TJ_Comp 20_TB_Ch22

TJ_Comp 20_TB_Ch22 - Chapter 22LEGAL ASPECTS OF SUPPLY...

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Chapter 22—LEGAL ASPECTS OF SUPPLY CHAIN MANAGEMENT TRUE/FALSE 1. The term special bailee is an historical term, but a special bailee has no greater duty than any other bailee. ANS: F TOP: AICPA BB-Legal MSC: AACSB Analytic 2. The storage of goods in a warehouse and the shipment of goods by a common carrier are examples of special bailments. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 3. To be engaged in warehousing, an enterprise must have appropriate storage buildings. ANS: F TOP: AICPA BB-Legal MSC: AACSB Analytic 4. A warehouser is an insurer of goods. ANS: F TOP: AICPA BB-Legal MSC: AACSB Analytic 5. The rights and duties of warehousers are regulated by the UCC. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 6. A public warehouser has a lien against the goods stored for reasonable costs incurred from the storage. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 7. A document of title is a document that in the regular course of business is treated as adequately evid- encing ownership rights. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 8. A warehouse receipt may be either negotiable or nonnegotiable. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 9. The purchaser of a negotiable warehouse receipt has greater protections than the purchaser of a non- negotiable warehouse receipt. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 10. A negotiable warehouse receipt states that the goods received will be delivered to the bearer or to the order of any named person. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 11. A negotiable warehouse receipt that provides for delivery of the goods to the order of Jill Jones may be negotiated by delivery of the document to the purchaser.
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ANS: F TOP: AICPA BB-Legal MSC: AACSB Analytic 12. A warehouse receipt is "duly negotiated" when the holder purchases the document in good faith, without notice of any defense to it, and gives value in the regular course of business. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 13. The rights of a holder of a duly negotiated warehouse receipt are cut off by the warehouser's surrender of goods to the depositor. ANS: F TOP: AICPA BB-Legal MSC: AACSB Analytic 14. The purchase of a warehouse receipt by due negotiation eliminates all prior claims. ANS: F TOP: AICPA BB-Legal MSC: AACSB Analytic 15. Field warehousing is the storage of farm crops in the field where they have been grown. ANS: F TOP: AICPA BB-Legal MSC: AACSB Analytic 16. General contract law determines whether a limitation clause is a part of the contract between the ware- houser and the customer. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 17. Unlike warehouse receipts, bills of lading and airbills are documents of title. ANS: F
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TJ_Comp 20_TB_Ch22 - Chapter 22LEGAL ASPECTS OF SUPPLY...

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