Court case(1856) 5 HLC 673

A cargo of Indian corn was shipped from Salonica for London. During the voyage it began to overheat and ferment, and the master sold it at Tunis to prevent total loss. Not knowing this, the owner's agent in London sold the cargo to Hastie's firm. When the facts emerged the buyer repudiated, and the sellers sued their del credere agent for the price, arguing that the buyer had bought the "adventure", including the benefit of the insurance.

The House of Lords held for the buyer. On the true construction of the contract the parties had contracted for the sale of an existing cargo, not for the chance of its arrival. Since the cargo had ceased to exist as the sellers' property before the contract, there was nothing to sell, and the buyer was not liable for the price.