TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

Under UCC Article 2 as adopted in Tennessee, what is the 'risk of loss' in an auction transaction?

The risk that the auctioneer will lose the item The risk that the buyer will not pay The determination of which party bears the financial burden if goods are damaged or destroyed The risk that the seller will change the reserve price

Correct Answer:

The determination of which party bears the financial burden if goods are damaged or destroyed

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