How Cif Contract Which Stands For Cost, Insurance And Freight And Defined As Sea Carriage

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;

A contract is defined as, “a legally enforceable exchange of promises or an exchange of a promise for an act that assures that parties to the agreement that their promises will be enforceable (Kubasek 2015).” Contracts are essential for businesses to conduct business with one another. Before delving too far into the Muscadine grape case, it is also important to note that a sale is the, “passing of title to goods from buyer to seller for a price (Kubasek 2015)” and that a good is considered, “tangible personal property (Kubasek 2015).” Muscadine grapes and their by-products are the goods in question. When considering any legal case it is important to first consider the facts and the issues that are being considered.

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.

Article 2 does not apply to contracts for the sale of real estate or stocks and bonds

The Uniform Commercial Code has language that requires certain sales of goods contracts to be in writing in order to adhere to the law, commonly known as the Statute of Frauds (Beatty, Samuelson, & Bredeson, 2013). The general rule for a sale of goods contract is that if the price for the goods are over $500, the contract must be in writing (Beatty, Samuelson, & Bredeson, 2013).

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:

Contracts are formal agreements between people or businesses however, there are many different types of contracts and many different parts to a contract. There are a couple of elements of a contract. First proposal of the contract is accepted than consideration of the offer. In addition to that, a contract must be for a lawful purpose and the adults must be of sound mind to consent to a contract. Lastly, writing some types of contracts must be in writing to be enforceable. There are two contract rules for governing the sales of goods and the sale of services. The Uniform Commercial Code (UCC) is the code used for the sales of goods. The sales of services is use common law to govern these contracts.

Since the legitimate framework in the United States is based upon regular law and common or statutory. Normal law depends on legal point of reference or guideline of law created from previous court choice. For this situation transportation is a zone of concern in light of the fact that it can control states obligation in reference transportation. The basic law methodology fits well with free market economy in light of the fact that the individual is the center of consideration and can take part in any business that is not denied. Every individual is viewed as preparing equivalent power and obligation in the eyes of the law take for moment normal carriage in which transportation suppliers were obliged to serve all shippers and charge sensible rates without separation.(Coyle, Novak, Gibson, Bardi, 2011, pp

Sales of goods act requires traders to sell goods that are as they are described and of satisfactory quality. It also

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.

a. in CIF, the goods are delivered past the ship’s rail, but S does not possess them until the port of destination. This is distinct from the FOB where delivery and possession occur at same time.

Ocean Carriers Inc. was approached in January of 2001 with a contract proposal for the leasing of one of their ships for a term of 3 years beginning in 2003. Ocean Carriers currently has no ship to accommodate the customer. To commission the construction of a new vessel would take 2 years from start to completion. The average rate in the spot market is $22,000 per day. Ocean Carriers deployed a younger fleet than average carriers and generally earned a 15% premium over the average daily rate placing them in position to capitalize in strong economies. However, the industry is volatile and suseptable to extremes both low and high. Many ship owners sought to sign contracts with time charters in order to shield themselves from the swings

ANSWERS TO QUESTION 1 OF CONTRACTS EXAM Exam 5003 – AThe letter sent by B was an offer. An offer may be defined as a communication, having sufficient definiteness to eliminate the need for further negotiation, and creating the impression of manifest intent to enter into a K. An offer may be made to the general public, as in a mass mailing or advertisement, or to an individual. The letter was sufficiently definite. It provided the description of the product, a price, and a quantity. The quantity, while not particular, first created the impression of a great many pieces available. Second, it operated as an offer for a requirement K by UCC 2306. Such a requirement K need not be explicit in the quantity; it is

Every firm would love to invest in shipping industry due to large profits involved. However this would seem easy but practically it is lot more difficult and virtually impossible to establish in container line business. The problem pertains to large capital investments in form of vessel and container procurements and risk of operating vessels. Even if we take the examples of biggest companies