Exam 23: Title and Risk of Loss

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

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

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

Most courts hold that when a customer takes an item from the shelf in a self-service store, there is:

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

Goods that are not yet in existence or are not yet owned by the seller are__________ goods.

Future goods can always be identified before they are manufactured.

Fungible goods are always homogeneous.

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

When goods are sold at an auction in separate lots, the title to each lot passes:

The expense and the risk of return in a sale or return situation is on the:

In an FOB Place of Destination shipment Title passes to the buyer:

If an owner has acted in a way that misleads others, the owner may be __________from asserting ownership.

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

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

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

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

When a person picks out a custom necktie and purchases it, the transaction involves fungible goods.

In a non-shipment contract involving a merchant-seller, risk of loss passes to the buyer when he actually receives the goods from the merchant.

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