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Subject:
Qustion:Under the Sales Article of the UCC
Category: Business and Money > Accounting Asked by: koldhand1-ga List Price: $5.00 |
Posted:
11 May 2006 22:29 PDT
Expires: 15 May 2006 00:10 PDT Question ID: 727980 |
I got a following question, but do not have answer sheet. I would like to know the answer and how to solve this question. Thanks Under the Sales Article of the UCC, which of the following statements is correct regarding risk of loss and title to the goods under a sale or return contract? a. Title and risk of loss are shared equally between the buyer and the seller. b. Title remains with the seller until the buyer approves or accepts the goods, but risk of loss passes to the buyer immediately following delivery of the goods to the buyer. c. Title and risk of loss remain with the seller until the buyer pays for the goods. d. Title and risk of loss rest with the buyer until the goods are returned to the seller. |
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There is no answer at this time. |
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Subject:
Re: Qustion:Under the Sales Article of the UCC
From: redfoxjumps-ga on 12 May 2006 00:50 PDT |
"b" makes practical sense, else why should the buyer takr any care at all? But the law is not always practical? What do you think? |
Subject:
Re: Qustion:Under the Sales Article of the UCC
From: myoarin-ga on 12 May 2006 08:09 PDT |
You could have accessed the UCC and found the relevant article much faster than waiting for an answer here. At the same time, you would have learned some basics about commercial transactions. The laws on such are pretty logical and practical, having grown from a large body of case law. |
Subject:
Re: Qustion:Under the Sales Article of the UCC
From: ubiquity-ga on 12 May 2006 08:10 PDT |
I would say B is correct except when a common carrier is involved. "Unless otherwise explicitly agreed title passes to the buyer at the time and place at which the seller completes his performance with reference to the physical delivery of the goods" See UCC Art. 2-401(2) (http://www.law.cornell.edu/ucc/2/2-401.html) |
Subject:
Re: Qustion:Under the Sales Article of the UCC
From: ubiquity-ga on 12 May 2006 08:11 PDT |
or unless the contract states otherwise. After all Article 2 acts as default Contract rules when there isa no other language, but the contract always controls. |
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