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LSDefine

Simple English definitions for legal terms

risk of loss

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A quick definition of risk of loss:

Term: Risk of Loss

Definition: When you have something that belongs to you, like a toy or a book, you are responsible for taking care of it. If something bad happens to it, like it gets lost or broken, that's called the risk of loss. Sometimes, people can buy insurance to protect their things from the risk of loss. There are rules called the Uniform Commercial Code that say who is responsible for the risk of loss when people buy and sell things. But, people can also make their own rules about who is responsible for the risk of loss by making a special agreement called a contract.

A more thorough explanation:

Definition: Risk of loss refers to the responsibility that a carrier, borrower, or user of property or goods takes on if there is damage or loss to the object. For example, if you borrow your friend's bike and it gets stolen, you are responsible for the risk of loss. An insurance company can also agree to insure the object against the risk of loss.

The Uniform Commercial Code (UCC) § 2–509 allocates the risk of loss when there is no contractual breach, and shifts the risk of loss to the buyer when the seller or bailee take certain steps to deliver the goods in certain circumstances. UCC § 2–510 lays out when risk of loss passes to the buyer when one of the parties breaches the contract. The UCC only provides default rules, however, and parties may allocate the risk of loss between themselves as they wish through a contract provision. Parties may even require that one party obtains insurance to cover risk of loss.

Example: Let's say you order a new laptop online. The seller ships the laptop to you, but during transit, the laptop is damaged. In this case, the risk of loss would be on the seller because they have not yet delivered the laptop to you. However, if the laptop was delivered to your doorstep and then stolen, the risk of loss would be on you as the buyer because the seller has fulfilled their obligation to deliver the laptop to you.

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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