The third main function of a BOL is that it can be recognized as a ‘document of title’. Sarah Dromgoole and Yvone Baatz explained a document of title as, “A document of title is a documentary intangible, in other words a document which is capable of representing a chose in action. There are two kinds of documentary intangible: documents of title to money and documents of title to goods. Both kinds of documentary intangible symbolize, or represent, an obligation. As far as a document of title to goods is concerned, the obligation is that the party with physical possession of the goods promises to deliver the goods to the holder of the document and to no-one else. In the case of a bill of lading, the party with physical possession of the goods …show more content…
There is issue whether the BOL is a negotiable or is it merely a transferable document. One person can transfer a transferable document to another, passing to the transferee the rights of the original holder but no more, in negotiable documents, the transferee rights that are better or greater than the right of the transferor. According to English law, a BOL is not negotiable, even though the BOL has some characteristics of a negotiable document, it is stated that it does not have the essential elements. This is stated so because, the transferee of the bill cannot acquire a better title than that of the predecessor; if stolen or endorsed without the shipper’s authority, a subsequent bona fide holder of the lost or stolen bill cannot acquire the rights to the goods by presenting the bill; a finder or thieve cannot give title to BOL even in the case of a bill endorsed in blank. However according to American Law, under the provisions of Federal Bills of Lading Act (FBLA) and Uniform Commercial Code (UCC), bill of lading are defined as negotiable documents, even if it is clear on legislation that BOL is negotiable, American courts were reluctant to put these legislation to …show more content…
The case of Barber v Meyerstein recognized the BOL as a symbol of possession and the case of Sanders v Maclean further approved this statement. In this case Bown Lj said, “A cargo at sea while in the hands of the carrier is necessarily incapable of physical delivery. During this period of transit and voyage, the bill of lading by the law merchant is universally recognized as its symbol, and the endorsement and delivery of the bill of lading operates as a symbolical delivery of the cargo ... It is a key which in the hands of a rightful owner is intended to unlock the door of the warehouse, floating or fixed, in which the goods may chance to be.” However in the case of Sewell v Burdick , Lord Bramwell, stated that goods pass according to parties intentions and these intentions are to be found in the contract for the sale of goods. Therefore if the transfer of the BOL is to pass possession of goods too, then it should be mentioned in the contract of
First, when a creditor (ICE) extends credit to a debtor (Top Quality) and takes a security interest in some property of the debtor, Top Qualities inventory in this case, it is called a secured transaction. The inventory is then considered collateral for the financing that ICE provided for Top Quality, which was made clear in the financing statement that ICE filed. Any secured transactions where personal property is used as collateral is governed by Article 9 of the Uniform Commercial Code. The UCC was revised in 2001 to better adhere to modern times, and since this case took place from 2007 to 2009, we will be applying the revised edition. There are many sections of Article 9 that should be considered when examining this case. First, the filing of a financing statement, form UCC-1 in Article 9, should be confirmed as filed with the appropriate state office. Once this has been done, confirming the attachment of Top Quality’s inventory to ICE, we can then look to confirm that the initial sale to Chrisman was paid in full to Top Quality, which it was. If this were not the case, ICE would be entitled to the remaining sale proceeds. Now we move on to the requirements of a buyer in the ordinary course of business, per Article 9 of the UCC. According the textbook, “A buyer in the ordinary course of business who purchases goods from a merchant takes the goods free of any perfected or unperfected security interest in the merchant’s inventory, even if the buyer knows of the existence of the security interest” (Cheeseman). The textbook then continues to explain that this rule is necessary because buyers would be reluctant to purchase goods if the merchant creditors could recover the goods if the merchant defaulted on the loans owed to secured creditors. These statements come from the Revised Article 9, section 320(a). This is based on the idea that the buyer purchases in good faith, meaning that they are
materials.) A vendor is not an owner if it did not own the property at the time
Yossef Gutfreund, a wrestling referee, was awakened by a faint scratching noise at the door of Apartment 1, which housed the Israeli coaches and officials. When he investigated, he saw the door begin to open and masked men with guns on the other side. He shouted a warning to his sleeping roommates and threw his nearly 300 lb. (135 kg) weight against the door in a futile attempt to stop the intruders from forcing their way in. Gutfreund's actions gave his roommate, weightlifting coach Tuvia Sokolovsky, enough time to smash a window and escape. Wrestling coach Moshe Weinberg fought the intruders, who shot him through his cheek and then forced him to help them find more hostages. Leading the intruders past Apartment 2, Weinberg lied by telling them that the residents of the apartment were not Israelis. Instead, Weinberg led them to Apartment 3; there, the gunmen corralled six wrestlers and weightlifters as additional hostages. It is possible that Weinberg had hoped that the stronger men would have a better chance of fighting off the attackers, but they were all surprised in their sleep.[18]
o Note: in maritime law, oral contract is valid under statute of fraud. The answer to the jurisdiction issue will lead to a different result, depending on the case. & nbsp; Exxon Corp. v. Central Gulf Lines, Inc. (SCOTUS, 1991): Admiralty jurisdiction extends to claims arising from agency contracts – here, a contract for providing fuel. o Case overturns Minturn on narrow grounds.
The Major religions spread across Eurasia and Africa through trade routes and conquest. Along with the religions came ideas and practices to new and distance places, changing local populations and create new traditional beliefs and customs.
That said, we agree that the core of commercial transactions and the Uniform Commercial Code are fundamental bases for international commercial transactions. Over the years, all laws have influenced society to shape their format into better laws more applicable to the reality of each time. The same has happened with the UCC, to better serve the demands of today’s business commerce. The UCC serves today as such a complete version for business transactions that common law will only apply when the Code is not spoken. One example of this situation is that prior to the adoption of the UCC, sales contracts were governed by the common law of contracts.
Marie Gouze, also known as Olympe de Gouges, was a revolutionary and women’s rights activists. She published a Declaration of the Rights of Woman and the Female Citizen, which attracted much attention but little support, and she was silenced. Revolutions broke out first in North America, and later Europe and Latin America. Revolutions encouraged the consolidation of national states.
Marie Gouze was born on May 7, 1748 in Montauban, France. She was a french social reformer. Marie was the daughter of Jean-Jacques LeFranc and Anne-Olympe Mouisset. Marie had married at the age of 16 and had a son. After the death of her first husband, Marie changed her name to Olympe De Gouges.
Its nine articles seek simplify, clarify, and modernize the commercial transactions law in response to the problem of increasingly difficult legal and contractual requirements alongside the challenges associated with state law differences that complicate business transactions across states. The main benefits that have been achieved through the UCC entail ease of interstate business transactions, standardization of commercial expectations, heightened commercial stability, and reductions in business or operational cost. In terms of history, the UCC arose from the efforts of the NCCUSL and ALI. One approach of describing the code’s creation up to its institution in 1952 entails underscoring the apolitical, expert-driven, and consultative process undertaken by the drafters and participants. Such deliberations produced the various articles found in the UCC.
The plaintiff firm of surveyors bought a second-hand Rolls Royce from the defendants which developed serious defects after 2,000. It was held that the firm was acting as a consumer and that to buy in the course of a business 'the buying of cars must form at the very least an integral part of the buyer's business or a necessary incidental thereto'. It was emphasised that only in those circumstances could the buyer be said to be on equal footing with his seller in terms of bargaining strength.
International Trade Law Case Study Introduction International trade transaction is essential for the sale of goods with the addition of an international element. In practice, the seller and buyer are in different countries where the goods must travel from the seller’s country to the buyer’s country by various means of transports. In international sale of goods, they usually transit the goods by sea because of the international transactions. Therefore, contracts for the carriage of those goods must be procured between the seller or buyer and common carrier depending on different types of sale of contracts. Moreover, in most of incidences, the agreed goods are usually insured at a reasonable amount in case of being loss or damaged during the transit.
This judgment given set criterion which is still been used in the modern court system and due to this case it was developed that an offer of contract can be unilateral and doesn’t have to be made to a specific party only. Also it was developed to that the acceptance of an offer does not require a notification and that once the concerned party purchases the product the contract is active then and there itself. And it was also established that purchase of an item is a fine example of consideration and therefore makes it a valid contract. (Smith, 2000).
'subject to this Act, when goods are sold by a person who is not their
This is a story about a girl growing up in the world learning how to make it on her own. She is going to get into things she thought she would never get into, meet the people she thought she would never meet, learning the things she would’ve never thought to learn, and getting caught up the way she thought she would never get caught up. This right here is Disaya’s past; you have to know where it all started to know where it’s all going to end. Disaya was a very beautiful little six year old girl; she had curly untamed hair and gorgeous green eyes. Dynasty was Disaya’s mother, Dynasty didn’t know where her daughter go those green eyes from, she always suspected that Yaya was really the illegitimate child from one of her clients, yes that’s right I said it clients.
The bill of lading under a charterparty is just a certificate of receipt for the charterer, the bill of lading is not to be seen as a contract of carriage of goods by sea due to the relationship between the shipowner and charterer under a charterparty. When the bill of lading issued by the shipowner is transferred to a third party by the charterer, the right-obligation relationship between the shipowner and the bill of lading indorsee will be effected by the international conventions that related to the bill of lading. And that means the terms governing the relationship between the shipowner and a bill of lading indorsee will be different from the terms originally agreed with the charterer, the shipowner will exposed to greater liability than he initially anticipated. Obviously, the shipowner does not want to see that happen. Under this circumstance, the shipowner always wonder that the terms of the charterparty can be carried through into the terms of bill of lading contracts. So whether it is a charterparty or a bill of lading, the liability of the shipowner would always be the same, and that led to the development of incorporation clause.