Question: Case study Under a CIF contract, the goods had been loaded on board the vessel according to the terms of contract. Then the vessel departed.

Case study Under a CIF contract, the goods had been loaded on board the vessel according to the terms of contract. Then the vessel departed. An hour later, the vessel struck a rock and sank. The next day the seller's bank presented the shipping document, insurance policy and invoice to the buyer, and demanded payment. (1) Knowing that he will not receive the goods, should the buyer pay? Which party would have to take the loss? (2)

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