The seller of goods has the right to take legal action
Question # 00831457
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Updated on: 09/21/2022 05:12 AM Due on: 09/21/2022
The seller of goods has the right to take legal action against a issuing bank which fails to fulfil its obligation under a letter from irrevocable credit, just as the seller has the right to proceed directly against the buyer. Should the issuing bank also be liable for consequential damages that are reasonably foreseeable? See Hadley v. Baxendale [1854] 9 Ex.341.
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Solution: The seller of goods has the right to take legal action