A Shanghai company signed a CIF contract to sell Christmas goods to a British company. The $1 million contract stipulated, "The seller guarantees that the goods arrive at the port of destination by December 1, 2010. If the carriage is late, the buyer can cancel the purchase, and get the refund for the payment." So the shipment was made. Unfortunately, due to mechanical problems, the vessel arrived at the destination a few hours late. The buyer refused to accept the goods. As a result, the goods had to be sold on the spot, and the seller lost $700,000.Comment on this case.