Final answer:
The passing of risk and the passing of ownership are two distinct concepts related to property rights. Passing of risk refers to responsibility for potential damage or loss, while passing of ownership refers to the transfer of legal rights and control.
Step-by-step explanation:
The passing of risk and the passing of ownership are two distinct concepts that are related to property rights. Passing of risk refers to the transfer of responsibility for any potential damage or loss associated with an item or property, whereas passing of ownership refers to the transfer of legal rights and control over an item or property.
For example, let's consider a situation where a buyer purchases a car from a seller. The passing of risk would occur when the buyer takes possession of the car and becomes responsible for any potential damage that may occur to the car during transportation. On the other hand, the passing of ownership would occur when the buyer receives the legal title to the car and gains control over its use and sale.
It is important to note that the passing of risk and the passing of ownership can occur at different points in a transaction. In some cases, they may happen simultaneously, while in others, there may be a time lag between the two.