Question 1

A bailee is a buyer or lessee.

Accepted Answer

A) True 
 B)False

Question 2

Silky Material Corporation in New Jersey sells fifty tons of fabric to Tattered Clothing,Inc.,in Ohio,"F.O.B.New Jersey." The cost of transport?ing the fab?ric to Ohio will be paid by

Accepted Answer

A)  Silky Material.
B)  Tattered Clothing.
C)  New Jersey.
D)  Ohio.E) All of the above
F) None of the above

Question 3

Raw Material,Inc.,and Sewn Fabric Corporation enter into a contract for a sale of muslin.The terms do not clearly indicate whether it is a destination or shipment contract.A court would most likely presume that it is

Accepted Answer

A)  a bailment contract.
B)  a destination contract.
C)  a shipment contract.
D)  a transportation contract.E) C) and D)
F) A) and D)

Question 4

Fits Like A Glove Shoes,Inc.,and Retail Footwear Stores enter into a contract for a sale of shoes.The contract indicates that the price includes transportation costs to a specific destination by including the term

Accepted Answer

A)  C.I.F.
B)  delivery ex-ship.
C)  F.A.S.
D)  F.O.B.E) None of the above
F) A) and B)

Question 5

Alaskan salmon that fill the hold of Bill and Carla's fishing boat are fungible if the salmon are

Accepted Answer

A)  alike naturally or by agreement or trade usage.
B)  fundamentally different.
C)  fun,good,and edible.
D)  liable to deteriorate over time.E) B) and C)
F) A) and D)

Question 6

Bill orders 1,000 nails from Super Hardware,Inc.Super Hardware keeps its nails in packages of 100,000.Bill and the agent for Super Hardware both sign the contract for the sale of the nails on Monday.The agent separates 1,000 nails on Wednesday.The agent delivers the nails to Bill on Thursday morning,and Bill pays for the nails on Friday.Identification of the nails took place on

Accepted Answer

A)  Monday.
B)  Wednesday.
C)  Thursday.
D)  Friday.E) None of the above
F) A) and D)

Question 7

A receipt issued by a warehouser for goods stored in a warehouse is a warehouse receipt.

Accepted Answer

A) True 
 B)False

Question 8

Elizabeth buys a car from Silas,who is 16 years old.Elizabeth then wants to sell the car to her neighbor,John.Elizabeth's title to the car is

Accepted Answer

A)  valid.
B)  voidable.
C)  void.
D)  good.E) A) and D)
F) B) and D)

Question 9

If a sale involves crops that are to be harvested within twelve months,iden?tification takes place when the seeds for the crops are purchased.

Accepted Answer

A) True 
 B)False

Question 10

A seller with voidable title can transfer good title to a good faith purchaser for value.

Accepted Answer

A) True 
 B)False

Question 11

In most situations involving sales,rights and liabilities are determined by who has the title to the goods.

Accepted Answer

A) True 
 B)False

Question 12

With a bill of lading,Cartage Common Carrier Company acknowledges possession of certain goods and contracts to deliver them.Cartage is

Accepted Answer

A)  a bailee.
B)  a buyer in the ordinary course of business.
C)  a good faith purchaser for value.
D)  an F.O.B.E) C) and D)
F) All of the above

Exam 19: Title and Risk of Loss

A bailee is a buyer or lessee.

Correct Answer
verified

Fits Like A Glove Shoes,Inc.,and Retail Footwear Stores enter into a contract for a sale of shoes.The contract indicates that the price includes transportation costs to a specific destination by including the term

Correct Answer
verified

Correct Answer
verified

With a bill of lading,Cartage Common Carrier Company acknowledges possession of certain goods and contracts to deliver them.Cartage is

Correct Answer
verified

Alaskan salmon that fill the hold of Bill and Carla's fishing boat are fungible if the salmon are

Correct Answer
verified

Elizabeth buys a car from Silas,who is 16 years old.Elizabeth then wants to sell the car to her neighbor,John.Elizabeth's title to the car is

Correct Answer
verified

A seller with voidable title can transfer good title to a good faith purchaser for value.

Correct Answer
verified

Raw Material,Inc.,and Sewn Fabric Corporation enter into a contract for a sale of muslin.The terms do not clearly indicate whether it is a destination or shipment contract.A court would most likely presume that it is

Correct Answer
verified

In most situations involving sales,rights and liabilities are determined by who has the title to the goods.

Correct Answer
verified

Silky Material Corporation in New Jersey sells fifty tons of fabric to Tattered Clothing,Inc.,in Ohio,"F.O.B.New Jersey." The cost of transport?ing the fab?ric to Ohio will be paid by

Correct Answer
verified

If a sale involves crops that are to be harvested within twelve months,iden?tification takes place when the seeds for the crops are purchased.

Correct Answer
verified

A receipt issued by a warehouser for goods stored in a warehouse is a warehouse receipt.

Correct Answer
verified

Exam 19: Title and Risk of Loss

A bailee is a buyer or lessee.

Correct AnswerverifiedShow Answer

Fits Like A Glove Shoes,Inc.,and Retail Footwear Stores enter into a contract for a sale of shoes.The contract indicates that the price includes transportation costs to a specific destination by including the term

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

With a bill of lading,Cartage Common Carrier Company acknowledges possession of certain goods and contracts to deliver them.Cartage is

Correct AnswerverifiedShow Answer

Alaskan salmon that fill the hold of Bill and Carla's fishing boat are fungible if the salmon are

Correct AnswerverifiedShow Answer

Elizabeth buys a car from Silas,who is 16 years old.Elizabeth then wants to sell the car to her neighbor,John.Elizabeth's title to the car is

Correct AnswerverifiedShow Answer

A seller with voidable title can transfer good title to a good faith purchaser for value.

Correct AnswerverifiedShow Answer

Raw Material,Inc.,and Sewn Fabric Corporation enter into a contract for a sale of muslin.The terms do not clearly indicate whether it is a destination or shipment contract.A court would most likely presume that it is

Correct AnswerverifiedShow Answer

In most situations involving sales,rights and liabilities are determined by who has the title to the goods.

Correct AnswerverifiedShow Answer

Silky Material Corporation in New Jersey sells fifty tons of fabric to Tattered Clothing,Inc.,in Ohio,"F.O.B.New Jersey." The cost of transport?ing the fab?ric to Ohio will be paid by

Correct AnswerverifiedShow Answer

If a sale involves crops that are to be harvested within twelve months,iden?tification takes place when the seeds for the crops are purchased.

Correct AnswerverifiedShow Answer

A receipt issued by a warehouser for goods stored in a warehouse is a warehouse receipt.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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