Exam 24: Title and Risk of Loss

__________ goods are goods that,when mixed together,are indistinguishable.

A seller's insurable interest in goods always terminates with the passage of the title to the buyer.

Title to goods can be transferred without the actual delivery of the goods involved.

__________reserve auctions are those that give the auctioneer the right to withdraw the goods from the sale process if the bids are not high enough.

If shipped goods are damaged or destroyed after risk of loss passes:

If a contract contains a delivery term of __________,the seller's responsibility is to get the goods to the buyer.

In a sale or return transaction,until the actual return of the goods is made,title and risk of loss remain with the buyer.

A __________ is a completed sale with an option for the buyer to return the goods.

COD is a shipping term that requires the buyer to pay in order to gain physical possession of the goods.

Anne Robertson obtained telescopes from the See-Well Optics Company at dealer prices on the pretense of being a dealer in optical equipment.See-Well later determined that Robertson was not,had never been,and did not plan to be a dealer in optics.By the time these facts emerged,Robertson had succeeded in selling the telescopes to several individuals located throughout the country.These buyers had responded to advertisements placed by Robertson,who again had represented herself as a dealer in optical equipment.The buyers had purchased the telescopes in good faith at prices consistent with comparable equipment.See-Well located these buyers and demanded that the telescopes be returned as property obtained through fraud.Do the buyers of these telescopes have to return their purchases?

Supply chain management refers to the management issues of risk and title as goods flow through commerce.

Under a CF contract,the seller must get the goods to a carrier and buy an insurance policy in the buyer's name to cover the goods while in transit.

When particular goods have been selected by either the buyer or the seller,or both,as being the goods called for by the sales contract,the goods are said to be

A consignment sale is treated as a(n)__________ under UCC Article 2,and the dealer-consignee has full authority to sell the goods for the consignor and can pass title to the goods.

In a consignment,the dealer-consignee is often referred to as a(n):

A consignment sale is treated as a sale or return under UCC Article 2.

Bob Corporation entered into a contract to sell parts to Zeck.The contract provided that the goods would be shipped "FOB Bob's warehouse." Bob shipped parts to Zeck that were stolen from the carrier.When Zeck checked the invoice,Zeck discovered that Bob had sent Model #20B instead of Model #20A,which the contract required.Whose loss? Why?

If a buyer purchases goods on approval,the buyer's creditors cannot reach such goods until there is an approval.

In a __________,no sale takes place (meaning there is no transfer of title)until the buyer accepts the goods.

In the case of a nonshipment contract,risk of loss passes to the buyer upon actual receipt of goods: