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Exam 19: Title and Risk of Loss

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Question 21

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Outdoor Outfitters Store contracts to buy fifty tents from Pitched Camp,Inc.Unless the contract states otherwise,it is assumed to be​ 

A)  ​none of the choices. 
B)  ​a destination contract. 
C)  ​a shipment contract. 
D)  ​a delivery ex-ship.

E) B) and D)
F) A) and D)

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Question 22

Multiple Choice

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Jason contracts with Golf Carts Unlimited,Inc.to buy five golf carts.The contract lists the five carts as GC001,GC002,GC003,GC004,GC005.Identification​ 

A)  ​requires that Jason verify his identity to take possession of the carts. 
B)  ​has taken place. 
C)  ​cannot take place until the contract is reviewed by a court. 
D)  ​will take place only when Jason pays for the golf carts.

E) A) and B)
F) A) and C)

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Question 23

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Home Appliance Corporation contracts with Instate Trucking Company to take a selection of appliance repair parts to Journey Airlines,Inc.,with Journey to transport the goods to a KeepSafe Company warehouse.Instate Trucking,Journey Airlines,and KeepSafe each acknowledge possession of the goods by a document of title.Instate Trucking,Journey Airlines,and KeepSafe are​ 

Safety Supply Corporation in New York sells a truckload of protective suits,masks,and other safety gear to Toxic Recovery,Inc.,in Connecticut,"F.O.B.New York." Safety Supply arranges with US Truckline to transport the goods.The cost of the transport will be paid by​ 

Regan,an agent for a department store,orders one hundred dresses from Sal's Clothing Shop for the Spring Blossom Sale.There is no specific agreement in the sale contract indicating when title will pass to the department store.The title will pass to the department store when​ 

NutriRich,Inc.,sells fifty cases of Omega 3 capsules to Good Health stores,but before Good Health takes physical possession,the cases are lost.Under the UCC,the parties' rights and obligations with respect to the loss depend on the concept of​ 

A seller has an insurable interest in goods as long as the goods are in existence. 

Big Red Drinks,Inc.contracts to buy two tons of cranberries from Super Fruits,Inc.The contract states that Super Fruits is required to ship the cranberries to Big Red Drinks by Speedy Wind Air Freight.The contract is​ 

Effortless Workouts,Inc.,offers to sell a treadmill to Farouk and sends it to him on a trial basis.This is​ 

Red's Roofing buys asphalt roofing tiles from Shingles,Inc.The parties agree that the tile will be shipped "F.O.B.Shingles's warehouse" to Red's Roofing location via Tristate Shipping Corporation.The tiles are lost in transit.The loss is suffered by​ 

Brad leaves an iPod at Computer Sales & Repair (CSR) to have the battery replaced.CSR sells the iPod to Doris,who does not know that it belongs to Brad.Brad can recover from​ 

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

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

Identification takes place when specific goods are designated as the subject matter of a sales or lease contract. 

In the following situations,two parties claim the same goods.Who is most likely to prevail in each circumstance? Explain.(a)Olan steals Phil's television set and sells it to Quincy,an innocent purchaser,for value.Phil learns Quincy has the set and demands its return.(b)Riley takes his television set for repair to Slick,a merchant who sells new and used television sets.By accident,one of Slick's employees sells the set to Tuna,an innocent purchaser-customer,who takes possession.Riley wants his set back from Tuna.

When a bailee is holding goods that are to be delivered under a contract without being moved,the risk of loss cannot pass to a buyer. 

Big Beef,Inc.raises calves to sell.Big Beef breeds its cows in April,and the cows calve in February of the following year.In January Andrea contracts with Big Beef to buy fifty calves.Identification takes place in ​ 

Spuds Corporation buys from Tater Farms,Inc.,a potato crop that Tater plans to plant and harvest during the next growing season.Spuds plans to sell the potatoes to Tasty Foods Restaurants.After the potatoes are planted,but before they are harvested,an insurable interest in the crop exists in​ 

Growers Mart buys one hundred cases of berries from Hilltop Farms.The parties agree that the berries will be transported "F.O.B.Hilltop Farms" via Refrigerated Trucking Company.Refrigerated's truck and the berries are lost in a fire following an accident.The loss of the berries is suffered by​ 

If an owner holds fungible goods as an owner in common,he or she can pass title without actually separating the goods.