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See Also:
- COMMERCIAL LAW - Commercial Letter of Credit - Basic practice relating to a commercial letter of credit
The basic tenor of the law and practice relating to commercial letter of credit is that parties deal in documents not in goods or ships. Article 8(a) of the Uniform…
- COMMERCIAL LAW - Timing in Commercial Contract - Essential nature of time in commercial contracts with respect to delivery
"It is settled law that in ordinary commercial contracts for the sale of goods the rule clearly is that time is prima facie of the essence with respect to delivery.…
- COMMERCIAL LAW - Commercial Letter of Credit - Whether a bank has a duty to comply with instructions of its customers
"The law is well settled that in opening a letter of credit, a bank has a duty to comply with the instructions of its customer: Midland Bank v. Seymour (1955)…
- COMMERCIAL LAW - Bill of Lading - Meaning, nature and essence of a bill of lading
"Contracts of carriage of goods by sea are mainly evidenced by a bill of lading. The contents of the bill of lading, exhibit D, are the points upon which the…
- COMMERCIAL LAW - Commercial Letter of Credit - Whether all parties to a documentary credit have the right to reject documents which do not comply with the terms and conditions of the letter of credit
"...It must be appreciated that subject to the law relating to acceptance, estoppel and waiver, all the parties, i.e. the buyer, the issuing bank and the correspondent or confirming bank,…