Bob, a merchant seller, had contracted with Acme U.S., to buy welding equipment.
ID: 404323 • Letter: B
Question
Bob, a merchant seller, had contracted with Acme U.S., to buy welding equipment. The contract stipulated that Bob would pick up the equipment from the Acme U.S. warehouse on the 14th day from the date of the contract. But Bob could not make the pick up on that date and before he could do so on the 15th day, the warehouse was burned down by juvenile delinquents. In this situation, who bears the risk of loss of the goods that were to be received by Bob? Explain the relationship between the parties under the Uniform Commercial Code in your answer.
List references
Explanation / Answer
To the Agents named in Annex VI hereto. Ladies and Gentlemen: AIG Program Funding, Inc., a Delaware corporation (the "COMPANY"), proposes, subject to the terms and conditions stated herein, to issue and sell at an aggregate initial offering price of up to U.S. $20,000,000,000 or the equivalent thereof in one or more foreign or composite currencies or currency units, of its Medium-Term Notes, Series A (PF); Medium-Term Notes, Series AIG-FP (PF); and Medium-Term Notes, Series MP, Matched Investment Program (PF) (collectively, the "SECURITIES"), each of which will be fully and unconditionally guaranteed by American International Group, Inc. (the "GUARANTOR"), and agrees with each of you (individually, an "AGENT", and collectively, the "AGENTS") as set forth in this Agreement. The Company may increase the aggregate amount of Securities that the Company may offer and sell under this Agreement at any time as provided in Section 15(c) hereof.