Asked by Preanna Williams on May 04, 2024
Verified
According to the Uniform Commercial Code,if goods are identified at the time the parties enter into a contract and the goods are destroyed through no fault of the parties before risk passes to the buyer or lessee,the parties are excused from performance.
Uniform Commercial Code
A comprehensive set of laws governing all commercial transactions in the United States, intended to standardize laws across the states.
Identified
Recognized or distinguished as being a particular entity or belonging to a specific category or group.
Excused
Released from a duty or obligation, often because of a specific reason or circumstance that justifies the exemption.
- Gain an understanding of the regulations under the Uniform Commercial Code (UCC) associated with the transaction of goods.
- Comprehend the relevance of title ownership, risk, and insurable interest stipulations as per the UCC.
Verified Answer
May 07, 2024
Learning Objectives
- Gain an understanding of the regulations under the Uniform Commercial Code (UCC) associated with the transaction of goods.
- Comprehend the relevance of title ownership, risk, and insurable interest stipulations as per the UCC.
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