Asked by
Sheng Huang
on Dec 19, 2024Verified
In a sales contract, the passage of risk of loss from a seller to a buyer gives the buyer the right to insure the goods.
Risk of Loss
Refers to the possibility of an asset's value decreasing due to changes in market conditions or other unforeseen circumstances.
Sales Contract
A legal agreement between a buyer and seller outlining the terms of a sale of goods or services.
Insure
To provide or obtain insurance coverage against risk or loss.
- Grasp the rights of parties to insure the goods involved in the transaction.
Verified Answer
SR
Learning Objectives
- Grasp the rights of parties to insure the goods involved in the transaction.
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