Question 1

Barley that fills County Grain Co-op's silo is fungible if the barley is

Accepted Answer

A)   ​alike naturally, by agreement, or by trade usage.
B)   ​fundamentally different.
C)   ​fun, good, and edible.
D)   ​rotting due to a leaky roof and a delay in shipping.E) B) and D)
F) None of the above

Question 2

If an owner holds fungible goods as an owner in common, he or she can pass title without actually separating the goods.

Accepted Answer

A) True 
 B)False

Question 3

If a seller is not a merchant, and the goods are not to be moved, the risk of loss passes to a buyer on tender of delivery.​

Accepted Answer

A) True 
 B)False

Question 4

Under the UCC, the risk of loss necessarily passes with title.

Accepted Answer

A) True 
 B)False

Question 5

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 6

When a merchant keeps the goods for the buyer to pick up, the risk of loss passes when the buyer actually takes possession of the goods.

Accepted Answer

A) True 
 B)False

Question 7

Tenants in common are owners with an undivided share of the whole.

Accepted Answer

A) True 
 B)False

Question 8

Outdoor Outfitters Store contracts to buy fifty tents from Pitched Camp, Inc. Unless the contract states otherwise, it is assumed to be

Accepted Answer

A)   ​none of the choices.
B)   ​a destination contract.
C)   ​a shipment contract.
D)   ​a delivery ex-ship.E) A) and D)
F) None of the above

Question 9

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 10

Identification takes place when specific goods are designated as the subject mater of a sales or lease contract.

Accepted Answer

A) True 
 B)False

Question 11

Roasters Corporation and Outdoor Barbecues, Inc., enter into a contract for a sale of a commercial grill. The contract requires Roasters to deliver the goods to Speedy Delivery Company for transport to Outdoor. Risk of loss passes to Outdoor when

Accepted Answer

A)   ​Roasters delivers the goods to Speedy.
B)   ​Roasters and Outdoor enter into their contract.
C)   ​Speedy transports the goods to Outdoor.
D)   ​Outdoor begins to use the grill.E) All of the above
F) A) and B)

Question 12

In a sale on approval, a buyer takes goods primarily for resale, with a right to return any goods that fail to sell.

Accepted Answer

A) True 
 B)False

Exam 21: Title, Risk, and Insurable Interest

Under the UCC, the risk of loss necessarily passes with title.

Correct Answer
verified

In a sale on approval, a buyer takes goods primarily for resale, with a right to return any goods that fail to sell.

Correct Answer
verified

Identification takes place when specific goods are designated as the subject mater of a sales or lease contract.

Correct Answer
verified

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

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

Correct Answer
verified

Barley that fills County Grain Co-op's silo is fungible if the barley is

Correct Answer
verified

Outdoor Outfitters Store contracts to buy fifty tents from Pitched Camp, Inc. Unless the contract states otherwise, it is assumed to be

Correct Answer
verified

If an owner holds fungible goods as an owner in common, he or she can pass title without actually separating the goods.

Correct Answer
verified

When a merchant keeps the goods for the buyer to pick up, the risk of loss passes when the buyer actually takes possession of the goods.

Correct Answer
verified

Tenants in common are owners with an undivided share of the whole.

Correct Answer
verified

Roasters Corporation and Outdoor Barbecues, Inc., enter into a contract for a sale of a commercial grill. The contract requires Roasters to deliver the goods to Speedy Delivery Company for transport to Outdoor. Risk of loss passes to Outdoor when

Correct Answer
verified

If a seller is not a merchant, and the goods are not to be moved, the risk of loss passes to a buyer on tender of delivery.

Correct Answer
verified

Exam 21: Title, Risk, and Insurable Interest

Under the UCC, the risk of loss necessarily passes with title.

Correct AnswerverifiedShow Answer

In a sale on approval, a buyer takes goods primarily for resale, with a right to return any goods that fail to sell.

Correct AnswerverifiedShow Answer

Identification takes place when specific goods are designated as the subject mater of a sales or lease contract.

Correct AnswerverifiedShow 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

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

Correct AnswerverifiedShow Answer

Barley that fills County Grain Co-op's silo is fungible if the barley is

Correct AnswerverifiedShow Answer

Outdoor Outfitters Store contracts to buy fifty tents from Pitched Camp, Inc. Unless the contract states otherwise, it is assumed to be

Correct AnswerverifiedShow Answer

If an owner holds fungible goods as an owner in common, he or she can pass title without actually separating the goods.

Correct AnswerverifiedShow Answer

When a merchant keeps the goods for the buyer to pick up, the risk of loss passes when the buyer actually takes possession of the goods.

Correct AnswerverifiedShow Answer

Tenants in common are owners with an undivided share of the whole.

Correct AnswerverifiedShow Answer

Roasters Corporation and Outdoor Barbecues, Inc., enter into a contract for a sale of a commercial grill. The contract requires Roasters to deliver the goods to Speedy Delivery Company for transport to Outdoor. Risk of loss passes to Outdoor when

Correct AnswerverifiedShow Answer

If a seller is not a merchant, and the goods are not to be moved, the risk of loss passes to a buyer on tender of delivery.​

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

If a seller is not a merchant, and the goods are not to be moved, the risk of loss passes to a buyer on tender of delivery.

Correct Answer
verified