Why would a seller concern himself/herself with laws regardingrisk of loss. Why would a seller...

Why would a seller concern himself/herself with laws regarding risk of loss. Why would a seller consider a destination contract rather than a shipment contract?

(minimum of 12 sentences please)

(business law)

Expert Solution

✓In business law or law of contract risk of loss determine the parties (buyer or seller), who needs to bear the risk of damaging or loss of the products, before delivery.

A seller must be aware about risk of loss to keep himself away from its liability and burden. He must understand the rulings regarding the shipment and delivery of the goods and ways to insure for decreasing the damage or any loss suring the transit. Seller needs to understand the rules of UCC - uniform commercial code, to abide by the law and to understand the contract agreement. He needs to know rulings on breach of contract, because, if seller breaches it he will be taking the burden of loss.

Seller must know that he will be free from the risk of loss once the delivery is made by another vendor or common carrier. And if he agrees to opt for free on board, or destination contract, he will be liable untill the delivery is made. If a merchant seller sends the goods, the buyer is liable for the loss, unless the he or she receives it.

With these rulings he can minimise the risk of loss and be very considerate about prompt delivery for enhancing the sales and experience.

✓ in a destination contract the seller agrees to deliver the goods to the place specified by the buyer, and is liable for the loss till the delivery is complete.

Shipment contract shifts the risk of loss from seller to the buyer when he passes the goods to the carrier or shipment agency. And the burden falls on buyer.

A seller opt for destination contract when he needs to protect the product and ensure its delivery. When a product is a luxurious good and seller wants to maintain good customer relationship, he chose destination contract. And when the buyer is in the same city or the region where seller operates, it is easy to deliver the goods without any shipment requirements.

keosha answered 2 years ago

Each person owes a duty to himself or herself and to the world to study ethics...

Each person owes a duty to himself or herself and to the world to study ethics and to engage in thoughtful debate about what is right, and what is wrong. It is this habit of thinking about and reflecting on ethics that will help you determine the right choices when faced with an ethical dilemma. Initial Post Instructions Articulate a moral dilemma wherein one has to show a specific virtue or virtues (it can be any virtue or virtues including...

Why would an unexpected failover be of concern to administrators?

would manager prefer recognizing asset impairment loss? Why?

Monte is interested in protecting himself against loss stemming from his ownership of a house. He...

Monte is interested in protecting himself against loss stemming from his ownership of a house. He is worried about damage to the property due to fire, and is also worried that his kids might leave a toy on the porch that cause someone to trip and get hurt. How are these two types of danger classified for insurance purposes?

Trauma is a major healthcare and economic concern because of the loss of life, the societal...

Trauma is a major healthcare and economic concern because of the loss of life, the societal burden in terms of lost productivity, increased disability of persons, as well as the consumption of healthcare resources. MVCs and homicide are the leading cause of death for individuals 15-24 years of age. A second peak in trauma related incidence occurs at the age of 35-54 and is related to poisonings from prescriptions and/or illegal drugs are the leading cause of unintentional death followed...

Trauma is a major healthcare and economic concern because of the loss of life, the societal...

Trauma is a major healthcare and economic concern because of the loss of life, the societal burden in terms of lost productivity, increased disability of persons, as well as the consumption of healthcare resources. MVCs and homicide are the leading cause of death for individuals 15-24 years of age. A second peak in trauma related incidence occurs at the age of 35-54 and is related to poisonings from prescriptions and/or illegal drugs are the leading cause of unintentional death followed...

For each of the following independent transactions, calculate the recognized gain or loss to the seller...

For each of the following independent transactions, calculate the recognized gain or loss to the seller and the adjusted basis to the buyer. If an amount is zero, enter "0." Seller's Recognized Gain/Loss Buyer's Adjusted Basis a. Bonnie sells Parchment, Inc. stock (adjusted basis $17,000) to Phillip, her brother, for its fair market value of $12,000. $ $ b. Amos sells land (adjusted basis $85,000) to his nephew, Boyd, for its fair market value of $70,000. $ $ c. Susan...

What laws should we be concerned with? Please give a brief description of the law and why there is a possible concern. What needs to be done to correct the matter

FAIR LABOR STANDARDS ACT (FLSA)In order for the FLSA to apply, there must be an employment relationship between the employer and employee! FACT: More than 130 million workers in more than 7 million workplaces are protected or covered by the FLSA, which is enforced by the Wage and Hour Division of the U.S. Department of Labor.Major Provisions• Coverage – Employer & Employee• Minimum Wage• Overtime Pay• Youth Employment• Recordkeeping.Covered Employers Under the FLSA; • Private sector employers with $500,000 or...

Calculate the profit/loss for the seller of the put option when the strike is .36; spot...

Calculate the profit/loss for the seller of the put option when the strike is .36; spot is .34 and premium is .01.

Privacy laws in other countries are an important concern when performing cloud forensics and investigations. You...

Privacy laws in other countries are an important concern when performing cloud forensics and investigations. You have been assigned a case involving the PII data stored on a cloud in Australia. Before you start any data acquisition from this cloud, you need to research under Australian law. For this project, look for information on Australia’s Privacy Principles(APP), particularly chapter 8: APP 8 – Cross-border disclosure of personal information. Write a one-two page paper summarizing disclosure requirements, steps for storing P...

Question

Why would a seller concern himself/herself with laws regardingrisk of loss. Why would a seller...

Solutions

Expert Solution

Related Solutions

Each person owes a duty to himself or herself and to the world to study ethics...

Why would an unexpected failover be of concern to administrators?

would manager prefer recognizing asset impairment loss? Why?

Monte is interested in protecting himself against loss stemming from his ownership of a house. He...

Trauma is a major healthcare and economic concern because of the loss of life, the societal...

Trauma is a major healthcare and economic concern because of the loss of life, the societal...

For each of the following independent transactions, calculate the recognized gain or loss to the seller...

What laws should we be concerned with? Please give a brief description of the law and why there is a possible concern. What needs to be done to correct the matter

Calculate the profit/loss for the seller of the put option when the strike is .36; spot...

Privacy laws in other countries are an important concern when performing cloud forensics and investigations. You...