Asked by
Gloria Rodriguez
on Nov 30, 2024
Verified
Conrad bought a satellite radio from SX Company "on approval." The risk of loss passed to Conrad when he took possession of the radio .
"On Approval"
A transaction condition allowing a buyer to take merchandise home for a trial period before making a final purchase decision.
Risk Of Loss
A legal term referring to the responsibility for damage or loss of goods, typically determining who bears the risk at various points during a transaction.
Possession
The state or fact of owning or holding something in one’s control, typically physical objects, but can also refer to rights.
- Acquire knowledge on the topics of title passage and risk of loss within the framework of the Uniform Commercial Code.
- Elucidate the Uniform Commercial Code's approach to bona fide purchasers.
Verified Answer
RF
Learning Objectives
- Acquire knowledge on the topics of title passage and risk of loss within the framework of the Uniform Commercial Code.
- Elucidate the Uniform Commercial Code's approach to bona fide purchasers.