Exam 18: Transfer of Title and Risk in Sales Con

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If the owner entrusts goods to a merchant who deals in goods of that kind, the merchant does not have the power to transfer the entruster's title to anyone who buys in the ordinary course of business.

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(True/False)

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Question 1

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Documents that show ownership are called documents of _____.

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(Multiple Choice)

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Question 2

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Explain documents of title.

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Question 3

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Documents that show ownership are called documents of title . They include bills of lading and warehouse receipts. By statute, certain documents of title, when executed in the proper form, may transfer title. The holder of such a document may convey the title of the person who left the property with the issuer of the document if all of the following conditions are met: 1. The document indicates that it may be transferred
2. The transferee does not know of any wrongdoing
3. The transferee has purchased the document by giving up something of value. In such cases, it is immaterial that the transferor had not acquired the documents in a lawful manner.

A temporary transfer of possession of personal property without the intention of further sales is known as a(n) _____.

(Multiple Choice)

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Question 4

Which of the following best describes the term "title"?

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Question 5

Which of the following is an example of a consignment?

(Multiple Choice)

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Question 6

Creditors of the seller are not allowed to seize goods in the belief that the seller owns them.

(True/False)

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Question 7

A consignment is the same as a sale with a right to return.

(True/False)

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Question 8

Which of the following is true of fungible goods?

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Question 9

In a sale or return contract, the cost and risk of return is borne by the seller.

(True/False)

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Question 10

Which of the following is true of a shipment contract?

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Question 11

When goods are sold at an auction in separate lots, each lot is considered a separate transaction.

(True/False)

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Question 12

A document of title issued by a storage company for goods stored is known as a _____.

(Multiple Choice)

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Question 13

In the event of goods damaged through no fault of either the buyer or the seller, the party with control over the goods bears the risk of loss.

(True/False)

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Question 14

The right of ownership of property or evidence of ownership is called title.

(True/False)

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Question 15

In the absence of an extension of credit, a seller has the right to keep the goods until the buyer pays for them.

(True/False)

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Question 16

A sale on approval is a completed sale with the right of the buyer to return the goods and thereby set aside the sale.

(True/False)

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Question 17

Which of the following is true of a sale by entrustee?

(Multiple Choice)

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Question 18

Generally, people can sell only such interest or title in goods as they possess.

(True/False)

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Question 19

In the absence of a contrary agreement, the buyer under a sale or return cannot return all of the goods or any commercial unit thereof.

(True/False)

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Question 20

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Exam 18: Transfer of Title and Risk in Sales Con

If the owner entrusts goods to a merchant who deals in goods of that kind, the merchant does not have the power to transfer the entruster's title to anyone who buys in the ordinary course of business.

Documents that show ownership are called documents of _____.

Explain documents of title.

A temporary transfer of possession of personal property without the intention of further sales is known as a(n) _____.

Which of the following best describes the term "title"?

Which of the following is an example of a consignment?

Creditors of the seller are not allowed to seize goods in the belief that the seller owns them.

A consignment is the same as a sale with a right to return.

Which of the following is true of fungible goods?

In a sale or return contract, the cost and risk of return is borne by the seller.

Which of the following is true of a shipment contract?

When goods are sold at an auction in separate lots, each lot is considered a separate transaction.

A document of title issued by a storage company for goods stored is known as a _____.

In the event of goods damaged through no fault of either the buyer or the seller, the party with control over the goods bears the risk of loss.

The right of ownership of property or evidence of ownership is called title.

In the absence of an extension of credit, a seller has the right to keep the goods until the buyer pays for them.

A sale on approval is a completed sale with the right of the buyer to return the goods and thereby set aside the sale.

Which of the following is true of a sale by entrustee?

Generally, people can sell only such interest or title in goods as they possess.

In the absence of a contrary agreement, the buyer under a sale or return cannot return all of the goods or any commercial unit thereof.

Introduction to Law

Courts and Court Procedure

Business Torts and Crimes

Government Regulation of Business

Nature and Classes of Contracts

Offer and Acceptance

Capacity to Contract

Consideration

Defective Agreements

Illegal Agreements

Written Contracts

Third Parties and Contracts

Termination of Contracts

Nature of Personal Property

Special Bailments

Sales of Personal Property

Formalities of a Sale

Warranties, Product Liability, and Cons

Nature of Negotiable Instruments

Essentials of Negotiability

Promissory Notes and Drafts

Negotiation and Discharge

Liabilities of Parties and Holders in Due Course

Defenses

Nature and Creation of an Agency

Operation and Termination of an Agency

Employer and Employee Relations

Employees Rights

Labor Legislation

Introduction to Business Organization

Creation and Operation of a Partnership

Dissolution of a Partnership

Nature of a Corporation

Ownership of a Corporation

Management and Dissolution of a Corpora

Principles of Insurance

Types of Insurance

Security Devices

Bankruptcy

Nature of Real Property

Transfer of Real Property

Real Estate Mortgages

Landlord and Tenant

Wills, Inheritances, and Trusts

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