Asked by Olivia Wilma on Jun 17, 2024
Verified
What is the UCC approach to the risk of loss of goods during transportation?
Risk of Loss
The possibility that an asset might be lost, damaged, or diminished in value, often leading to discussions about which party bears this risk in transactions.
UCC Approach
A framework derived from the Uniform Commercial Code, guiding transactions involving personal property, goods, and secured transactions in the United States.
- Master the Uniform Commercial Code's strategies for dealing with the risk of loss when goods are transferred, including transactions that cross national borders.
Verified Answer
SC
Shamyra CrespoJun 17, 2024
Final Answer :
The UCC provides specific rules governing risk of loss that are designed to provide certainty and to place the risk on the party best able to protect against loss and most likely to be insured against it.Risk of loss under the Code depends on the terms of the parties' agreement,on the moment the loss occurs,and on whether one of the parties was in breach of contract when the loss occurred.
Learning Objectives
- Master the Uniform Commercial Code's strategies for dealing with the risk of loss when goods are transferred, including transactions that cross national borders.