Question 1

The terms FOB and FAS mean the same thing.

Accepted Answer

A) True 
 B)False

Question 2

[Scuba Supplies] The Dive Shop ordered ten Mega2000 Diving Tanks, ten SuperSlick wetsuits, and ten pairs of Awesome swim fins from ScubaCo under a destination contract. The tanks were scheduled to be delivered first, and the remaining items would arrive the following day. Upon the first delivery, The Dive Shop noticed that ScubaCo sent ten Mega500 Diving Tanks, an inferior model. The Dive Shop's owner called ScubaCo and was told that ScubaCo had sold out of the Mega2000 model, but the Mega500 was the same price, was "pretty much the same", and The Dive Shop had to pay for the order or it would be in breach of contract. The following day, ScubaCo checked the remainder of the order which consisted of the wetsuits and fins and verified it to be correct. It delivered the remainder of the order, however, The Dive Shop refused delivery. On the way to its next delivery, the carrier truck ran off the side of the road and the goods were lost.
-Who bears the risk of loss for the second delivery?

Accepted Answer

A)   The Dive Shop, because the risk of loss transferred to the buyer on delivery.
B)   The Dive Shop, because they had no right to refuse delivery of conforming goods.
C)   Both parties share the risk of loss equally.
D)   ScubaCo because in a destination contract, the risk remains with the seller.
E)   ScubaCo because it had previously delivered nonconforming goods.F) C) and D)
G) A) and D)

Question 3

Which of the following occurs when the purchased goods are transferred to the buyer from the seller at either the time of the sale or a later time by the seller's delivery?

Accepted Answer

A)   A voidable delivery contract
B)   An average delivery contract
C)   A simple delivery contract
D)   A complex delivery contract
E)   An acknowledged saleF) All of the above
G) A) and B)

Question 4

Carlinda sold Arun a set of tires. Arun did not know that the tires Carlinda sold him were stolen. What type of title did Arun obtain?

Accepted Answer

A)   Void title
B)   Voidable title
C)   Stolen title
D)   Preferential title
E)   False titleF) C) and D)
G) D) and E)

Question 5

What are the three different types of title?

Accepted Answer

Good title is title that is acquired fro...

Question 6

Samantha transfers a void title to Balley who is a good-faith buyer. Balley's title is considered ________.

Accepted Answer

A)   false title
B)   void title
C)   voidable title
D)   excused title
E)   manipulatedF) A) and D)
G) B) and E)

Question 7

[Accidental Sale] Julio entrusted his automobile to Slick Sid's for repair. The manager of Slick Sid's, who did a very poor job with inventory, accidentally sold the car to Ramona. Ramona, who paid cash for the car, had no idea that the car did not belong to Slick Sid's and paid fair market value for it. When Julio went to pick up the car, he was very upset that it was gone. The manager of Slick Sid's told him that he was very sorry, but that his only recourse would be against Ramona.
-What is the proper identifying term for Ramona?

Accepted Answer

A)   A good-faith purchaser
B)   A valid purchaser
C)   A void purchaser
D)   A voidable purchaser
E)   An interested purchaser for valueF) A) and E)
G) None of the above

Question 8

Parties to a contract cannot change the UCC's rules regarding when title passes and when risk of loss passes.

Accepted Answer

A) True 
 B)False

Exam 22: Title, Risk of Loss, and Insurable Interest

Samantha transfers a void title to Balley who is a good-faith buyer. Balley's title is considered ________.

Correct Answer
verified

Correct Answer
verified

Which of the following occurs when the purchased goods are transferred to the buyer from the seller at either the time of the sale or a later time by the seller's delivery?

Correct Answer
verified

What are the three different types of title?

Correct Answer
verified
Good title is title that is acquired fro...
View Answer

The terms FOB and FAS mean the same thing.

Correct Answer
verified

Correct Answer
verified

Carlinda sold Arun a set of tires. Arun did not know that the tires Carlinda sold him were stolen. What type of title did Arun obtain?

Correct Answer
verified

Parties to a contract cannot change the UCC's rules regarding when title passes and when risk of loss passes.

Correct Answer
verified

Exam 22: Title, Risk of Loss, and Insurable Interest

Samantha transfers a void title to Balley who is a good-faith buyer. Balley's title is considered ________.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following occurs when the purchased goods are transferred to the buyer from the seller at either the time of the sale or a later time by the seller's delivery?

Correct AnswerverifiedShow Answer

What are the three different types of title?

Correct AnswerverifiedGood title is title that is acquired fro...View AnswerShow Answer

The terms FOB and FAS mean the same thing.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Carlinda sold Arun a set of tires. Arun did not know that the tires Carlinda sold him were stolen. What type of title did Arun obtain?

Correct AnswerverifiedShow Answer

Parties to a contract cannot change the UCC's rules regarding when title passes and when risk of loss passes.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Good title is title that is acquired fro...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified