase order to the extent specified in the purchase order and shall become a supplement to the presently existing terms and conditions of the purchase order. All specifications and standards referenced in thi...