Goods shipped from a seller's warehouse on April 10 using the terms FOB Shipping Point.On the way to the buyer's warehouse the truck hauling the goods wrecked and the
Goods were destroyed.Who will get the insurance check covering the loss?
A)The seller
B)The buyer
C)The seller and buyer split the loss.
D)The delivery company.

Question

Quizplus · Accepted Answer

Under FOB (Free On Board) Shipping Point terms, the buyer assumes ownership and responsibility for the goods once they leave the seller's warehouse. Therefore, if the goods are destroyed in transit, the buyer, as the owner at the time of the incident, would receive the insurance check.

Goods Shipped from a Seller's Warehouse on April 10 Using