Risk of Loss - Contract Law
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Bob agrees to buy 100 widgets from Sam. The contract provides that payment and pick up of the widgets shall be Tuesday. After repeated phone calls, Bob still has not picked up or paid for the widgets on Friday. The widgets are in a box with Bob's name on it. Sam has no insurance. His front office (with Bob's package burns to the ground). Who has the risk of loss?
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Solution Summary
This solution explains if Bob or Sam has the risk of loss when widgets catch on fire in a warehouse owned by Sam.
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The controlling party for the goods retains liability. In this case, Sam sold the goods. Bob is in violation of the contract (a separate issue, technically), because Bob was to pick up and pay for the goods on Tuesday, at Sam's office. Bob violated ...
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