LAW 610 Chapter Notes - Chapter 24: Insurable Interest, Fungibility, Bailment
Document Summary
Chapter 24 title and risk of loss. Explain when title and risk of loss pass with respect to goods. Determine who bears the risk of loss when goods are damaged or destroyed. Describe the passage of title and risk in special situations such as bailment, sale or return, or a sale on approval. Explain why it is important to know when risk of loss and title pass in transactions for the sale of goods. Classify the circumstances in which title can be passed to a bona fide purchaser. If contract doesn"t address issues then ucc article 2 apply. Management of issues of risk and title as goods flow through commerce is called supply chain management in business today. Problem when creditors of seller or buyer seize goods thinking that their debtor has title. Also important in the case of a resale of goods by buyer and in deciding liability and computation of inventory and personal taxes.
