Asked by
Lewis Burke
on Dec 19, 2024Verified
If a lessor is a merchant who is holding the goods for the buyer to pick up, the risk of loss passes to a lessee when the lessee takes physical possession of the goods.
Lessor
The party in a lease agreement who owns the property and has the right to lease it to another party, known as the lessee.
Lessee
an individual or entity who leases or rents property from a lessor, obtaining the right to use it according to the lease terms.
Merchant
An individual or company involved in the trade of goods, services, or commodities for profit.
- Perceive the transition point for risk of loss in numerous conditions involving goods governed by a contract.
Verified Answer
EG
Learning Objectives
- Perceive the transition point for risk of loss in numerous conditions involving goods governed by a contract.
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