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

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Question 21

Multiple Choice

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Assuming the car was stolen without any knowledge of ABC Motors,which of the following is true regarding the manager's statement that Marcy has a good title?

A) The manager is correct.
B) The manager is correct only if Marcy can establish true consumer status meaning that she had not bought or sold over three cars in the previous six months.
C) The manager is correct only if Marcy can establish true consumer status meaning that she had not bought or sold over three cars in the previous year.
D) The manager is incorrect because Marcy has voidable title.
E) The manager is incorrect because Marcy has void title.

F) A) and C)
G) A) and E)

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Question 22

Multiple Choice

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Which of the following is a proper identifying term for Connie?

A) A good-faith purchaser
B) A valid purchaser
C) A void purchaser
D) A voidable purchaser
E) An interested purchaser for value

F) B) and C)
G) A) and E)

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Question 23

Multiple Choice

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Which of the following occurs when the sale itself is contingent on approval?

What type of contract is presumed based upon the fact that the contract was ambiguous regarding whether the seller had the duty to deliver the goods only to the common carrier's hands or whether the seller had the duty to deliver the goods to Ralph's home?

Which of the following would the absence of words "to the order of" indicate in a goods-in-bailment contract?

In a destination contract who bears the risk of loss while the goods are in transit?

FOB and FAS are different terms with the same meaning.

Belinda purchases a couch from Good Furniture Store to use in her home.She pays for the couch,and the store agrees to deliver it.Unfortunately,on the way to her house,the vehicle overheats and burns,destroying the truck and the couch inside.Belinda asks for a refund or another couch.The store owner refuses on the basis that risk of loss had passed to Belinda.What would be the result of a lawsuit between Belinda and Good Furniture Store under the UCC?

Set forth the five situations under which a buyer gets only voidable title in a sale.

Which of the following is held when someone unknowingly purchases stolen goods?

Good faith is generally relevant in determining whether someone with a void title can pass a good title.

With a simple delivery contract,when does title transfer to the buyer?

The rule originates in common law that when a seller transfers goods to a buyer,the buyer gets only voidable title if the buyer is a minor.

Which of the following is title that is acquired from someone who already owns the goods free and clear?

In an origin contract,when does title pass to the buyer?

Which of the following occurs when purchased goods are transferred to the buyer from the seller at either the time of the sale or some time later by the seller's delivery,and the seller has an agent deliver the goods to the buyer?

The UCC defines a[n] _____ as the passing of title from the seller to the buyer for a price.

Which of the following requires that the seller make proper shipping arrangements and deliver goods to the buyer via a common carrier but not guarantee the safety of goods to their destination?

Which of the following is the right to insure goods against any risk exposure such as damage or destruction?

Assume a buyer and seller execute a contract in which the seller is going to deliver a couch later in the day to the buyer.With a simple delivery contract in which the seller is not a merchant,which party sustains a loss if,through no fault of either party,the couch is destroyed through fire prior to delivery?