Contract law |
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Formation |
Defences |
Interpretation |
Dispute resolution |
Rights of third parties |
Breach of contract |
Remedies |
Quasi-contractual obligations |
Duties of parties |
|
Related areas of law |
By jurisdiction |
Other law areas |
Notes |
|
Risk of loss is a term used in the law of contracts to determine which party should bear the burden of risk for damage occurring to goods after the sale has been completed, but before delivery has occurred. Such considerations generally come into play after the contract is formed but before buyer receives goods, something bad happens.
Under the Uniform Commercial Code (UCC), there are four risk of loss rules, in order of application:
In bankruptcy law, the risk of loss rule under a contract can be abrogated by a secured interest. [2]
Contract law |
---|
Formation |
Defences |
Interpretation |
Dispute resolution |
Rights of third parties |
Breach of contract |
Remedies |
Quasi-contractual obligations |
Duties of parties |
|
Related areas of law |
By jurisdiction |
Other law areas |
Notes |
|
Risk of loss is a term used in the law of contracts to determine which party should bear the burden of risk for damage occurring to goods after the sale has been completed, but before delivery has occurred. Such considerations generally come into play after the contract is formed but before buyer receives goods, something bad happens.
Under the Uniform Commercial Code (UCC), there are four risk of loss rules, in order of application:
In bankruptcy law, the risk of loss rule under a contract can be abrogated by a secured interest. [2]