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Exam 18: Title and Risk of Loss

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Question 21

True/False

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Goods that are not both existing and identified to the contract are called future goods .

A) True
B) False

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Question 22

Multiple Choice

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

A) a bill of lading.
B) a destination contract.
C) a shipment contract.
D) a warehouse receipt.

E) All of the above
F) A) and D)

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Question 23

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

Identification is one of the concepts involved in determining the rights and liabilities of parties to a sales contract.

Safewise Lake Tours contracts with Town & Country Motors to buy six touring boats. The contract lists the boats by their unique hull identification numbers. Under the UCC, identification

Safety Corporation in New York sells a truckload of protective suits, masks, and other safety gear to Toxic, Inc., in Connecticut, "F.O.B. New York." Safety arranges with US Truckline to transport the goods. If the goods are destroyed in transit from New York to Connecticut, the loss will be suffered by

In a sale or return, title and risk of loss remain with the seller until the buyer ac-cepts the goods.

If the seller is a merchant who is holding the goods for the buyer to pick up, the risk of loss passes when the buyer takes physical possession of the goods.

Parties to sales or lease contracts often obtain insurance coverage to protect against damage, loss, or destruction of the goods.

In the following situations, two parties claim the same goods. Who is most likely to prevail in each circumstance? Explain. (a)      Czeslaw steals Denise's Ultra HD TV set and sells it to Ezra, an innocent purchaser, for value. Denise learns that Ezra has the set and demands its return. (b)       Gwendolyn takes her all-terrain vehicle (ATV) for repair to Hank's Sales & Repair, a merchant who fixes and sometimes sells used ATVs. By accident, one of Hank's employees sells Gwendolyn's ATV to John, an innocent purchaser-customer, who takes possession. Gwendolyn wants her ATV back from John.

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

Garden & Field stores order a specific assortment of rose bulbs from Hybrid Flora Company. Hybrid mistakenly ships a selection of annuals, which Garden & Field rejects and returns via Intra-state Transport, Inc. During the return, the annuals are lost. The loss is suffered by

Roofing Contractor LLC buys roofing tiles from Shingles Inc. The parties agree that the tiles will be shipped "F.O.B. Shingles' warehouse" to Roofing's location via Tristate Shipping Corporation. The tiles are lost in transit. The loss is suffered by

The UCC's provisions relating to passage of title do not apply to leases of goods.

Commercial Rents Corporation agrees to lease a pressure washer to Delivery Trucks, Inc., which agrees to pick it up at E Street Warehouse. Before Delivery Trucks retrieves the washer, it is stolen. The loss is suffered by

Regional Freight LLC delivers a receipt issued by Storage Warehouse for goods stored in its facility to Transnational Inc., a buyer of the goods. This is

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

In a shipment contract, the seller is required to deliver the goods to a particular destination.

Generally, the party in breach of a sales contract assumes the risk of loss , even if the other party has the risk of loss at the time of the breach.

In a sale of couches from Furniture Manufacturer to Home Furnishing Sales, the delivery truck crashes and destroys the furniture. Under the UCC, the rights and liabilities of Furniture Manufacturer and Home Furnishing Sales in this circumstance are generally determined by