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Chapter 16
Test Description: Questions from Chapter 16 Packet
Instructions: Answer all questions to get your test result.
1) Any person, innocent or knowingly, who buys stolen goods from a thief, receives title as well as possession.
A
True
B
False
2) For ownership of goods to be transferred in a sale, the goods must be either existing or identified
A
False
B
True
3) Ownership of goods brings with it a bundle of rights and benefits as well as related duties and burdens
A
False
B
True
4) Neither ownership nor risk of loss passes at the time of the contract for the sale of future goods.
A
True
B
False
5) By nature or trade usage, each fungible goods unit is regarded as equal to every other unit
A
True
B
False
6) Transfer of ownership of goods may be down by the owners and authorized persons, or
A
by merchants with possession of sold goods
B
by buyers in a sale induced by fraud
C
all of these
D
by holders of negotiable documents of title
7) A good-faith purchaser is one who
A
has innocently given value and acquired rights to goods with a voidable title
B
purchases materials for religious organizations
C
charges goods on the faith that the money will be provided
D
none of these
8) Goods, specifically designated as the subject matter of a particular sales contract, can be identified by
A
the buyer
B
a mutually agreed-upon third party
C
any of these
D
the seller
9) If the parties do not specify when the title is to pass, the court will
A
look to the UCC for a solution
B
neither
C
both
D
determine if there are any applicable custom or usage in the particular trade that can settle the question
10) Future goods are
A
none of these
B
just ideas that haven't been formulated
C
not both existing and identified
D
window display items indicating what is to come
11) Which of the following transactions merit special attention because of their frequency and unique rules?
A
all of these
B
cash and carry sales
C
sales on credit and sales on approval
D
sales of undivided interest
12) On COD sales,
A
none of these
B
the carrier has control over the goods until delivery
C
the buyer has control of the goods upon placement of the order
D
the seller retains control over the goods until the price is paid
13) In a COD transaction what right does the buyer lose?
A
the right to inspect the goods before payment
B
the right of ownership and risk of loss
C
the right to return damaged goods
D
none of these
14) Which of the following is an example of a fungible goods?
A
an individually created hand-crafted piece of jewelry
B
grade A A eggs
C
Texas paper shell pecans
D
both the pecans and eggs
15) Helena is ordering a wedding dress. She calls the company and gives them her measurements, the material type, color and delivery date she wants. The wedding dress is an example of a(n)
A
deliverable good
B
fungible good
C
identified good
D
existing good
16) Mei-yu purchases a leather briefcase on a 30-day trial basis. At the end of the trial she can pay for the item or return to seller. This type of transaction is known as
A
neither
B
sales on approval
C
both
D
on satisfaction
17) Melody purchases 20 crates of fabric. Because her store is small, the crates will be temporarily stored in a public warehouse. The public warehouse is an example of a(n)
A
cost, insurance, freight
B
tender of delivery
C
free on board
D
bailee
18) Brenden places a catalog order with Audrey of CLS International for 10 tapes. Audrey places the tapes in a box, contacts a deliver service, and places the goods at Brenden's disposal. This process is known as
A
tender of deliver
B
cost, insurance, freight
C
free onboard
D
bailee
19) CIF means
A
bailee
B
tender of delivery
C
free on board
D
cost insurance freight
20) FOB is a common shipping term used with commercial buyers and sellers. FOB means
A
tender of deliver
B
free on board
C
bailee
D
cost insurance freight
*select an answer for all questions
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