Which of the Following Is Correct with Regard to Risk

Which of the following is correct with regard to risk of loss, where the goods are in the possession of a bailee and are covered by a negotiable document of title?

A) Risk of loss passes when the buyer receives the document.
B) Risk of loss passes when the document is tendered to the buyer.
C) Risk of loss passes when notification of the arrival of the goods is given to the buyer.
D) If the buyer is a merchant, risk of loss passes to the buyer when the goods are delivered.