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Business Law Chapter 18 quiz Questions &Exam (elaborations) answers 100% satisfaction guarantee
Business Law Chapter 18 quiz Questions &Exam (elaborations) answers 100% satisfaction guarantee
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Business Law Chapter 18 quiz- ✔✔When a seller keeps the goods for pickup, if the sell is a merchant, the risk of loss passes to a
buyer when the buyer actually take physical possession of the goods (17)
False - ✔✔A buyer has an insurable interest in identified goods only if he or she has title to the
goods (18)
False - ✔✔If a buyer accepts a shipment of goods and later discovers a defect, acceptance cannot
be revoked (8)
False - ✔✔In contracts involving a sale of unborn animals to be born within twelve months,
identification takes place when the animals are born (10)
False - ✔✔Under the UCC, the risk of loss necessarily passes with title (20)
True - ✔✔A seller has an insurable interest in goods as long as he or she retains title to the goods
(4)
100%
True - ✔✔A warehouse receipt is a receipt signed by a warehouse for goods stored in a warehouse
(5)
True - ✔✔Generally, all contracts are assumed to be shipment contracts if nothing to the contrary is
stated in the contract (2)
True - ✔✔Identification takes place when specific goods are designated as the subject mater of a
sales or lease contract (19)
True - ✔✔Identification, risk of loss, and insurable interest are all concepts that are involved in
determining the rights and liabilities of parties to a contract (13)
True - ✔✔If a lessor is merchant, the risk of the loss passes to a lessee on the lessee's receipt of the
goods (12)
True - ✔✔If and owner holds fungible goods as a tenant in common, he or she can pass title without
actually separating the goods (9)
True - ✔✔If the goods are so nonconforming that the buyer has the right to reject them, the risk of
loss does not pass to the buyer (7)
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