Everett Bought a Washer and Dryer for $1,200 from Neely

question 17

Essay

Everett bought a washer and dryer for $1,200 from Neely Appliances, which was to deliver the set in two days, on its regular delivery date for Everett's area. However, on the night of the sale, Neely's suffered an accidental fire and the washer and dryer were destroyed. Who has the risk of loss? Who would have the risk of loss if Everett had instead bought a used washer and dryer from his neighbor who was having a moving sale, and the washer and dryer were destroyed after Everett had paid for them and after the neighbor made them available to Everett but before he picked them up?

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Definitions:

Political and Economic System

The organized set of principles and structures that dictate how a society is governed and how its economic activities are conducted.

Equality

The state of being equal, especially in status, rights, and opportunities.

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Economic Systems

The structured set of methods and principles a society uses to produce, distribute, and consume goods and services, varying from capitalism to socialism.