Asked by Victor Nwakaihe on May 11, 2024
Verified
A music store lets Laura take a guitar home with her so that Laura can test how it plays.After playing the guitar for a day,Laura puts it on her sofa and forgets about it.Two weeks later,the guitar is damaged due to a fire.Who must bear the risk of loss for the damage to the guitar?
Risk of Loss
The liability for damage or destruction of goods, determining which party bears the financial burden if goods are damaged before delivery.
- Acquire knowledge on how the Uniform Commercial Code addresses the risk of loss in the course of goods transfer, covering international deals.
Verified Answer
RO
Rachael O'TooleMay 15, 2024
Final Answer :
Laura bears the risk of loss.This is a sale on approval,which means that risk of loss does not pass to Laura until she accepts the guitar.The buyer is deemed to have accepted the goods where she fails to notify the seller of her election to return them.
Learning Objectives
- Acquire knowledge on how the Uniform Commercial Code addresses the risk of loss in the course of goods transfer, covering international deals.