Shipping terms play an important role in determining when title, risk of loss, and insurable interest pass from seller to buyer. What is the significance of such terms as CIF and FAS in determining such issues? What happens when the contract is clearly CIF but the seller claims that the "CIF" was a typo and that the parties "knew" it should have been "FAS"?
Answer to relevant QuestionsExplain what the good-faith and commercial reasonableness obligations are. David Cooper purchased a computer and software for his supermarket business. He was using a soft- ware program recommended and installed by the seller, Contemporary Computer Systems, Inc. The sales contract had a clause that ...Identify and define each of the elements of negotiability. What are the requirements of holder-in-due-course status? The Barretts purchased a 1982 Kenworth truck in June 1995 from Mary Harwood. The purchase price was $11,000, to be paid in monthly installments of $300 before the 10th of each month. Eighteen months after the sale, Harwood ...
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