COMMERCIAL LAW INTRODUCTION 3 MAIN BODY3
Added on 2021-02-21
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COMMERCIAL LAW
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................31)......................................................................................................................................................3Issue:.......................................................................................................................................3Rules:......................................................................................................................................3Application.............................................................................................................................4Conclusion..............................................................................................................................42)......................................................................................................................................................5Issue........................................................................................................................................5Rules.......................................................................................................................................5Application.............................................................................................................................6Conclusion..............................................................................................................................63)......................................................................................................................................................7Issue........................................................................................................................................7Rules.......................................................................................................................................7Application.............................................................................................................................8Conclusion..............................................................................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONCommercial law refers to such laws which is regulated between the parties regardingdealing in matter related to sale and purchase of goods (Maxeiner, 2017). It is also known astrade law in which the rules and regulation are imposed on parties if they deal in businessactivities which bring profits to them. In such perspective they mainly carries certain laws whichreflect both civil and criminal liability and also carry various personalities on case ofinfringement of any of the rights and responsibility (Dratler Jr and McJohn, 2018). Present reportis based upon the commercial law in which the contract of sale is discussed. As contract is madebetween two parties regarding paying the accurate payment as discussed in the contract and thanaccordingly the issue are raised regarding the bill misdated. MAIN BODY1)Issue:In this case study, the contract is made between the parties A Ltd. Buyer and B Ltd. theseller and the contract is made regarding buying the 10,000 tons of soya bean meal. The contractis made regarding delivering the products on May, 2019. The major issue which is focused inthis case study is regarding to getting misdated in bill of lading. Bill of lading refers to thecontract between the owner of the party which is delivering goods to the other party and settingthe date so that delivery is got on specific date and set location. Thus, the bill of lading misdatedas delivery is not given on the set date. Thus, in such case, the issue is examined as whether Acarry the right to reject the goods and cancel the contract regarding purchasing the soya beanmeal.Rules:Under the Sale of goods Act, 1979, the contract is entered between the partner and thecontract is based on some consideration or any monetary terms (Andersen, 2015). Thus, in suchperspective, the agreement to sell is considered on the bases the condition which is designed bythe parties before entering into any contract. Under Section 222, The parties can cancel the contract of sale if they didn't get deliverywithin the stipulated time or when the parties commit any breach in any of the terms. Thecancellation of contract not exit on the bases of misrepresentation committed by the owners itself
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