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Unformatted text preview: Discuss the legal issues, rules of law and the resolution of the dispute. 1. MSI, a British company, promised to buy 15,000 gallons of maple syrup from New England Enterprised, Ltd., in Vermont under a C.I.F. London contract. Payment was to be made by an irrevocable, confirmed letter of credit upon delivery of a clean, on board bill of lading, a certificate of inspection and all the usual export documents. New England delivered the required documents to the confirming bank in Vermont. The inspection certificate stated that based on a sample taken from five gallons, the maple syrup is of the kind ordered. The bill of lading had a notation on it that the goods had been partially destroyed by water leakage after they were loaded on board the ship. Should the confirming bank pay the seller on the letter of credit? Could the bank successfully argue that the certificate, on its face, was insufficient to certify the entire order? 2. Gordonsville Industries, Inc., located in Virginia, entered in to a contract with American Artos., a North Carolina corporation, for the design, construction, and American Artos....
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This note was uploaded on 03/25/2012 for the course LAW 321 taught by Professor A during the Spring '12 term at Drexel.
- Spring '12