Delivery, Acceptance, and Payment

Abstract This chapter deals with the execution of the contract. The seller must deliver the goods by surrendering actual or constructive possession to the buyer at the time and in the place agreed in the contract. The buyer has a dual obligation to accept the goods by taking delivery and by paying for them. The issue of time and whether it is of the essence is discussed, alongside the presumptive rule that the seller’s and buyer’s duties are mutual and concurrent. The seller’s duty to deliver the correct quantity of goods is discussed, so too is the form in which the buyer is to pay, with a substantial discussion of one means of payment in particular, namely, a documentary letter of credit.