Exam 19: Title and Risk of Loss

"Unless otherwise explicitly agreed," title passes to the buyer at the time at which the seller orally agrees to deliver the goods.

Owners in common are owners with an undivided share of the whole.

Unless a contract provides otherwise,it is assumed to be a shipment contract.

Big Beef,Inc.raises calves to sell.Big Beef breeds its cows in April,and the cows calve in February of the following year.In January Andrea contracts with Big Beef to buy fifty calves.Identification takes place in

Under a destination contract,the risk of loss passes to the buyer when the goods are duly delivered to the carrier.

Quality Watches,Inc.,ships an assortment of timepieces to Retail Jewelers,Inc.,which agrees to pay for items that are not re?turned within six months.This is

When a document of title is required,title passes to a buyer when and where the document is delivered.

If a seller is a merchant,and the seller holds the goods,and the buyer is to pick them up,the risk of loss passes to the buyer on tender of delivery.

Sweets Store buys chocolate from Tasty Candies,Inc.The parties agree that the chocolate will be shipped "F.O.B.Sweets" via United Railroad Corporation.The chocolate is lost in transit.The loss is suffered by

All UCC provisions relating to the passage of title for the sale of goods also apply to the lease of goods.

In the following situations,two parties claim the same goods.Who is most likely to prevail in each circumstance? Explain. (a) Olan steals Phil's television set and sells it to Quincy,an innocent purchaser,for value.Phil learns Quincy has the set and demands its return. (b) Riley takes his television set for repair to Slick,a merchant who sells new and used television sets.By accident,one of Slick's employees sells the set to Tuna,an innocent purchaser-customer,who takes possession.Riley wants his set back from Tuna.

The contract term "delivery ex-ship" means that the risk of loss does not pass to the buyer until the goods are properly unloaded from the ship or other carrier.

With a sale on approval,goods held on approval are subject to the claims of the buyer's creditors before acceptance.

A contract between Fresh Fruit Corporation and Green Grocer,Inc.,re?quires Fresh Fruit to deliver goods to Green Grocer's place of business.This is

A specific grade of corn that fills BioFuel Cooperative's silo is fungible.This means that the corn is

Sweetwater Café orders five gallons of trans fat-free cooking oil from Restaurant Supply,Inc.The seller mistakenly ships the wrong oil,which the buyer keeps,despite the nonconform?ity.The oil is destroyed in a kitchen fire.The loss is suffered by

Pam buys from Midtown Motors a used sport utility vehicle (SUV). The SUV was manufactured by Gem Vehicles,Inc.,and previously owned by Ron. Regarding title to the SUV,Pam acquires

Aromatic Tea Company and Savory Stores,Inc.,enter into a contract for a sale of tea.The contract includes the term "F.O.B.Upriver City," which is Savory's location.This means that the contract is

Levi,a well-known lumber dealer with a good reputation,buys a load of lumber and pays for it with a check that is later dishonored.Sam,who is unaware of the bad check,buys the lumber from Levi.Sam is a(n)

On behalf of Premier Shipbuilding Corporation (PSC),Rita orders 1,000 cases of 1/4-inch nuts from Steel Parts Company's 10,000-case lot.Steel Parts separates 1,000 cases from the lot.Title and risk of loss