QST LA 450 Lecture Notes - Lecture 8: Insurable Interest, Fide, Security Interest
Document Summary
Asymmetric information: when one party has more information compared to the other party. Voidable title: when you have fraud or deception, limited right in goods inferior to the owner. Entrusting: any entrusting of goods to a merchant who deals in goods of that kind gives him the power to transfer all rights of the entruster to a buyer in the ordinary course of business. Bioc (buyer in the ordinary course of business: generally takes goods free and clear of any security interest. If a party breaches, the risk of loss lies with that party. Harman v. dunn: harmon own a 2 year-old tennessee walking horse named phantom recall, horse stayed with steve dunn in alabama, harmon is from tennessee, harmon instructs dunn to sell horse for ,000 dunn delivered check to. Harmon from scarborough papers of ownership were in the car, not with dunn.
