Question 1

Organicos Café orders five gallons of PureMaid-brand transfat-free olive oil from Quico Cooking Supplies,Inc.Quico mistakenly ships soy oil,which Organicos keeps,despite the nonconformity.The oil is destroyed in a fire.The loss is suffered by​

Accepted Answer

A)   ​all of the parties as owners in common in equal measure. 
B)   ​PureMaid. 
C)   ​Organicos Café. 
D)   ​Quico Cooking Supplies.E) None of the above
F) C) and D)

Question 2

Quality Computer Company agrees to sell one hundred servers to Social Media Networks,Inc.The servers,which Social Media Networks expressly requires to have certain amounts of memory,are to be shipped "F.O.B.Social Media Networks distribution center in Memphis,TN."  When the servers arrive,Social Media Networks rejects them and informs Quality Computer,claiming that the servers do not conform to Social Media Networks' memory requirement.A few hours later,the servers are destroyed in a fire at Social Media Networks' distribution center.Will Quality Computer succeed in a suit against Social Media Networks for the cost of the goods?​

Accepted Answer

No,because the goods were nonconforming,...

Question 3

The risk of loss in a shipment contract passes to the buyer when the goods are delivered to the carrier.

Accepted Answer

A) True 
 B)False

Question 4

Consumers Choice store accepts a shipment of EZ2U-brand tablets from Digital Devices,Inc.Consumers Choice later discovers a defect in the tablets,revokes acceptance,and returns the tablets via GoBack,Inc.During the return,the tablets are lost.The loss is suffered by​

Accepted Answer

A)   ​Consumers Choice. 
B)   ​Digital Devices. 
C)   ​GoBack. 
D)   ​Consumers Choice's customers by an increase in prices of other goods.E) None of the above
F) All of the above

Question 5

Under the UCC,the risk of loss is necessarily determined by title.

Accepted Answer

A) True 
 B)False

Question 6

Paramount Bookstores buys fifty cases of an assortment of books from Quixotic Publishing Company with the right to return the unsold books in lieu of payment.This is​

Accepted Answer

A)   ​a bailment. 
B)   ​a lease. 
C)   ​a sale on approval. 
D)   ​a sale or return.E) B) and C)
F) A) and D)

Question 7

Ralph,a representative for Statewide Truck & Transport Company,delivers a receipt issued by Thelma,the owner of United Storage Warehouse,for goods held in the warehouse to Vicky,the buyer for Wattage,Inc.This is​

Accepted Answer

A)   ​a bill of lading. 
B)   ​a destination contract. 
C)   ​a shipment contract. 
D)   ​a warehouse receipt.E) A) and B)
F) A) and C)

Question 8

All UCC provisions relating to the passage of title for sales of goods also apply to leases of goods.

Accepted Answer

A) True 
 B)False

Question 9

When a lessee sells leased equipment to a third party,the lessor cannot,under any circumstances,recover the equipment from the buyer.

Accepted Answer

A) True 
 B)False

Question 10

In a sale or return,a buyer has an option to return the goods and undo the sale.

Accepted Answer

A) True 
 B)False

Question 11

The entrustment rule basically allows innocent buyers to obtain legitimate title to goods purchased from merchants even if the merchants do not have good title.

Accepted Answer

A) True 
 B)False

Question 12

Quaff n' Quench Café buys twenty-five crates of oranges from Reynaldo Produce,Inc.The parties agree to ship the oranges "F.O.B.Quaff n' Quench " via Swiftline Trucking Company.The oranges rot in transit.The loss is suffered by​

Accepted Answer

A)   ​Quaff n' Quench. 
B)   ​Swiftline. 
C)   ​Columbia. 
D)   ​Reynaldo Produce.E) None of the above
F) B) and D)

Question 13

Identification,risk of loss,and insurable interest are all concepts that are involved in determining the rights and liabilities of parties to a contract.

Accepted Answer

A) True 
 B)False

Question 14

Pipes & Culverts Company orders six irrigation pumps from Quality Plumbing,Inc.The pumps are stored in Restorers Warehouse.Under the terms of the order,Quality must give Pipes & Culverts a warehouse receipt for the goods,which the buyer will then pick up.Title to the goods passes to Pipes & Culverts when​

Accepted Answer

A)   ​Quality stores the drives. 
B)   ​Pipes & Culverts orders the drives. 
C)   ​Pipes & Culverts picks up the drives. 
D)   ​Quality gives Pipes & Culverts a warehouse receipt for the drives.E) B) and C)
F) B) and D)

Question 15

Equipment Rentals Corporation (ERC) agrees to lease two backhoes to Dig & Fill Construction,Inc.Before any interest in the backhoes can pass from ERC to Dig & Fill,they must be​

Accepted Answer

A)   ​in existence and identified as the goods in the contract. 
B)   ​in ERC's physical possession. 
C)   ​in Dig & Fill's physical possession. 
D)   ​listed in a document of title and filed in the appropriate state office.E) A) and C)
F) B) and C)

Question 16

Fungible goods are goods that are alike naturally or by agreement or trade usage.

Accepted Answer

A) True 
 B)False

Question 17

Any explicit understanding between the buyer and the seller determines when title passes.

Accepted Answer

A) True 
 B)False

Question 18

When the risk of loss for goods passes from a seller to a buyer is generally determined by the contract between the parties.

Accepted Answer

A) True 
 B)False

Question 19

Quest Outdoor Store orders RiverRun-brand kayaks from Sports Merchandise,Inc.Sports Merchandise mistakenly ships kayaks of the wrong size,which Quest rejects and returns via Trans-State Shipping Company.During the re-turn,the kayaks are lost.The loss is suffered by​

Accepted Answer

A)   ​Quest . 
B)   ​Trans-State. 
C)   ​RiverRun. 
D)   ​Sports Merchandise.E) C) and D)
F) B) and C)

Question 20

In most situations involving sales,rights and liabilities are determined by who has the title to the goods.

Accepted Answer

A) True 
 B)False

Exam 19: Title and Risk of Loss

Under the UCC,the risk of loss is necessarily determined by title.

Correct Answer
verified

All UCC provisions relating to the passage of title for sales of goods also apply to leases of goods.

Correct Answer
verified

Fungible goods are goods that are alike naturally or by agreement or trade usage.

Correct Answer
verified

Correct Answer
verified

Quest Outdoor Store orders RiverRun-brand kayaks from Sports Merchandise,Inc.Sports Merchandise mistakenly ships kayaks of the wrong size,which Quest rejects and returns via Trans-State Shipping Company.During the re-turn,the kayaks are lost.The loss is suffered by

Correct Answer
verified

Consumers Choice store accepts a shipment of EZ2U-brand tablets from Digital Devices,Inc.Consumers Choice later discovers a defect in the tablets,revokes acceptance,and returns the tablets via GoBack,Inc.During the return,the tablets are lost.The loss is suffered by

Correct Answer
verified

Paramount Bookstores buys fifty cases of an assortment of books from Quixotic Publishing Company with the right to return the unsold books in lieu of payment.This is

Correct Answer
verified

The entrustment rule basically allows innocent buyers to obtain legitimate title to goods purchased from merchants even if the merchants do not have good title.

Correct Answer
verified

Organicos Café orders five gallons of PureMaid-brand transfat-free olive oil from Quico Cooking Supplies,Inc.Quico mistakenly ships soy oil,which Organicos keeps,despite the nonconformity.The oil is destroyed in a fire.The loss is suffered by

Correct Answer
verified

Equipment Rentals Corporation (ERC) agrees to lease two backhoes to Dig & Fill Construction,Inc.Before any interest in the backhoes can pass from ERC to Dig & Fill,they must be

Correct Answer
verified

In most situations involving sales,rights and liabilities are determined by who has the title to the goods.

Correct Answer
verified

Ralph,a representative for Statewide Truck & Transport Company,delivers a receipt issued by Thelma,the owner of United Storage Warehouse,for goods held in the warehouse to Vicky,the buyer for Wattage,Inc.This is

Correct Answer
verified

When a lessee sells leased equipment to a third party,the lessor cannot,under any circumstances,recover the equipment from the buyer.

Correct Answer
verified

Identification,risk of loss,and insurable interest are all concepts that are involved in determining the rights and liabilities of parties to a contract.

Correct Answer
verified

Any explicit understanding between the buyer and the seller determines when title passes.

Correct Answer
verified

Correct Answer
verified
No,because the goods were nonconforming,...
View Answer

When the risk of loss for goods passes from a seller to a buyer is generally determined by the contract between the parties.

Correct Answer
verified

In a sale or return,a buyer has an option to return the goods and undo the sale.

Correct Answer
verified

The risk of loss in a shipment contract passes to the buyer when the goods are delivered to the carrier.

Correct Answer
verified

Quaff n' Quench Café buys twenty-five crates of oranges from Reynaldo Produce,Inc.The parties agree to ship the oranges "F.O.B.Quaff n' Quench " via Swiftline Trucking Company.The oranges rot in transit.The loss is suffered by

Correct Answer
verified

Exam 19: Title and Risk of Loss

Under the UCC,the risk of loss is necessarily determined by title.

Correct AnswerverifiedShow Answer

All UCC provisions relating to the passage of title for sales of goods also apply to leases of goods.

Correct AnswerverifiedShow Answer

Fungible goods are goods that are alike naturally or by agreement or trade usage.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Quest Outdoor Store orders RiverRun-brand kayaks from Sports Merchandise,Inc.Sports Merchandise mistakenly ships kayaks of the wrong size,which Quest rejects and returns via Trans-State Shipping Company.During the re-turn,the kayaks are lost.The loss is suffered by​

Correct AnswerverifiedShow Answer

Consumers Choice store accepts a shipment of EZ2U-brand tablets from Digital Devices,Inc.Consumers Choice later discovers a defect in the tablets,revokes acceptance,and returns the tablets via GoBack,Inc.During the return,the tablets are lost.The loss is suffered by​

Correct AnswerverifiedShow Answer

Paramount Bookstores buys fifty cases of an assortment of books from Quixotic Publishing Company with the right to return the unsold books in lieu of payment.This is​

Correct AnswerverifiedShow Answer

The entrustment rule basically allows innocent buyers to obtain legitimate title to goods purchased from merchants even if the merchants do not have good title.

Correct AnswerverifiedShow Answer

Organicos Café orders five gallons of PureMaid-brand transfat-free olive oil from Quico Cooking Supplies,Inc.Quico mistakenly ships soy oil,which Organicos keeps,despite the nonconformity.The oil is destroyed in a fire.The loss is suffered by​

Correct AnswerverifiedShow Answer

Equipment Rentals Corporation (ERC) agrees to lease two backhoes to Dig & Fill Construction,Inc.Before any interest in the backhoes can pass from ERC to Dig & Fill,they must be​

Correct AnswerverifiedShow Answer

In most situations involving sales,rights and liabilities are determined by who has the title to the goods.

Correct AnswerverifiedShow Answer

Ralph,a representative for Statewide Truck & Transport Company,delivers a receipt issued by Thelma,the owner of United Storage Warehouse,for goods held in the warehouse to Vicky,the buyer for Wattage,Inc.This is​

Correct AnswerverifiedShow Answer

When a lessee sells leased equipment to a third party,the lessor cannot,under any circumstances,recover the equipment from the buyer.

Correct AnswerverifiedShow Answer

Identification,risk of loss,and insurable interest are all concepts that are involved in determining the rights and liabilities of parties to a contract.

Correct AnswerverifiedShow Answer

Any explicit understanding between the buyer and the seller determines when title passes.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedNo,because the goods were nonconforming,...View AnswerShow Answer

When the risk of loss for goods passes from a seller to a buyer is generally determined by the contract between the parties.

Correct AnswerverifiedShow Answer

In a sale or return,a buyer has an option to return the goods and undo the sale.

Correct AnswerverifiedShow Answer

The risk of loss in a shipment contract passes to the buyer when the goods are delivered to the carrier.

Correct AnswerverifiedShow Answer

Quaff n' Quench Café buys twenty-five crates of oranges from Reynaldo Produce,Inc.The parties agree to ship the oranges "F.O.B.Quaff n' Quench " via Swiftline Trucking Company.The oranges rot in transit.The loss is suffered by​

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Quest Outdoor Store orders RiverRun-brand kayaks from Sports Merchandise,Inc.Sports Merchandise mistakenly ships kayaks of the wrong size,which Quest rejects and returns via Trans-State Shipping Company.During the re-turn,the kayaks are lost.The loss is suffered by

Correct Answer
verified

Consumers Choice store accepts a shipment of EZ2U-brand tablets from Digital Devices,Inc.Consumers Choice later discovers a defect in the tablets,revokes acceptance,and returns the tablets via GoBack,Inc.During the return,the tablets are lost.The loss is suffered by

Correct Answer
verified

Paramount Bookstores buys fifty cases of an assortment of books from Quixotic Publishing Company with the right to return the unsold books in lieu of payment.This is

Correct Answer
verified

Correct Answer
verified

Organicos Café orders five gallons of PureMaid-brand transfat-free olive oil from Quico Cooking Supplies,Inc.Quico mistakenly ships soy oil,which Organicos keeps,despite the nonconformity.The oil is destroyed in a fire.The loss is suffered by

Correct Answer
verified

Equipment Rentals Corporation (ERC) agrees to lease two backhoes to Dig & Fill Construction,Inc.Before any interest in the backhoes can pass from ERC to Dig & Fill,they must be

Correct Answer
verified

Correct Answer
verified

Ralph,a representative for Statewide Truck & Transport Company,delivers a receipt issued by Thelma,the owner of United Storage Warehouse,for goods held in the warehouse to Vicky,the buyer for Wattage,Inc.This is

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
No,because the goods were nonconforming,...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Quaff n' Quench Café buys twenty-five crates of oranges from Reynaldo Produce,Inc.The parties agree to ship the oranges "F.O.B.Quaff n' Quench " via Swiftline Trucking Company.The oranges rot in transit.The loss is suffered by

Correct Answer
verified