Case of Peerless Ships The contract was for the sale of cotton that was to arrive in England from Bombay on board the ship Peerless. By a remarkable coincidence two ships called Peerless were sailing from Bombay, one in October, the other in December. Neither party was aware that there were two ships: the seller believed that he contracted to sell cotton on the later ship; the buyer believed that he contracted to buy cotton on the earlier ship. A delay of two months in the shipment of a commodity subject to market fluctuations is a major difference in terms