If the parties do not have a specific agreement concerning the assessment of the risk of loss,the Uniform Commercial Code (UCC)has the power to mandate who will bear the risk of loss when goods are lost or damaged.

Question

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The UCC provides default rules to determine who bears the risk of loss in the absence of a specific agreement between the parties. These rules are found in Article 2 of the UCC and are generally based on whether the seller has possession of the goods at the time of loss or damage, and whether the loss or damage occurs before or after the buyer takes possession.

If the Parties Do Not Have a Specific Agreement Concerning