What Happens When the Goods Identified to a Contract Are

question 17

Multiple Choice

What happens when the goods identified to a contract are totally destroyed through the fault of neither party before risk of loss passes to the buyer?

• A) The contract is void.
• B) The seller is obligated to find replacement goods.
• C) The contract is voidable by the buyer.
• D) The seller is liable to the buyer for damages.
• E) The contract is voidable.

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Definitions:

U.S. Rice Millers' Association

An association that represents the interests of the rice milling industry in the United States, aiming to promote the growth and sustainability of the rice milling sector.

Quota

A government-imposed trade restriction that limits the number or monetary value of goods that can be imported or exported during a specified time period.

Amount of Product

The total quantity or volume of a product that is available for sale or distribution.

Enter or Leave

Decision-making phrases used in business to determine whether to commence or cease operations in a particular market or sector.