Smith agreed to sell 1500 bottles of olive oil to Mari, f.o.b. London to Denmark, March shipment. Under the contract, Smith agreed to make the shipping arrangements and Sam, a freight forwarding agent, booked shipping space aboard the ‘Polonius’ which was due to arrive in March. Unfortunately, the ship did not arrive until 2 April, but the olive oil was then loaded on board and stowed on deck. Unfortunately, the olive oil was lost when it was swept overboard in a storm a few days later. The olive oil was not insured. Using IRAC, please advice Smith based Free On Board Contract on International Business Law case and provide the same cases that already happen for Smith references.
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