Question
In: Economics
Seller in Sydney, Australia, agreed to ship goods on or before December 31 under a CIF...
Seller in Sydney, Australia, agreed to ship goods on or before December 31 under a CIF Sydney contract to Buyer in Honolulu. The seller was unable to assemble the goods for delivery in time to reach the ship in Sydney and had to transship the goods by rail to Melbourne, where the ship was taking on goods on January 3. Seller did load the goods aboard railway cars in Sydney on December 29 and received a bill of lading from the railway company on that date. Seller later obtained a bill of lading from the ship, and together with an invoice and a marine insurance policy, tendered both bills of lading to Buyer. Buyer refused to accept the documents or to pay Seller. Seller sues to enforce the contract. Will Seller win?
Solutions
Expert Solution
The Seller will not win as he was unable to ship the goods on or before Dec31st as he promised to do in the contract. It is clear that according to the agreement the seller should be shipping the goods befor dec31st which he was unable to do so the buyer has right to cancel the contract as it clear about the shipping date which the seller was unable to assemble the goods at that time.
So seller will have no chance of winning the case as he himself made a mistake.
Rahul Sunny answered 2 years agoRelated Solutions
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Multiple Choice
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When the buyer receives the document of title.
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Under the UCC, when a contract for the sale of goods is breached by the seller...
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Under the UCC, when a contract for the sale of goods is breached by the seller...
Under the UCC, when a contract for the sale of goods is breached
by the seller for failure to tender conforming goods to the buyer;
after the buyer has had an opportunity to inspect the goods: (1)
What are the buyer's options in terms of accepting or rejecting the
nonconforming goods? (2) What opportunity must the seller be given
if the time for performance has not expired? (3) What is deemed to
have occurred if the buyer fails to reject...
Under sale of Goods Act 1930. Who is unpaid seller, what are his rights against Goods...
Under sale of Goods Act 1930. Who is unpaid seller, what are his
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(more then 200 words)
On December 31, 2020, Monty Inc. rendered services to Beghun Corporation at an agreed price of...
On December 31, 2020, Monty Inc. rendered services to Beghun
Corporation at an agreed price of $125,934, accepting $50,000 down
and agreeing to accept the balance in four equal installments of
$25,000 receivable each December 31. An assumed interest rate of
12% is imputed.
Prepare an amortization schedule. Assume that the
effective-interest method is used for amortization purposes.
(Round answers to 0 decimal places, e.g.
5,275.)
December 31, 2020
Schedule of Note Discount Amortization
Date
Cash
Received
Interest
Revenue
Discount...
On December 31, 2017, Sunland Inc. rendered services to Beghun Corporation at an agreed price of...
On December 31, 2017, Sunland Inc. rendered services to Beghun
Corporation at an agreed price of $105,784, accepting $42,000 down
and agreeing to accept the balance in four equal installments of
$21,000 receivable each December 31. An assumed interest rate of
12% is imputed.
Prepare an amortization schedule. Assume that the
effective-interest method is used for amortization purposes. (Round
answers to 0 decimal places, e.g. 5,275.)
December 31, 2017
Schedule of Note Discount Amortization
Date
Cash
Received
Interest
Revenue
Carrying...
On December 31, 2020, Pronghorn Inc. rendered services to Beghun Corporation at an agreed price of...
On December 31, 2020, Pronghorn Inc. rendered services to Beghun
Corporation at an agreed price of $120,418, accepting $47,200 down
and agreeing to accept the balance in four equal installments of
$23,600 receivable each December 31. An assumed interest rate of
11% is imputed.
Prepare an amortization schedule. Assume that the
effective-interest method is used for amortization purposes.
(Round answers to 0 decimal places, e.g.
5,275.)
December 31, 2020
Schedule of Note Discount Amortization
Date
Cash
Received
Interest
Revenue
Discount...
On December 31, 2017, Bonita Inc. rendered services to Beghun Corporation at an agreed price of...
On December 31, 2017, Bonita Inc. rendered services to Beghun
Corporation at an agreed price of $107,016, accepting $41,400 down
and agreeing to accept the balance in four equal installments of
$20,700 receivable each December 31. An assumed interest rate of
10% is imputed.
Prepare an amortization schedule. Assume that the
effective-interest method is used for amortization purposes. (Round
answers to 0 decimal places, e.g. 5,275.)
December 31, 2017
Schedule of Note Discount Amortization
Date
Cash
Received
Interest
Revenue
Carrying...
On December 31, 2020, Oakbrook Inc. rendered services to Beghun Corporation at an agreed price of...
On December 31, 2020, Oakbrook Inc. rendered services to Beghun
Corporation at an agreed price of $102,049, accepting $40,000 down
and agreeing to accept the balance in four equal installments of
$20,000 receivable each December 31. An assumed interest rate of
11% is imputed.
1. Instructions: Complete the note amortization table.
Date
Cash Received
Interest Revenue
Discount Amortization
Discount Balance
Carrying Value
2. Instructions: Journalize the transactions for the note
origination, interest recognition, and the note collection at
maturity.
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