Case Problem:
Shipping terms play an important role in determining when title, risk of loss, and insurable interest pass from seller to buyer. What is the significance of such terms as CIF and FAS in determining such issues? What happens when the contract is clearly CIF but the seller claims that the “CIF” was a typo and that the parties knew it should have been “FAS”? [ P & O Nedlloyd, Ltd., Plaintiff, v. Sanderson Farms, Inc.; Certain Underwriters at Lloyd’s of London, Defendants, v. Sanderson Farms, Inc.; Third Party Plaintiff/Appellant v. Certain Underwriters at Lloyd’s of London, Subscribing to Insurance Contract No. MC02ADKH, Third Party Defendant/ Appellee, No. 05-3766, 8th Cir. Ct. of Appeals, 462 F.3d 1015; 2006 U.S. App. LEXIS 22227; 60 U.C.C. Rep. Serv. 2d (Callaghan) 1051 (2006).]
Your answer must be, typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references.