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(From Mondaq.com)
In order to clearly explain the effects of the Carriage of Goods by Sea Act 1992 1 and to make an attempt to consider whether or not the new legislation can be regarded as an exhaustive and satisfactory piece of work we have to go back to 1855.
The Bills of Lading Act 1855 2 was passed basically to solve the problem concerning the position of the buyer of goods carried by sea in three particular situations:
I. When the goods are damaged is transit,
II. When there is a short delivery,
III. When the goods are lost.
The problem was that under international standard contracts of sale the buyer accepts ...