Allocating loss, a default rule, addresses a loss in a contract,
A) After the loss has already occurred.
B) Before the loss has occurred.
C) In the event that it is highly likely that a loss could occur.
D) Only if the parties specifically address it.

Question

Quizplus · Accepted Answer

Allocating loss after it has occurred is a default rule in contract law, meaning it deals with how losses are handled if not previously specified in the contract.

Allocating Loss, a Default Rule, Addresses a Loss in a Contract