Exam 24: Title and Risk of Loss

When a person picks out a specific necktie and purchases it,the transaction involves identified goods.

__________ reserve auctions are those in which the goods must be sold regardless of whether the auctioneer is satisfied with the levels of the bids.

A document of title is not sufficient for a creditor to take an interest in goods.

Once goods in a contract have been identified the buyer holds an insurable interest in them.

Goods are called identified goods when they have been selected as the goods called for by a sales contract.