A Contract Between Pacific Import Company in Seattle and Atlantic

question 37

Essay

A contract between Pacific Import Company in Seattle and Atlantic Coast Retail Corporation in Baltimore does not expressly state which party bears the risk of loss but says only that Pacific Import is "to ship goods at the seller's expense." At what point does the risk of loss of the goods pass from the seller to the buyer

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Definitions:

Financial Statement Item

Any line item or component that appears in financial statements, such as balance sheet, income statement, or cash flow statement, representing a company's financial position or performance.

Unreliable

Not able to be trusted or depended upon for accuracy or truthfulness.

Firm's Shares

Equity securities issued by a company, representing ownership in the firm and entitling holders to dividends and voting rights.

Creditors

People or organizations that provide loans or credit to others with the anticipation of receiving payment back later on.