UCC - Risk of Loss, Insurable Interests, Title & GF Purchase, SOL Flashcards Preview

Contracts & Sales > UCC - Risk of Loss, Insurable Interests, Title & GF Purchase, SOL > Flashcards

Flashcards in UCC - Risk of Loss, Insurable Interests, Title & GF Purchase, SOL Deck (12)
Loading flashcards...
1
Q

Risk of Loss - Unidentified Goods

A

If goods are damaged/destroyed and there is no breach

  • risk of loss is on seller until he satisfies delivery obligations
2
Q

Risk of Loss - Identified Goods

A

S is excused if goods are totally destroyed through no fault of the seller prior to risk being shifted to B

3
Q

Risk of Loss - Effect of breach by Seller

A

If S delivers nonconforming goods, risk stays with the S until B accepts or there is a cure

4
Q

In carrier cases, when does ROL pass ?

S Promises to turn goods over to Buyer

A

ROL passes to B when goods are delivered to the carrier

5
Q

In non-carrier cases, when does ROL pass?

Seller is not a Merchant

A
  1. If S not a merch. then ROL passes to B upon tender of delivery
6
Q

What is the SOL on a breach of a sales K ?

A

Under Article 2 - an action for breach must be commenced within 4 years after the COA accures

  • COA accrues when the breach occurs, regardless of whether aggrieved party knows
7
Q

Modification of limitations pd.

A

By their orig. agreement, the parties cna reduce the 4 year limitations period to not less than one year

  • BUT can’t extend it
8
Q

Risk of Loss - Shipment Contract

A

Risk passes to B when S gives possession of the goods to carrier & makes proper K for their shipment

9
Q

Risk of Loss - Destination Contract

A

Risk passes to buyer when S tenders the goods at the place specified in the K

10
Q

Risk of Loss - Effect of Breach by

A

if after goods have been identified but b/f risk passes

  • risk immed. shifts to buyer (to extent of lack of insurance coverage by S)
11
Q

Non-Carrier Cases ROL

Seller is a merchant

A

If S is a merch. ROL passes when goods are phys. in buyer’s poss.

12
Q

In carrier cases, when does ROL pass ?

S promises to tender delivery at Particular Destination

A

ROL passes to B when goods tendered to the destination point