Under the Uniform Commercial Code (UCC), risk of loss passes to the buyer (A) when the...

Under the Uniform Commercial Code (UCC), risk of loss passes to the buyer

(A) when the goods are delivered to the carrier if the terms are FOB destination

(B) when the goods are placed on the seller’s loading dock if the terms are FOB destination

(C) when the goods are placed on the seller’s loading dock if the terms are FOB shipping point

(D) when the goods are delivered to the carrier if the terms are FOB shipping point

Expert Solution

UNIFORM COMMERCIAL CODE
It is set of legal rules created by the National Conference of commissioners on Uniform State Laws and the American Law Institute that help define and guide commercial activity, including financial transaction and contract. It also help Define the risk of loss in the transaction that who will actually bear the risk

UCC 2-319 and 2-320 establish certain presumption based on the " Term of Sale ", used in contract between the seller and buyer :

F.O.B Place of Shipment : When F.O.B place of shipment is specified, the seller is bound to ship the goods at that place and bear the risk and bear the risk and expense of putting the goods in possession of goods , There after the risk of loss is on the buyer

F.O.B Place of Destination : When F.O.B (Free on board) place of destination is specified the seller must transport the goods to that place at his own risk and expense and tender proper delivery. Thus the risk of loss is on the seller during transit

Under the Uniform Commercial code (UCC), risk of loss passes to the buyer

Correct Answer is (D) : When the goods are delivered to the carrier if term are FOB shipping point

If terms are destination the risk is on seller , seller is bound to transport the goods to that place at his own risk and expense and tender proper delivery

Rahul Sunny answered 2 years ago

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