Chapter21 Title, Risk, and Insurable Interest - MULTIPLE...

Chapter21 Title, Risk, and Insurable Interest
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MULTIPLE CHOICE QUESTIONS A1. Uri sells 100 cases of vitamins to Wanda, but before she 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. physical possession. b. product liability. c. risk of loss. d. title. A2. Office Equipment Leasing, Inc. (OEL), agrees to lease five computer workstations to Product Promotion Corporation (PPC). Before any interest in the workstations can pass from OEL to PPC, they must be a. in existence and identified as the goods in the contract. b. in existence only. c. identified as the specific goods designated in the contract only. d. none of the choices. A3. Alaskan salmon that fill the hold of Bill and Carla’s fishing boat are fungible if the salmon are a. alike naturally or by agreement or trade usage. b. fundamentally different. c. fun, good, and edible. d. liable to deteriorate over time. A4. Kip, a representative for Little Shipping Company, delivers a bill of lading to Meg, the owner of Normal Warehouse. A bill of lading is a. an invoice for payment for loading and carting. b. an order to ship goods by carrier to a certain destination. c. a receipt for goods signed by a carrier. d. a receipt issued by a warehouser for goods in a warehouse. A5. Rani leaves a pair of new shoes at Soles Shoe Store to be dyed. Soles sells the shoes to Tia, who does not know that the shoes belong to Rani. Rani
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can recover from a. neither Tia nor Soles Shoe Store. b. Soles Shoe Store only.
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