A contract of sale under CIF port of Okinawa, Incoterm 2020, was entered between a seller based in Vietnam and a buyer in Japan, for the sale of 500 tons of coffee. The goods were transported and unloaded at the port and kept at customs shed for inspection and payment of duties. The buyer was notified of the arrival of the merchandise and its location. Before the buyer picked up the goods, the customs shed (including the merchandise in it) was destroyed by fire. The buyer claims refund of the purchase price stating that she did not receive the goods. Is the seller responsible?

Goods were destroyed due to fire and not because of seller.

Answered: A contract of sale under CIF port of…

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter1: Introduction: What This Book Is About

Section: Chapter Questions

Problem 1.1IP

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A contract of sale under CIF port of Okinawa, Incoterm 2020, was entered between a seller based in Vietnam and a buyer in Japan, for the sale of 500 tons of coffee. The goods were transported and unloaded at the port and kept at customs shed for inspection and payment of duties. The buyer was notified of the arrival of the merchandise and its location. Before the buyer picked up the goods, the customs shed (including the merchandise in it) was destroyed by fire. The buyer claims refund of the purchase price stating that she did not receive the goods. Is the seller responsible?

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