Question

Bond purchased a painting from Wool, who is not in the business of selling art. Wool tendered delivery of the painting after receiving payment in full from Bond. Bond informed Wool that Bond would be unable to take possession of the painting until later that day. Thieves stole the painting before Bond returned. The risk of loss:_________

a. Passed to Bond at Wool's tender of delivery
b. Passed to Bond at the time the contract was formed and payment was made
c. Remained with Wool, because the parties agreed on a later time of delivery
d. Remained with Wool, because Bond had not yet received the painting

Answer 1

Answer: The correct answer is "a. Passed to Bond at Wool's tender of delivery".

Explanation: The risk of loss is passed to Bond at Wool's tender of delivery.

In that case as Wool presented the delivery of the painting and the impossibility of receiving it was due to bond, the risk of loss is borne by the latter.