Venerable Company stores office furniture with Warehouse Storage,Inc.(WSI),under a contract that limits the warehouse company's liability for lost or damaged property to $500.Venerable declines the option to pay a higher storage rate for an increase in the liability limit.The furniture is lost through no fault of WSI.The loss is most likely suffered by

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Since Venerable declined the option to pay a higher storage rate for an increase in the liability limit, the contract between Venerable and WSI limits the warehouse company's liability for lost or damaged property to $500. Therefore, WSI is not liable for more than $500. As the furniture was lost through no fault of WSI, Venerable will suffer the loss because the $500 limit is not sufficient to cover the losses.

Venerable Company Stores Office Furniture with Warehouse Storage,Inc