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Identification occurs when goods are shipped by the seller. I Unless the parties agree otherwise,...

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Accounting

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Identification occurs when goods are shipped by the seller. I Unless the parties agree otherwise, title passes at the time and place that the buyer accepts the goods. I Unless a contract provides otherwise, it is normally assumed to be a shipment contract. A buyer and a seller cannot both have an insurable interest in the same goods at the same time. In a sale on approval, the risk of loss passes to the buyer as soon as the buyer takes possession. A buyer can acquire valid title to stolen goods if he or she does not know that the goods are stolen. Under a destination contract, title passes at the time and place of shipment. If a seller is a merchant, the risk of loss passes when a buyer takes possession of the goods

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