Larry, a Merchant Seller, Had Contracted with Simon, to Buy

question 6

Multiple Choice

Larry, a merchant seller, had contracted with Simon, to buy welding equipments.The contract stipulated that Larry would pick up the equipments from Simon's warehouse on the 14^th day from the date of the contract.But Larry could not make the pick up on that date and before he could do so on the 15^th day, the warehouse was burned down by miscreants.In this situation, who bears the risk of loss of the goods that were to be received by Larry?

• A)The risk of loss lies with Larry for delaying the pick up.
• B)The risk of loss lies with Simon for not protecting the goods.
• C)The risk of loss is equally shared by Larry and Simon.
• D)The risk of loss is shifted to the persons responsible for the fire.

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Definitions:

Externally-oriented

A focus or approach that prioritizes external factors, such as market trends and customer needs, over internal issues.

Mission

A statement or declaration of an organization's core purpose and focus that normally remains unchanged over time.

Cost Synergy

The reduction in total costs that can result from merging or joining two separate entities, processes, or systems, leading to improved efficiency or economies of scale.

Corporate Recycling

The processes and strategies implemented by companies to reuse materials and reduce waste, reflecting a commitment to environmental sustainability.