Case Study On CIF Contracts

Any contract for transporting freight or personnel by vessel, aircraft, bus, truck, express, railroad, or oil or gas pipeline where published tariff rates are in effect;

the authority to determine the shipments, decides what products to ship and when to ship it and lastly

7.  Under a shipment contract, the seller is required to do all but which of the following?

- The UCC defines goods as something that you can touch and can be moved for the contract of sale.

This agreement made and entered into this date October 23, 2015, by and between Machines, Inc. of Austin, Texas, and Widgets, Inc. of Detroit. It was designed for both parties to understand terms and condition of their trading. This sale contract was developed by Uniform Commercial Code, which is government rules regarding businesses or companies. According to Raina article, “the terms and conditions in import contracts outline the rights and obligations of the importer and the foreign supplier in carrying out the transaction (1990, sec.1). This contract regards for the purchase of the goods described below:

All goods purchased pass through a receiving department under the direction of the chief purchasing agent. The duties of the receiving department are to unpack, count, and inspect the goods. The quantity received is compared with the quantity shown on the receiving department’s copy of the purchase order. If there is no discrepancy, the purchase order is stamped “OK—Receiving Dept.” and forwarded to the accounts payable section of the accounting

In the United States, businesses contribute a substantial portion towards building the country’s economy. It encourages the productivity by providing huge profits and growing revenues in the country. The business industry increases employments and offers a form of financial security for the people. As result, the US created a uniform body of laws to regulate these commercial transactions; buying and selling of goods. In 1949, the National Conference of Commissioners on Uniform State Laws developed the Uniform Commercial Code (UCC) to help govern commercial transactions of sale and lease contract. Contracts can come in any form and types. It can be long-term or short term depending on the kind of business you have. A sale contract of goods contract is an agreement between a buyer and seller to transfer goods and title at an agreed price with specify delivery terms. The UCC provide a resolution to problems that can arise during such transaction and gave individuals a clear understanding of the rules in doing business. In the case of 3300625 Canada, Inc. versus New York Look Enter., Inc. we have a commercial transaction between a seller who agreed to transfer and deliver conforming goods to a buyer who will accept and pay for the conforming goods. However, a dispute arises during the transaction due to miscommunication of alternative delivery dates that lead to a lawsuit in court.

In contract law, under the Uniform Commercial Code (UCC), for businesses to complete the commercial transactions, negotiable instruments must be used. According to the law, the negotiable instruments are written or signed promises to pay a specified amount of money per the contract terms at a particular time (Miller & Hollowell, 2014). However, it must be determined if the instrument is, in fact, a negotiable instrument or nonnegotiable. According to UCC, the negotiable instrument can fall under two different categorize of which include orders to pay and promise to pay.

Which asks you to input where the item is going, what the item is e.g. a letter, package; what the size, weight and value of the item is and choose the delivery options such as when it should arrive at the destination and next day, 3-5 working days, whether it should be first class or signed for 4) the cost of sending.

P2 EXPLAIN THE LAW IN RELATION TO THE FORMATION OF A CONTRACT IN A GIVEN SITUATION

Contract comes into existence when both parties (offeror and offeree) have agreed terms in negotiations. The contract becomes binding when there is an agreement from both sides. It is not effective until there is communication.

The Seller will not be liable in any way for any delay, non-delivery or default in shipment due to labor disputes, transportation shortage, delays in receipt of material, priorities, fires, accidents and other causes beyond the control of the Seller or its suppliers. If the Seller, in its sole judgment, will be prevented directly or indirectly, on account of any cause beyond its control, from delivering the Goods at the time specified or within one month after the date of this Agreement, then the Seller will have the right to terminate this Agreement by notice in writing to the Purchaser, which notice will be accompanied by full refund of all sums paid by the Purchaser pursuant to this Agreement.

In terms of business, contracts are really important, they are an agreement between two or more parties to provide a product, perform a service, or commit an act. There are many different types of contract which have different terms and conditions. These terms and conditions are always enforced by law and breaking them can result in actions such as financial penalties. Some examples of different business contracts are; partnership agreement, bill of sale, independent contractor agreement, and property and equipment lease. In this short essay, we will take a look at an article addressing a type of contract, then give a quick summary of the article, and finally offer up recommendations relevant to the article.

To avoid the confusion and problems, the shipper should declare the value for the goods on the ocean bill of lading or to exercise the right to declare a higher value and pay higher freight charges. If the shipper wants the number of

Because the contract was so vague and did not specify otherwise, I believe it was a shipment contract. Under a shipment contract, “the seller is required only to deliver conforming goods into the hands of the carrier, and title passes to the buyer at the time and place of shipment” (Miller, pg.318).