Folinda Automobile Ltd manufactures cars and has entered into the following contracts resulting in the following situations.

(i)Folinda contracts for the purchase of 500 tons of steel, which is part of the stock owned by Kokofu Ltd and held in its warehouse. Before delivery Kokofu Ltd becomes insolvent.

(ii)Folinda contracts for the purchase of 1,000 tons of steel from Shata Ltd, which, at the time of the contract, was part of a cargo of 5,000 tons on board the ship, The Enterprise Lord. Subsequently, deliveries of 4,000 tons are made to other purchasers, but before delivery can be made to Folinda the ship sinks with the loss of the cargo. Shata Ltd is insolvent.

(iii)Folinda contracts for the purchase of machinery at a factory owned by Afrik Ltd. Immediately after the sale has been agreed the factory burns down destroying the machinery.

What are the and liabilities of Folinda under the Sale of Goods Act, 1962 (Act 137) in the above scenarios.