Asked by
Eddie Armah
on Nov 21, 2024Verified
If the seller or lessor has delivered goods to a carrier or bailee, but the carrier or bailee has not yet turned the goods over to the buyer, the goods are said to be "in transit."
Carrier
An entity that offers transportation services for goods or people, often used in the context of shipping or telecommunications.
Bailee
A bailee is a person or party to whom goods are delivered for a specific purpose, under an agreement or contract, with the obligation to return the goods after the purpose is fulfilled.
In Transit
Refers to goods or individuals that are in the process of being transported from one location to another.
- Understand the function and implementation of the Uniform Commercial Code (UCC) in relation to sales, leases, and contractual remedies.
Verified Answer
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Learning Objectives
- Understand the function and implementation of the Uniform Commercial Code (UCC) in relation to sales, leases, and contractual remedies.