CHECK THESE SAMPLES OF International Aspects of Business Law - Obligations of Seller and Buyer
Buying local would shift the burden of shipping, insuring, and delivery of the items being bought right at the doorstep of the buyer will be on the account and responsibility of the seller.... For FOB and CIF, both terms describe the time or the circumstances when the burden of ownership, control or loss of the goods that were purchased shifts from the seller to the buyer.... The duties of the seller under an FOB contract include the delivery of the items to the ship....
10 Pages
(2500 words)
Essay
Despite these most of the obligations of the buyers and sellers remain intact.... The author of the paper "buyer's Obligations under FOB Contracts" will begin with the statement that FOB contracts mean 'Free On Board' contracts and are widely applied in international trading where goods are shipped from one destination to another.... FOB contracts have provisions that govern the interaction between the buyer and the seller so as to facilitate a smooth transition of the goods and the risks factors that may affect the transaction....
7 Pages
(1750 words)
Essay
These are fundamental duties of the seller and buyer and if one party fails to maintain terms of contract another can sue for damages and cancel the contract.... The Sale of Goods Act 1979 has undergone several amendments and changes since its introduction and has become more and more consumer-focused to uphold the quality of goods and buyer rights .... The Acts specify the duties of the seller and the buyer as the seller is legally bound to deliver the goods, the buyer has to accept and pay for them according to terms of the contract....
15 Pages
(3750 words)
Research Paper
he advance payment forms an integral part of the agreement between the seller and buyer, and the inability of the buyers to meet this clause, could, at the option of the seller, lead to the cancellation of the contract.... he learned Court, distinguishing between the duties the agent owed to the third party vis-à-vis what is owed to its principal, especially when the agent was duty-bound, under the ordinary course of business to take cognizance of its principals' instructions....
16 Pages
(4000 words)
Case Study
gain, under Section 13 of the Sale of Goods Act, sale of goods by description, it is incumbent on the part of the seller to ensure that the goods match the description; otherwise the buyer is at liberty to repudiate the treaty, and /or claim damages for compensatory damages.... gain under the provisions of Section 11 of the Sale of Goods Act 1979, it is seen that when a contract of sale is incumbent upon certain conditionality to be fulfilled by the seller, especially in a CIF contract, the buyer has the options either to excuse the conditions or may elect to treat the breach of condition, as a breach of warranty, which may not be cause for action of cancelling the contract....
18 Pages
(4500 words)
Essay
The buyer arranges for the ship and the seller boards the ship, securing a bill of lading.... In the last type, the seller puts the goods in the ship and gives the buyer a receipt through which he can get a bill of lading2.... In the first and the second type of FOB contracts, the seller is a party to the contract with the buyer becoming a party to the same endorsement from the seller3.... A buyer, on paying for the goods, is obliged to nominate a vessel that will deliver the goods, bearing all the risks from the tie the goods are delivered to the ship....
8 Pages
(2000 words)
Assignment
Under such normal circumstance, the 'risk' of the goods passes on to the buyer as soon as the goods have been placed on the carriage.... Thus, under CIF, unless there are specifics in the contractual agreement, the risk passes on to the buyer upon delivery to the carrier or is loaded on board the ship.... In most cases, it is seen that under CIF, the cost of insurance and outward freight charges are borne by the seller, and become a part of the cost price....
11 Pages
(2750 words)
Research Paper
However, none of the previously mentioned Articles defines the term risk, and it is important to understand that, even if either or both of the two parties, the seller and the buyer, carry insurance to cover risks, it is still important to determine who carries the risk.... The CISG does not link passing of property of goods to passing of risk, because according to Article 4 of the CISG, the Convention only governs the obligations of the seller and the buyer arising from the contract of sale....
14 Pages
(3500 words)
Research Paper