Chapter 16: Question Preview (ID: 20812)

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Any person, innocent or knowingly, who buys stolen goods from a thief, receives title as well as possession.
a) True
b) False

For ownership of goods to be transferred in a sale, the goods must be either existing or identified
a) True
b) False

Ownership of goods brings with it a bundle of rights and benefits as well as related duties and burdens
a) True
b) False

Neither ownership nor risk of loss passes at the time of the contract for the sale of future goods.
a) True
b) False

By nature or trade usage, each fungible goods unit is regarded as equal to every other unit
a) True
b) False

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 holders of negotiable documents of title
c) by buyers in a sale induced by fraud
d) all of these

A good-faith purchaser is one who
a) purchases materials for religious organizations
b) charges goods on the faith that the money will be provided
c) has innocently given value and acquired rights to goods with a voidable title
d) none of these

Goods, specifically designated as the subject matter of a particular sales contract, can be identified by
a) the buyer
b) the seller
c) a mutually agreed-upon third party
d) any of these

If the parties do not specify when the title is to pass, the court will
a) determine if there are any applicable custom or usage in the particular trade that can settle the question
b) look to the UCC for a solution
c) both
d) neither

Future goods are
a) not both existing and identified
b) window display items indicating what is to come
c) just ideas that haven't been formulated
d) none of these

Which of the following transactions merit special attention because of their frequency and unique rules?
a) sales on credit and sales on approval
b) sales of undivided interest
c) cash and carry sales
d) all of these

On COD sales,
a) the buyer has control of the goods upon placement of the order
b) the seller retains control over the goods until the price is paid
c) the carrier has control over the goods until delivery
d) none of these

In a COD transaction what right does the buyer lose?
a) the right to inspect the goods before payment
b) the right to return damaged goods
c) the right of ownership and risk of loss
d) none of these

Which of the following is an example of a fungible goods?
a) an individually created hand-crafted piece of jewelry
b) Texas paper shell pecans
c) grade A A eggs
d) both the pecans and eggs

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) existing good
b) identified good
c) fungible good
d) deliverable good

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) on satisfaction
b) sales on approval
c) both
d) neither

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) bailee
b) cost, insurance, freight
c) free on board
d) tender of delivery

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) bailee
c) cost, insurance, freight
d) free onboard

CIF means
a) cost insurance freight
b) bailee
c) tender of delivery
d) free on board

FOB is a common shipping term used with commercial buyers and sellers. FOB means
a) free on board
b) cost insurance freight
c) bailee
d) tender of deliver

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