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Exam 16: The Sales Contract: Transfer of Title and Risk of Loss

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Question 1

Multiple Choice

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Under the UCC,

A) risk of loss is placed on the party who has title.
B) risk of loss is always placed on the buyer.
C) risk of loss is always placed on the seller.
D) none of these.

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Question 2

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Whether the seller is a merchant or a nonmerchant and if no shipment or delivery is required by the seller, risk of loss passes when the buyer actually takes possession of the goods.

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Question 3

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When one party breaches a sales contract, the UCC places the risk of loss on the party responsible for the breach.

Kim purchased a portable TV from Edgar without realizing that the TV was stolen. Kim received

A contract to sell is a sale of identified goods.

Minor saw an advertisement in a local newspaper that read: "Try a new X-Acto Electric Knife in your own home on approval for five days. No obligation to buy. Fill out the coupon and mail it in today." Minor mailed in the coupon and received the knife. She liked the knife and kept it past the approval period. Title and risk of loss legally passed to Minor

Under what circumstances can a person in possession of personal property transfer a better title than he/she has?

DeBruin went to CompuTown to buy an Ibex personal computer. The store was sold out but agreed to order one. This transaction is a

Jones, a merchant does not deliver merchandise to customers but instead requires customers to pick up the merchandise at his place of business. When does risk of loss pass?

A(n) ____________________ sale occurs when a merchant sells all or a major part of the business assets.

A sale on approval is a present sale.

Rosco, of Salem, New York, purchased 2,500 pounds of spaghetti from the Arco Corporation of Buffalo, New York, terms FOB Buffalo. Several boxes of spaghetti were lost in transit. Which statement concerning responsibility for the loss is correct?

A merchant who has temporary possession of a customer's goods can pass on a(n) ____________________ title to a buyer of goods who purchases them without knowing that the goods do not belong to the merchant.

Which of the following statements applies to a sale on approval under Article 2 of the UCC?

A contract to sell involves ____________________.

Goods that are not in existence and not yet identified are called

Title determines whether goods are the subject of a present sale or a contract to sell.

Under Article 2 of the UCC which of the following factors is the most important in determining which party bears the risk of loss in a contract for the sale of goods

Jackson bought a typewriter from Kline for $100. Larson proved that the typewriter was stolen from him and demanded its return. Must Jackson do so?

Roscoe, of Cleveland, Ohio, ordered twenty computers from the Rand Computer Corporation in St. Louis, Missouri, terms FOB St. Louis. The computers were damaged in transit from St. Louis to Cleveland. The loss is borne