fall 2010 bule 402 ownership and risk

fall 2010 bule 402 ownership and risk - Commercial...

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2/6/11 Commercial Transactions: Ownership and Risk Prof. Julie Shubin Bule-402 Fall 2010 Commercial Law © Julie Shubin 2010
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2/6/11 Coyote of the day
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2/6/11 “The Code has reduced the importance of abstract terms, such as title , and replaced them with practical rules designed to enable business people to anticipate risk and protect against it.”
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2/6/11 Ownership and Risk Topics Legal Interest Indentification, Title, and Insurable Interest Existence and Identification Passing of Title Insurable Interest When the Seller Has Imperfect Title Bona Fide Purchaser
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2/6/11 Who Owns It?? The Code must sometimes determine the rightful owner when more than one person claims to own something. Existence and Identification Goods must exist before title can pass. Goods must be identified to the
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2/6/11 If parties do not specify, indentification occurs by Identification occurs when parties enter into the contract if the agreement describes specific goods that already exist (ID #) Unborn animals (conceived)/crops (when planted) Other goods– when seller marks, ships, or in some ways indicates that the exact goods are going to the
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fall 2010 bule 402 ownership and risk - Commercial...

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