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The Legal Implication of the Trade Between AFEC and Agro International Corporation - Research Paper Example

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The paper "The Legal Implication of the Trade Between AFEC and Agro International Corporation" states that the seller had a clear intention of doing a fraudulent transaction with the buyer since the seller must have very well known about their inability to supply a large number of grains…
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The Legal Implication of the Trade Between AFEC and Agro International Corporation
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Download file to see previous pages The significance of the seven essential elements of a contract of sale such as the contract, goods, delivery of goods (physical or constructive), conveyance of title, transfer of risk, price (Consideration), and consequences of breach – contractual remedies in the light of the terms of contract between the two said parties.
Whereas, a sale of contract was reached between two parties such as AFEC Inc, the seller and Agro International Corporation, the buyer, wherein the seller has agreed to sell the buyer under the terms of CIF (cost, insurance, freight) Antwerp 50,000 tons of grains of quality x-at, certificate of Grain Quality Control Inc. conclusive at U.S. $ 202.10 per ton. The goods were to be shipped directly between the month of February and March 2009 from the western African port; under English Law.
Now that AFEC Inc shipped on the nominated vessel at Port of Lagos, Nigeria only 50.100 tons of grain. Further, though the shipment of the consignment was completed on Apr 2nd, 2009, AFEC Inc persuaded the master of the ship to issue a bill of lading 31st March 2009. They also successfully persuaded the master to include in the bill of lading both a deviation and a deletion clause; therein AFEC Inc deleted the Rotterdam as the port of discharge and substituted Antwerp in lieu.
In addition, AFEC Inc insured the cargo on minimal terms, covering catastrophe losses only, although there were much wider insurances available in the insurance market. Besides, AFEC Inc tendered documents including the commercial invoice, bill of lading and insurance policy to the buyers Agro International Corporation.
The absence of mention of them in the terms concludes that it is a simple C.I.F. contract implying that the seller’s charges include the cost of goods, insurance and freight for shipment from port to port. ...Download file to see next pagesRead More
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