Risk of Loss & Deterioration

Question 1

______________is not transferred until delivery.

Answer 1

Ownership

Question 2

Prior to perfection of Contract/At time of perfection:
The ______ bears the risk of loss and deterioration.

Answer 2

seller

Question 3

If in Total loss:
The contract is _______ because the object did not exist at the time of transaction.

Answer 3

void

Question 4

If in partial loss:
Buyer may __________ from the contract or ______ the remainder at a proportionate price.

Answer 4

withdraw, Buy

Question 5

After perfection but before delivery:

Answer 5

Stipulations in the contract will govern

Question 6

In the absence of stipulation the two conflicting views:

Answer 6

1. The buyer bears the risk of loss
2. The seller bears the risk of loss

Question 7

If it deteriorates through the fault of the seller,
the buyer may choose between ________________and__________, either case with
indemnity for damages

Answer 7

rescission of
obligation, fulfillment

Question 8

Impairment is borne by the __________ if the
thing deteriorates without the fault of the
seller.

Answer 8

Buyer

Question 9

Deterioration after delivery - General rule:

Answer 9

Buyer bears risk of loss and deterioration

Question 10

Exceptions from the general rule of deterioration after delivery (2):

Answer 10

Ownership in the goods has been
retained by the seller merely to secure
performance by the buyer of his
obligations under the contract

Where actual delivery has been delayed
through the fault of either the buyer or
seller, the goods are at the risk of the
party in fault.