A contract of sale under CIF port of Okinawa, Incoterm 2020, was entered between a seller based in Vietnam and a buyer in Japan, for the sale of 500 tons of coffee. The goods were transported and unloaded at the port and kept at customs shed for inspection and payment of duties. The buyer was notified of the arrival of the merchandise and its location. Before the buyer picked up the goods, the customs shed (including the merchandise in it) was destroyed by fire. The buyer claims refund of the purchase price stating that she did not receive the goods. Is the seller responsible?

Goods were destroyed due to fire and not because of seller.

Answered: A contract of sale under CIF port of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A contract of sale under CIF port of Okinawa, Incoterm 2020, was entered between a seller based in Vietnam and a buyer in Japan, for the sale of 500 tons of coffee. The goods were transported and unloaded at the port and kept at customs shed for inspection and payment of duties. The buyer was notified of the arrival of the merchandise and its location. Before the buyer picked up the goods, the customs shed (including the merchandise in it) was destroyed by fire. The buyer claims refund of the purchase price stating that she did not receive the goods. Is the seller responsible?

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