Molvania Case Study - Law Assignment Help

Assignment Task

Scenario
Background information
Molvania is a small republic on the Black Sea with a boundary between tectonic plates runs through the country and earth tremors and the occasional earthquake occur. There are no export restrictions or duties and export licences are not required.
In May, Molvania Exports agrees to sell to Tradies SA 3 x 15,000 lots (+/- 5% buyers’ option) Molvanian milling wheat, current year crop, FOB one/two safe berths Port Molvania, for delivery in consecutive monthly instalments in August, September and October. GAFTA 49 is expressly incorporated. The contract note provides, inter alia, under the delivery clause “no extension” and that the buyers shall give 15 days pre-advice of the vessel’s expected load-readiness. Payment is to be by way of 90 day
usance letter credit to be confirmed by MTB Bank. 

TASK 1
Please explain what the consequences are of Tradies SA’s message? Who, if either party, are in default? 

TASK 2
Please explain what the consequences are of these restrictions with regards to the September instalment?

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