MBE Missed ?s
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Shipment vs. Destination Contract
- Shipment* = FOB (city where buyer or goods are)
- Destination = FOB (any other city)
*Most are shipment ks
Seller completes obligation when (i) gets goods to common carrier, (ii) makes reasonable arrangements for delivery, AND (iii) notifies the buyer.
: Seller does not complete delivery until goods arrive at destination.
Risk of Loss:
(1) on Buyer
(2) on Seller
- ROL on buyer: must pay full k price
- ROL on seller: no obligation on buyer, possible liability on seller for nondelivery.
- 4 Rules:
- (1) Agreement: agreement on parties controls.
- (2) Breach: breaching party liable even if breach unrelated to problem.
- (3) Common Carrier: ROL shifts from S to B at time S completes delivery obligations.
- (4) "Catch All": Is S a merchant?
- Yes - ROL shifts from a merchant-seller to B on B's "receipt of goods."
- No - ROL shifts from nonmerchant-seller when S "tenders" goods. (Tender = making goods available).
Novation is: "the substitution of a new obligation for an old one."
[Tip to remember: the introduction of something new; innovation.] Innovation = Novation
Define Executory Interest
- Defeasible: interest with future interest attached
- Alienable: Transferable inter vivos (during one's life)
- Determinable: Possibility of reverter
- Executory Interest: Any future interest created in somebody other than the grantor.
- Applies to:
- Contingent remaniders
- Executory interests
- Class gifts
Rule: A future interest covered by RAP is void UNLESS it is certain to vest or fail within 21 years after a "life in being"
- Does NOT apply to:
- Vested remainders
- Future interest created in a grantor.
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