What is the legal significance of the term FOB Seafood Galore and what does it mean as to when the risk of loss transfers from seller to buyer (as between the buyer and seller, disregard any potential liability for the trucking company)?

What is the legal significance of the term FOB Seafood Galore and what does it mean as to when the risk of loss transfers from seller to buyer (as between the buyer and seller, disregard any potential liability for the trucking company)?
June 22, 2020 Comments Off on What is the legal significance of the term FOB Seafood Galore and what does it mean as to when the risk of loss transfers from seller to buyer (as between the buyer and seller, disregard any potential liability for the trucking company)? Uncategorized Assignment-help
Words: 489
Pages: 2
Subject: Uncategorized

There are two questions needing to be answer. Each question has parts. 5 parts in total.Chaka Khan owns a famous soul food restaurant in Fayetteville N.C. She has decided to promote a special Lobster Feast weekend at her restaurant. She orders 500 lobsters, to be shipped live, from Seafood Galore, Inc, which is a corporation in Maine, that sells and ships seafood. They agree to FOB Seafood Galore as the delivery terms. They also agree that it will be shipped via Yellow Truck Line in refrigerated trucks.Seafood Galore ships to Chaka’s restaurant, 500 live Alaskan King crabs. The product is shipped through Yellow freight lines on refrigerated trucks. During the shipment, the truck’s refrigeration system breaks down and all of the seafood spoils and is destroyed. When the truck arrives at Chaka’s restaurant with the spoiled and destroyed seafood, Chaka is distraught. She does not know what to do and has turned to you, as the new general manager of her restaurant and a recent graduate of FSU, for some guidance. You remember taking professor Bryant’s Business Law class and studying this subject.(THERE ARE THREE QUESTIONS THAT MUST BE ADDRESSED IN YOUR ANSWER. IN YOUR ANSWER, JUST PUT 1, 2 or 3 AT THE BEGINNING OF THE SECTION OF YOUR RESPONSE TO EACH QUESTION)Answer the following questions for Chaka.1. What is the legal significance of the term FOB Seafood Galore and what does it mean as to when the risk of loss transfers from seller to buyer (as between the buyer and seller, disregard any potential liability for the trucking company). (10 pts).2. Are there any exceptions/variations to the rule that you explained in the previous answer that may apply in this situation? (5 pts).3. Given this fact scenario, who is going to be responsible for the loss associated with the destroyed seafood, Chaka or Seafood Galore? Explain your answer. (10 pts).On July 1 Paul Warren offered to sell an authentic 1927 Sagittarian piano to James Jones. On July 2 James agreed and paid Paul by check the total purchase price of 2 million dollars. On July 5 after the check cleared Paul told James he could come pick up the piano. But James told Paul he was going to wait and pick up the piano on July 9. Unfortunately on July 7 the piano was destroyed by fire while still in Paul’s possession through no fault of Paul. (WHEN ANSWERING DO NOT RESTATE THE QUESTION. JUST PUT THE QUESTION NUMBER 1 OR 2, AT THE BEGINNING OF YOUR ANSWER) SCENARIO A: Assume that the piano belonged to Paul’s great grandfather and was inherited by Paul’s mother and inherited by Paul from his mother.1. Did title to the piano ever pass to James. Why or why not and if so when? (10 points). State the rule when answering this question.2. Did risk of loss ever pass to James. Why or why not and if so when? (5 points). State the rule when answering this question.)