What is a short definition for "Risk passes with property"?

Answer 1

It's a legal term defining when somebody owns a good.

The tenet basically means that - "risk" - basically the risk of damage, loss or liabilities associated with ownership is yours once you take possession of it.

It's pretty cut and dried for most goods. You own it when you have it.

However, this isn't always true - especially when there is transport involved. For example, you buy a piece of furniture. You've paid for it already. Let's say the furniture breaks in transit. Who bears the loss then? Whether it breaks before it gets to the dock, on the ship, off the ship but not to your house depends on the shipping terms. This is where terms like FOB, CIF, FAS, et cetera come into play.