cheeseman_buslaw7_tif_19

cheeseman_buslaw7_tif_19 - 1) Title to goods may pass from...

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Unformatted text preview: 1) Title to goods may pass from the seller to the buyer before the goods are identified to the sales contract. Answer: FALSE Diff: 1 Topic: Identification 2) In a lease transaction, title to the leased goods remains with either the lessor or a third party. Answer: TRUE Diff: 1 Topic: Identification 3) At common law, the risk of loss to goods is placed on the party that has the insurable interest. Answer: FALSE Diff: 2 Topic: Identification 4) The unborn young of stock animals are considered future goods. Answer: TRUE Diff: 2 Topic: Identification 5) Ownership of the unborn foal of a pregnant mare cannot pass to a buyer until the colt is born. Answer: TRUE Diff: 2 Topic: Identification 6) Chairs in a warehouse are identified to a sale contract when the seller explicitly selects and separates the chairs for shipment to the buyer. Answer: TRUE Diff: 2 Topic: Identification 156 TITLE TO GOODS AND RISK OF LOSS 19 7) Under common law, the risk of loss was based on who had title to the goods. Answer: TRUE Diff: 1 Topic: Identification 8) Under the UCC, the risk of loss depends on who had title to the goods. Answer: FALSE Diff: 2 Topic: Identification 9) For goods to be selected from like items in inventory, identification cannot occur until the specific goods for the specific customer are separated or tagged for that customer. Answer: TRUE Diff: 1 Topic: Identification 10) Unborn animals are identified when they are conceived. Answer: TRUE Diff: 1 Topic: Identification 11) A destination contract requires the seller to deliver to either the buyer's place of business or to another destination specified in the sales contract. Answer: TRUE Diff: 2 Topic: Passage of Title 12) If no document of title is needed, and the goods are identified at the time of contracting, title passes at the time of contracting. Answer: TRUE Diff: 2 Topic: Passage of Title 13) Title for goods cannot pass before the goods are identified to the contract. Answer: TRUE Diff: 1 Topic: Passage of Title 157 14) The parties to a contract may decide when title and risk of loss pass, but if the parties do not specifically agree on such a time, the UCC provides rules for them. Answer: TRUE Diff: 1 Topic: Passage of Title 15) The general rule for passage of title is that title passes when the buyer acquires possession of the goods. Answer: FALSE Diff: 2 Topic: Passage of Title 16) A shipment contract requires the seller to ship the goods to the buyer via a common carrier. Answer: TRUE Diff: 1 Topic: Passage of Title 17) With letters of credit in international transactions, a bill of lading is issued by the common carrier. Answer: TRUE Diff: 1 Topic: Passage of Title 18) The function of a letter of credit is to substitute the credit of a recognized international bank for that of the buyer....
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cheeseman_buslaw7_tif_19 - 1) Title to goods may pass from...

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