Effects on the Contract when the thing sold has been lost

Loss at the Time of Sale

1. Entirely lost no sale
2. Partially Lost buyer may elect to 1. Withdraw from sale or 2. Demand
the remaining part and pay a proportionate sum
Loss of Specific Thing (after perfection of contract)
1. Loss without knowledge of seller buyer may 1. Rescind or Withdraw
from the contract or 2. Give it legal effect paying a proportionate
price
Loss of a divisible thing apply 1 ONLY
Loss of an indivisible apply 2.
Negotiable Documents of Title
1. Bill of Lading
2. Dock Warrant
3. Quedan
4. Warehouse Receipt