Chapter 16

Chapter 16 - Chapter 16 What is the significance of...

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Chapter 16 - What is the significance of identifying goods to a contract? - If parties do not expressly agree on when title passes, what determines when title passes? - Risk of loss does not necessarily pass with title. When does risk pass? - Under what circumstances will the seller’s title to goods being sold be void? - At what point does the buyer acquire an insurable interest in goods subject to a sales contract? Introduction - Sale of goods requires different rules than real property transactions: risk should not always pass with title. Identification For any interest to pass to buyer, goods must be: o In existence. o Identified as specific goods in the sales contract (by serial numbers and/or physically separated from others. Except for fungible goods which do not need separation). - Gives the buyer the right: o To obtain insurance on the goods. o To recover from third parties who damage the goods. -
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Chapter 16 - Chapter 16 What is the significance of...

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