Notion of fiduciary trust and its breach Case Study

Notion of fiduciary trust and its breach - Case Study ExampleThe peckerwood of lading indicated that 3,000 lots of timber was received from Merchant LTD and the timber was received in good condition. In examining Wavy Lines responsibilities with regards to Merchant LTD it is prudent for Merchant LTD to know that the issuance of a bill of lading is accompanied by legal rights and responsibilities. Those rights and responsibilities as delineated by the Hague-Visby rules denote that under the contract of carriage the responsibilities and liabilities of Wavy Line acknowledge the premise that Wavy Line is obligated to exercise a superior degree of care in order toIn examining Article II of the Hague-Visby Rules, we lavatory clearly see that there is a breach of the contract by Wavy Line in that Wavy Line was obligated to ensure that the broadcast is adequately staffed prior to embarking on the voyage. The fact that Wavy Line had to stop to pick up a relief master on the way indicates that the staffing province was not met as necessitated by the Hague-Visby Rules. Article III Section 5 of the Hague-Visby Rules addresses remuneration under these circumstances. The rules indicate that the revalue of the goods must be explicitly stated on the bill of laden if the carrier is expected to be responsible for total remuneration to the property owner. If, however, the total value of the goods is not indicated in the bill of laden, then the carrier is only responsible for the value of 666.67 units of account per package and the total value of the goods are to be determined based on their value at the time they were contracted to be delivered (Article III, Section 5-Hague-Visby Rules, 1968). According to this, I would advise Merchant LTD that Wavy Line did in fact fail to uphold their obligation to deliver the timber at the specified time. This obligation was not mitigated by any justifiable circumstances such as acts of deity but it was a direct result of Wavy Lines f ailure to exhibit due diligence. As such, Merchant LTD can receive some compensation for the expiration but the compensation they are able to receive is less than the total demanded due to the fact that the value of the merchandise was not explicitly stated on the bill of laden.The case of Transfield Shipping Inc of Panama v. Mercator Shipping Inc of Monrovia, 2006 EWHC 3030 (Comm) 2006 can be utilized to substantiate the aforementioned analysis with regards to the party responsible for the loss, however, the amount of image based on Transfield Shipping Inc of Panama v. Mercator Shipping Inc of Monrovia, 2006 proves to be interesting. The facts of the case of Transfield Shipping Inc of Panama v. Mercator Shipping Inc of Monrovia, 2006 are such that in January of 2003, The Achilleas was time hire to Transfield Shipping Inc. The charter was extended as delineated in a supplemental document at a new higher hire localise and the maximum duration of the agreement expired on 2 May 200 4. Later, the owners entered