Exam 19: Title to Goods and Risk of Loss

Kenneth purchased a car from his local dealership, Quartent Cars.However, since the car was not available in the color that Kenneth favored, the sales contract stipulated that Kenneth could immediately pick up the car from a nearby warehouse it was housed in.The warehouse was owned by Mr.Henderson.Kenneth received the document of title for the car upon payment and presented it to Mr.Henderson around a week later.But Mr.Henderson informed Kenneth that the car was damaged during a fire in the warehouse. -According to the UCC, which of the following parties holds the risk of loss for the damage caused to the car?

In an F.O.B.place of destination, the buyer has to bear the expense and risk of loss until the goods are tendered at the place of destination.

In a sale on approval, there is no sale unless and until the buyer accepts the goods.

Which of the following parties to a shipping contract bears the risk of loss of goods during transport?

In a finance lease contract, the title to goods is passed from ________.

Larry, a merchant seller, had contracted with Simon, to buy welding equipments.The contract stipulated that Larry would pick up the equipments from Simon's warehouse on the 14^th day from the date of the contract.But Larry could not make the pick up on that date and before he could do so on the 15^th day, the warehouse was burned down by miscreants.In this situation, who bears the risk of loss of the goods that were to be received by Larry?

In a no-arrival, no-sale contract, the seller is not required to deliver replacement goods to the buyer.

Which of the following is true for the shipping term free on board point of shipment?

In a destination contract, when is the title to the goods considered to have passed to the buyer?

Goods that are already in existence but which are to be sold at a future date are known as future goods.

Kenneth purchased a car from his local dealership, Quartent Cars.However, since the car was not available in the color that Kenneth favored, the sales contract stipulated that Kenneth could immediately pick up the car from a nearby warehouse it was housed in.The warehouse was owned by Mr.Henderson.Kenneth received the document of title for the car upon payment and presented it to Mr.Henderson around a week later.But Mr.Henderson informed Kenneth that the car was damaged during a fire in the warehouse. -If Mr.Henderson had refused the document of title provided by Kenneth, who would have borne the risk of loss to the car?

How are the shipping terms C.I.F.and F.O.B.point of shipment similar to each other?

A shipment contract requires the seller to deliver goods to a destination specified in the sales contract.

C.&F.is a pricing term that means that the price includes the cost of the goods and the costs of insurance and freight.

In which of the following does the title to the goods pass from the seller to the buyer?

The UCC allows the title of goods to be passed without its identification.

A(n)________ is an actual piece of paper, such as a warehouse receipt or bill of lading, which is required in some transactions of pickup and delivery of sold goods.

The term ________ refers to the legal, tangible evidence of ownership of goods.

Give an account of the rules established by Revised Article 2 and Revised Article 2A of the UCC for electronic sales contracts.

What is the passage of title to goods?