- Contract — Types of loss and damages — Bulk goods — Conformity of goods — Averting and minimising loss and insurance — Risk of loss and insurance — Default rules and time for payment
This chapter notes the notions of risks. Price risk is the risk of having to bear the cost of damage to the goods, wherein the buyer is still obligated to pay for purchase price since the damage was neither of the parties’ fault. The rules on the passing of risk are only relevant where neither party can be considered responsible for the loss or the circumstances. The chapter narrates the number of consequences following the passing of risks. Under the general principle of freedom of contract, parties need to make provision for the allocation of risk in their contract. Trade terms are used to specify obligations under the contract.
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