Nobody downloaded yet

Law of Contract Master - Essay Example

Comments (0) Cite this document
It is a matter of general knowledge that to incorporate any INCOTERMS 20001, there must be a particular reference in the contract. The main purpose of the INCOTERMS is to remove the ambiguities and uncertainties in the interpretation of international trade or shipping terms.2 However it must be noted that just to reach an agreement to transact using the INCOTERMS will not by itself amount to the conclusion of a trading transaction…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.8% of users find it useful
Law of Contract Master Essay
Read TextPreview

Extract of sample
"Law of Contract Master"

Download file to see previous pages This would facilitate the execution of a smooth contract. The parties have the further choice of incorporating an INCOTERM as well as providing for any other conditions concerning the sale connected with the carriage of goods like contract of insurance and local delivery in the country of import.
Being one of the popular and important international commercial terms, 'FOB' is used very widely in the international commercial transactions. 'FOB' is one of the F group terms denotes 'Free on Board' where the element of freight is undertaken to be paid by the buyer and the risk on the goods is deemed to pass to the buyer at the point where the goods are delivered to the specified carrier.
The term FOB was originally developed with an intention to specify the responsibilities and liabilities of the parties under the contract4. In the case of Pyrene v Scindia5 three different variations of the FOB Contracts have been established.
Under 'Classic FOB' contract the buyer is given the responsibility to nominate the vessel and the seller is to draw up the contract of carriage. As has been laid down in El Amira &El Amina6 it is possible for the seller to act as the principal shipper. In Wimble Sons v Rosenberg and Sons7 it has been held that sometimes the seller ships the goods as a favour to the buyer but is not obligated to do so.
The second variation involves the seller taking the responsibility for arranging the shipping and insurance on the buyer's account. But still the responsibility for nominating the vessel is left with the buyer.
The third variation is the one which is presently in practice, where the vessel is nominated by the buyer and also the buyer makes the contract of carriage.8
As a consequence in a FOB contract if the buyer fails to advise his nomination of a specific vessel within the time stipulated under the contract the contract can be terminated by the seller. With this repudiation of the contract the seller reserves the right to sell the goods to any other third party and also to recover any resultant loss from the buyer.
FOB is being used as one of the important commercial term for the past two centuries and because of the familiarity traders do not wish use other terms while formulating the sales contracts. However this has resulted in using the term FOB wrongly as FOB Factory or FOB Plant which is an incorrect usage as stated by the International Chamber of Commerce According to the Chamber the term implies only 'Free on Board'.9
Thus under the FOB contract the seller need only to place the goods on board the ship which is nominated by the buyer. However as specified in Para B7 of Incoterms 2000, the buyer is obligated to give the seller sufficient notice of the vessel he has nominated. The buyer must advise the seller the name of the vessel, loading point, and required delivery time. According to the provisions of Para B7 of the Incoterms 2000 the FOB buyer having already nominated a vessel will not necessarily permitted to substitute another ship, unless the sale contract so provides and the seller may refuse to load the substituted vessel. This principle has been laid down in Cargill U.K Ltd v Continental U.K Ltd 10
Sometimes it ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Law of Contract Master Essay Example | Topics and Well Written Essays - 2500 words”, n.d.)
Retrieved de
(Law of Contract Master Essay Example | Topics and Well Written Essays - 2500 Words)
“Law of Contract Master Essay Example | Topics and Well Written Essays - 2500 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
Contract Law Master Essay
Thus, I would tell my French friend that the codified French legal system is different from the English legal system which is a common law system relying on case law or the ratio decidendi of past cases and statutory laws (Owens 2001,p.3). a) A contract is a meeting of minds between two or more parties by which one party makes an offer and the other party accepts the offer.
13 Pages(3250 words)Essay
Property Law Master Essay
Baxtr. The plaintiff bought a haystack from the defendants. The haystack subsequently burned down and he sued the defendants (seller). It was held that the buyer had to bear for the loss and was therefore required to pay the price. This is because the property was passed to him when the contract was made.
8 Pages(2000 words)Essay
Contract Law Bachelor Essay
Despite pushing the date for supplying the Yorkshire sand, Graham replied that he would still wait for the sand on January 12. In this contract, there was an intention to create legal relations. A contract is a result of an agreement between the parties, but in order that a contract should be enforceable, there must have been an intention to create legal relations.
3 Pages(750 words)Essay
Consumer Law Master Essay
A minimum set of common consumer rights in respect of faulty goods is provided for under the Sale of Consumer Goods. The existing UK law has been retained with some amendments, mainly to give effect to specific remedies which, although they have been in use for many years, have not previously been part of the law.
10 Pages(2500 words)Essay
Information Law Master Essay
While most of the information remains socially acceptable some of it works to wound the accessing society at large by offending the sensibilities viz. a substantial amount on information befitting the obscenity dimensions is placed on internet. Similarly internet has been used both as an anonymous and identified media to attack and vilify people, states, organizations etc.
4 Pages(1000 words)Essay
Medical law Master Essay
Therefore, these are practical situations where, the caregiver is supposed to do something and at the same time is not expected to do something (Johnstone, M., 2005, 227). If this occurs, the physician or the nurse will have to make some choice between the two conflicting options, both of which are equally unsatisfactory.
4 Pages(1000 words)Essay
Company Law Master Essay
Britain was amongst the first nations to develop rules to regulate how companies operate and introduced a company registration scheme in 1844. Company Law has developed over the years both in common law and through various Acts of Parliament, most recently the Companies Act 2006 which is the first major overhaul of company law in the U.K.
8 Pages(2000 words)Essay
Employment Law Master Essay
As per section 230(1) of ERA 1996, an employee is a person who works under a contract of employment. It can be contract of service or apprenticeship both express and implied. If express, it can oral or in writing. The act does not define independent contractor or contract for service.
12 Pages(3000 words)Essay
Negligence can be defined as protection f person, property and economic interest from damage caused by another person failure to take reasonable care (Latmier, P., 2004. p.196) in which legal remedies are awarded for the victims in regret to the case. Tort law must be differenced from the law f contract, as a tort f law defends damages caused to one self or relatives and their property, whilst law f contracts involves the rights f the parties engaged within the establish contract.
6 Pages(1500 words)Essay
Constitutional Law Master Essay
Any violation of such provisions is usually called a "coup d'tat", and, as such, is considered evil, and when possible punished. This is supposed to correspond to the definition of constraint. The Constitution of the United Kingdom is uncodified, consisting of both written and unwritten sources.
4 Pages(1000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Essay on topic Law of Contract Master Essay for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • Miscellaneous
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us