The UCC and the Common Law Are Essentially the Same

question 14

True/False

The UCC and the common law are essentially the same in regard to their treatment of risk of loss or damage to identified goods.

---

Definitions:

Peril

A particular hazard or reason for loss that an insurance policy protects against, for example, fire, theft, or acts of nature.

Professional Insurance

Insurance coverage designed to protect professionals from liability claims resulting from their business activities, such as errors, omissions, or neglect.

Malpractice Insurance

A type of professional liability insurance that provides coverage to healthcare professionals for claims arising from allegations of medical errors or negligence.

Existing Risk

Refers to the current risks involved in a situation or transaction, especially those that have already been identified or assessed.