Asked by
Verified
The UCC and the common law are essentially the same in regard to their treatment of risk of loss or damage to identified goods.
UCC
The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, aimed at harmonizing the law of sales and other commercial transactions.
Common Law
A legal system characterized by judicial decisions based on customs and prior judicial judgments, rather than by written statutes or codes.
Risk Of Loss
Refers to the legal responsibility for damages or losses of goods, especially in transactions or during shipment, indicating who bears the financial burden.
- Gain an understanding of how title passage and risk of loss are addressed in the Uniform Commercial Code.
Verified Answer
Learning Objectives
- Gain an understanding of how title passage and risk of loss are addressed in the Uniform Commercial Code.
Related questions
The UCC Risk of Loss Rules Assign the Loss According ...
When Goods Are to Be Physically Moved by a Third-Party ...
When Goods Have Been Damaged Without the Fault of Either ...
Conrad Bought a Satellite Radio from SX Company On Approval ...
Title to Existing, Identified Goods Can Pass Whenever the Parties ...