A Question of Ownership — and Loss What Section 4 Actually Says Sale: The Executed Contract Agreement to Sell: The Executory Contract The Governing Principle: Risk Follows Ownership Section 26 and the Prima Facie Rule When Goods Perish Before the Contract: Section 7 When Goods Perish After the Agreement but Before Risk Passes: Section 8 The Full Table of Consequences Right to Sue for Price vs. Damages Jus in Rem vs. Jus in Personam Right of Resale Insolvency of Seller Insolve