MLchartDataset catalogue

Risk of loss

Term · Law · MLC-T-LAW-004354

The legal determination of which party bears the financial responsibility for damage or destruction of goods between the time a contract for sale is made and the time of delivery. This allocation of risk is often specified in the sales contract itself. In the absence of specific contractual terms, the Uniform Commercial Code (UCC) governs the risk of loss for the sale of goods.

Table 1. Record
IdentifierMLC-T-LAW-004354
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-004354",
  "term": "Risk of loss",
  "field": "Law",
  "definition": "The legal determination of which party bears the financial responsibility for damage or destruction of goods between the time a contract for sale is made and the time of delivery. This allocation of risk is often specified in the sales contract itself. In the absence of specific contractual terms, the Uniform Commercial Code (UCC) governs the risk of loss for the sale of goods.",
  "url": "https://mlchart.com/terminology/law/risk-of-loss/"
}

Record 4,421 of 5,445 in Law terminology (MLC-0107). Request the full dataset.