What should the seller have tried to put in the contract?
Please visit all the links posted in Unit 7.
In the disasters you saw in the photographs, what should the buyer have insisted upon in his/her contract with regard to risk of loss? Explain. You must refer to our textbook (specific terms and page numbers) in your answer.
What should the seller have tried to put in the contract? Explain. You must refer to our textbook (specific terms and page numbers) in your answer.
Comment on classmate postings.
Unit 7 Lecture
Unit Topics: Performance and Remedies; Formation and Terms of Sales Contracts
Reading: Chapters 18 and 19
Lecture
Focus on: “Risk of Loss”
The Overall Framework
Our main focus this Unit will be on the concept of “Risk of Loss”.
Note that we are now dealing with the UCC.
The Sale of Goods involves a transfer of ownership. The overriding question in most of the legal cases in this area involves when ownership was transferred, because it is the owner that bears the risk of loss if the gods are lost, stolen, destroyed etc.
Title
When the law talks about ownership the term “Title” is used, as in: “ who holds title to these goods?” Goods are considered to be “ personal property” (as opposed to “real property” which is land, buildings, and fixtures) that is tangible (something you can touch). The main issue here is “Passage of Title”. Page 536 of the Text list situations when title “passes”; that is, when the buyer becomes the owner and, as a result, bears the “risk of loss”.
Risk of Loss
Passage of Title depends upon the terms of the Contract for the sale of the goods. Our Text (pages 542 – 543) explains various commonly used terms that are put into Contracts such as FOB; FAS; CIF; C & F
Each should be reviewed with risk of loss in mind.
Each lists circumstances for the point at which the risk of loss or damage to gods identified to a contract passes to the buyer. “Identified to a contract” means the goods have been separated from a larger group or picked out specifically for this transaction.
The Windows, Inc. v. Jordan Panel Systems Corp. case (link to this Case is in the Unit) provides an example of the risk borne by a buyer in a shipment contract.
End of Lecture
Item
WEB LINKS
Windows v. Jordan please use the following link to access this Case: http://caselaw.findlaw.com/us-2nd-circuit/1142775.html Pictures of Losses in International Shipping – Use this link for your Assignment and the Discussion Forum: http://gcaptain.com/maritime-incidents-2011-photos/ . More Pictures [Be certain to scroll to bottom of screen, click on item you wish to view, then scroll down again to see the photos.] Watch Video
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