Asked by Sarah Albertson on May 18, 2024
Verified
Vernon is an accountant for a major accounting firm. One day at work, he is discussing his collection of rare coins with one of his co-workers. Vernon tells his co-worker that he keeps his collection at home and that he has recently purchased several Chinese gold Panda coins at an exceptional price. The co-worker expresses an interest in buying two of the coins at a price of $250, and a contract is duly formed. If no place for delivery is expressed, where are the coins to be delivered?
A) At the office of the major accounting firm where the parties to the contract work.
B) At Vernon's home.
C) At the co-worker's home.
D) In the parking lot of the major accounting firm.
Rare Coins
Unique or scarce monetary coins which are collected for their historical, cultural, or investment value.
Chinese Gold Panda
The Chinese Gold Panda is a series of gold bullion coins issued by the People's Republic of China, noted for its changing panda-themed designs.
Accountant
A professional responsible for managing and examining financial records, and providing advice on fiscal matters.
- Understand the responsibility of sellers in making delivery and the consequences for buyers in accepting or rejecting goods.
- Examine the importance of shipping terms like F.O.B., and how they affect the transfer of risk from seller to buyer.
Verified Answer
CR
Christian RiveraMay 24, 2024
Final Answer :
B
Explanation :
Under the Uniform Commercial Code (UCC), when a contract for the sale of goods does not specify a place of delivery, the default location is the seller's place of business. If the seller does not have a place of business, or the transaction is not related to the business, the goods are to be delivered from the seller's residence. Since Vernon's sale of coins is a personal transaction not related to his accounting firm, and no other place of delivery is specified, the default delivery location is Vernon's home.
Learning Objectives
- Understand the responsibility of sellers in making delivery and the consequences for buyers in accepting or rejecting goods.
- Examine the importance of shipping terms like F.O.B., and how they affect the transfer of risk from seller to buyer.