Unfulfilled Contract
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Bob, a merchant seller, had contracted with Acme U.S., to buy welding equipment. The contract stipulated that Bob would pick up the equipment from the Acme U.S. warehouse on the 14th day from the date of the contract. But Bob could not make the pick up on that date and before he could do so on the 15th day, the warehouse was burned down by juvenile delinquents. In this situation, who bears the risk of loss of the goods that were to be received by Bob? Explain the relationship between the parties under the Uniform Commercial Code in your answer.
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Solution Summary
This solution discusses an unfulfilled contract within the context of the Uniform Commercial Code, using a specific scenario to clarify the Code. [181 words, 1 reference]
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The Uniform Commercial Code was first published in 1952 and was created in an effort to provide guidelines and to make the process of the sales of good between commercial parties more of a harmonized effort by combining law and other commercial transactions. It has been written for all 50 states ...
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