Parties holds the risk of loss for the damage caused to car

Assignment Help Financial Management

Reference no: EM131010488

Timmy purchased a car from his local dealership, SparklerCars. However, since the car was not available in the color that Timmy favored, the sales contract stipulated that Timmy could immediately pick up the car from a nearby warehouse it was housed in. The warehouse was owned by Mr. Putins. Timmy received the document of title for the car upon payment and presented it to Mr. Putins around a week later. But Mr. Putins informed Timmy that the car was damaged during a fire in the warehouse. According to the UCC, which of the following parties holds the risk of loss for the damage caused to the car?

The risk is to be borne by Timmy.

Mr. Putins has to take up the loss.

SparklerCars must take the risk of loss.

The risk is to be borne jointly by Mr. Putins and SparklerCars.

Reference no: EM131010488

Questions Cloud

Expected marginal tax rate at time of first distribution : James wants to convert $30,000 balance in his traditional IRA account into a Roth IRA. What is the account value in 35 years assuming expected growth of 5.7% and current tax rate of 25% and expected marginal tax rate at time of first distribution of ..

If the exchange rate does not also change, what will happen : Assume that REC's stock price rises from €29 to €35 per share. If the exchange rate does not also change, what will happen to REC's ADR price. If the euro appreciates from $1.23/€ to $1.31/€ but the price of REC's shares remains unchanged in euros, w..

Considering test marketing for your new product : You are considering test marketing for your new product. There is a 30 percent chance that the results of the test marketing will be positive, in which case the expected NPV of the project be $50 million; but there is also a 70 percent chance that th..

Determine whether high or low reserves are present : You are given a 50 percent probability that oil reserves (discounted revenues) are 80 million dollars and a 50 percent probability that oil reserves are 60 million dollars. It costs 50 million dollars to drill. Once a well is drilled, all drilling co..

Parties holds the risk of loss for the damage caused to car : Timmy purchased a car from his local dealership, SparklerCars. However, since the car was not available in the color that Timmy favored, the sales contract stipulated that Timmy could immediately pick up the car from a nearby warehouse it was housed ..

Use Goal Seek in order to find this rate of return : Assume “Jane” saves $10,000 per year for 10 years starting at age 25. At age 35 she no longer is able to save but leaves her accumulated savings invested until age 65 when she retires. At what assumed rate of return are John and Jane’s wealth at age..

Major corporations implementing expert systems : Why are credit departments in banks and major corporations implementing expert systems? In your answer, indicate what advantages and disadvantages companies that implement such systems might anticipate.

What are the four annual deposits : On January 1, 2015, Canden Company started to make annual deposits in order to accumulate $1,000,000 by January 1, 2019. This fund will earn annual interest of 9%. Required: What are the four annual deposits that Canden should make at the beginning o..

Character type they sought to develop in their students : What ideas you will (or won't, if you didn't like their approach) take from the case as examples to consider for your own practice.

User Account

All Pages