Question 1

Both the buyer and seller may have an insurable interest in the same goods at the same time.

Accepted Answer

A) True 
 B)False

Question 2

Angela uses fraudulent means to induce Walter to enter a sales contract.Angela obtains a voidable title to the goods.

Accepted Answer

A) True 
 B)False

Question 3

Graham,an adult,purchases a car from a minor,and subsequently sells it to Harlow,another adult.Harlow paid full value for the car and had no reason to know that Graham had purchased the car from a minor.Which of the following best describes this situation?

Accepted Answer

A)  Graham had good title and Harlow gets good title. 
B)  Graham had good title and Harlow gets a voidable title. 
C)  Graham had voidable title and Harlow gets good title. 
D)  Graham had void title and Harlow gets void title. 
A)  Graham had good title and Harlow gets good title. 
B)  Graham had good title and Harlow gets a voidable title. 
C)  Graham had voidable title and Harlow gets good title. 
D)  Graham had void title and Harlow gets void title.

Question 4

In January,Eddie contracts to sell 100 bushels of soybeans that fall.This contract:

Accepted Answer

A)  is void. He cannot contract to sell a crop before it is even planted; the goods must be in existence. 
B)  is void. The soybeans must be identified to the contract at the time he contracts to sell them. 
C)  can be valid; but title to the soybeans cannot pass until the soybeans exist. 
D)  can be valid, and title to the soybeans passes when the contract is signed. 
A)  is void. He cannot contract to sell a crop before it is even planted; the goods must be in existence. 
B)  is void. The soybeans must be identified to the contract at the time he contracts to sell them. 
C)  can be valid; but title to the soybeans cannot pass until the soybeans exist. 
D)  can be valid, and title to the soybeans passes when the contract is signed.

Question 5

Only one party can have an interest in particular goods at a particular time.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following sales would fall within the bulk sales provisions of Article 6?

Accepted Answer

A)  The sale of a substantial part of the equipment of a business. 
B)  The sale of a substantial part of a store's inventory. 
C)  The sale of an office building. 
D)  The sale of the chairs in a barber's shop. 
A)  The sale of a substantial part of the equipment of a business. 
B)  The sale of a substantial part of a store's inventory. 
C)  The sale of an office building. 
D)  The sale of the chairs in a barber's shop.

Exam 21: Ownership And Risk

Both the buyer and seller may have an insurable interest in the same goods at the same time.

Angela uses fraudulent means to induce Walter to enter a sales contract.Angela obtains a voidable title to the goods.

Graham,an adult,purchases a car from a minor,and subsequently sells it to Harlow,another adult.Harlow paid full value for the car and had no reason to know that Graham had purchased the car from a minor.Which of the following best describes this situation?

In January,Eddie contracts to sell 100 bushels of soybeans that fall.This contract:

Only one party can have an interest in particular goods at a particular time.

Which of the following sales would fall within the bulk sales provisions of Article 6?

Introduction To Law

Business Ethics And Social Responsibility

Dispute Resolution

Common Law,Statutory Law,And Administrative Law

Constitutional Law

Intentional Torts And Business Torts

Negligence And Strict Liability

Crime

International Law

Introduction To Contracts

Agreement

Consideration

Legality

Capacity And Consent

Written Contracts

Third Parties

Performance And Discharge

Remedies

Practical Contracts

Introduction To Sales

Warranties And Product Liability

Performance And Remedies

Secured Transactions

Creating A Negotiable Instrument

Liability For Negotiable Instruments

Accountants' Liability

Agency Law

Employment Law

Labor Law

Starting A Business

Partnerships

Life And Death Of A Corporation

Corporate Management

Shareholders

Securities Regulation

Bankruptcy

Antitrust

Consumer Law

Environmental Law

Cyberlaw

Intellectual Property

Real Property And Tenant-landlord Law

Personal Property And Bailment

Planning For The Future: Wills,Trusts,And Insurance

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