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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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babycat
19:51
I love when a Latina is redhead. Like damn bitch u really have it all
19:52
let me check the chart, let me check the chart- that is not readable! off the chart, HOUSTON WE HAVE A PROBLEM!
babycat
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hahahaha
19:54
ok I gotta go, my time derailing the LSD general is over. sowwy! byeee
bye bye bestie
Dkk
19:54
Nah not in my case lol. It's cus you posted in general! That way you could tag me!
19:54
*good ridden!*
Dkk
19:54
Adios!
[] notacat
20:50
Do you guys know if the LSAdmit program is working on your end right now? It's not working on mine
20:53
Anyone here done the Cornell Kira? Was wondering if anyone had any tips 🙏
21:13
@KnowledgeableRitzyWasp: ^^ seeking corn-hell advice
21:15
@babycat: unrelated but every time I saw ur old handle i thought of this lyric: https://youtu.be/V90loMCyxa0?t=34
What does "Hold" mean on the result column?
21:28
@ClockworkBlue: on LSD?
yeah
babycat
21:30
A hold is not exactly a waitlist, but it means they’re waiting to give you a decision later
babycat
21:31
@llama: nice
21:32
@ClockworkBlue: what babycat said, the link reads as the school always initiates the 'hold' status, however [in my case] sometimes applicants ask to be placed on 'hold' pending a score (LSAT, final semester of UG, etc).
21:32
@babycat: just had to get that off my chest.
cornell kira is just about performing well under pressure and having substantive content in your questions
so just try to stay calm and pace your responses so you give good answers during the interview
21:44
so just don't sperg out on camera and ur good?
yeah pretty much, you get some leniency too. they expect you to not be perfect under pressure
babycat
22:09
i’m sleepy :(
go to sleeb
ShiveringCleverFlounder
0:24
Hey guys it all works out, I’m in law school now with a phat scholly just so yall know there’s light at the end of the apps tunnel
Wrong I’m homeless
ShiveringCleverFlounder
0:25
bro what
m10
3:20
Wow, Stanford PhD big brain here. Yikes!: https://x.com/dotkrueger/status/1850698550297899235
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