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Exam 22: Title, Risk of Loss, and Insurable Interest

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Question 31

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A(n) ________ under the UCC is defined as the passing of title from the seller to the buyer for a price.

A) sale
B) consignment
C) lease
D) assignment
E) ownership

F) A) and D)
G) C) and D)

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Question 32

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The absence of the words "to the order of" indicates which of the following, in a goods-in-bailment contract?

A) A negotiable document
B) A nonnegotiable document
C) A shipment contract
D) An origin contract
E) Nothing, there is no such thing as a goods-in-bailment contract

F) B) and C)
G) B) and D)

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Question 33

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[Singapore Sculptures] Mavis purchased a sculpture for her home in Hawaii from Juno, who owns an art gallery in Singapore. Mavis tells Juno she is concerned about shipping because there is no agreement between Singapore and Indonesia regarding piracy and she wants to ensure that Juno will be responsible for any damage to the sculpture until Mavis can pick it up on the dock when the ship arrives in Hawaii. Juno tells Mavis there are no longer any piracy concerns in the area and that he will be responsible for the sculpture until it is removed from the ship in Hawaii. Another customer, Adler, also purchases a sculpture. Juno delivers both sculptures to the dock. Mavis' sculpture is accompanied by their contract and Adler's sculpture is accompanied by a document containing the words "Deliver to the Order of Juno", and is endorsed by Juno. The ship travels through a storm, capsizes, and the sculptures are destroyed. -What type of document is the one containing the words "Deliver to the Order of Juno", which accompanies Adler's sculpture?

Which of the following is true regarding actions a buyer may take if a seller does not provide goods that were described in the contract?

Delivering a car to a merchant for repair would be considered an entrustment.

Tasha buys a bicycle from Kelvin. Jeremy steals the bicycle from Tasha, and then sells it to Bronson. Bronson gives the bicycle to his nephew, Cedric, as a gift. Who has good title to the bicycle?

[Used Car Problems] Jamila purchased a used car from Slick Sid's car dealership. Six months later the police seized the car from Jamila on the basis that it was a stolen vehicle. Jamila asked for her money back from Slick Sid's. The manager of Slick Sid's told her that the car was not stolen, but that even if it were, Slick Sid's acted in good faith with no knowledge of a theft; and that, therefore, Jamila, as a good-faith purchaser, had a good title. Slick Sid's had also sold a used car to Hiro who wrote a bad check for the car and left town, but not before selling the car to Doris. Doris purchased the car with no knowledge of any problem with the check. Slick Sid's asked Doris to return the car, but she refused. She explained that she had given the car to her son, Ricky. -What is the term for the kind of title Ricky had?

When Malik shipped his goods he shipped it as "FAS." This shipping term stands for what?

When purchased goods are transferred to the buyer from the seller, at either the time of the sale or some time later by the seller's delivery, and the seller has an agent deliver the goods to the buyer, which of the following occurs?

Common law states that when a seller transfers goods to a buyer, the buyer gets only voidable title if the buyer is a minor.

When deciding whether someone with a void title can pass a good title, the court will evaluate how the void title was first passed and will give a new buyer good title if the court finds good faith.

In a goods-in-bailment contract , what does "deliver to the order of seller" indicate?

[Used Car Problems] Jamila purchased a used car from Slick Sid's car dealership. Six months later the police seized the car from Jamila on the basis that it was a stolen vehicle. Jamila asked for her money back from Slick Sid's. The manager of Slick Sid's told her that the car was not stolen, but that even if it were, Slick Sid's acted in good faith with no knowledge of a theft; and that, therefore, Jamila, as a good-faith purchaser, had a good title. Slick Sid's had also sold a used car to Hiro who wrote a bad check for the car and left town, but not before selling the car to Doris. Doris purchased the car with no knowledge of any problem with the check. Slick Sid's asked Doris to return the car, but she refused. She explained that she had given the car to her son, Ricky. -Which statement is true regarding the manager's assertion that Jamila has a good title, assuming the car was in fact stolen?

Which of the following statements is true about an insurable interest?

Identify and describe the five situations under which a buyer receives only a voidable title in a sale.

If the seller does not provide the goods as described in a contract, one option the buyer has is to accept the nonconforming goods as is.

[Used Car Problems] Jamila purchased a used car from Slick Sid's car dealership. Six months later the police seized the car from Jamila on the basis that it was a stolen vehicle. Jamila asked for her money back from Slick Sid's. The manager of Slick Sid's told her that the car was not stolen, but that even if it were, Slick Sid's acted in good faith with no knowledge of a theft; and that, therefore, Jamila, as a good-faith purchaser, had a good title. Slick Sid's had also sold a used car to Hiro who wrote a bad check for the car and left town, but not before selling the car to Doris. Doris purchased the car with no knowledge of any problem with the check. Slick Sid's asked Doris to return the car, but she refused. She explained that she had given the car to her son, Ricky. -What is the term for the kind of title Doris had?

Which countries signed an agreement aimed to halt piracy by allowing registered ships to hire the other country's sailors?

[Singapore Sculptures] Mavis purchased a sculpture for her home in Hawaii from Juno, who owns an art gallery in Singapore. Mavis tells Juno she is concerned about shipping because there is no agreement between Singapore and Indonesia regarding piracy and she wants to ensure that Juno will be responsible for any damage to the sculpture until Mavis can pick it up on the dock when the ship arrives in Hawaii. Juno tells Mavis there are no longer any piracy concerns in the area and that he will be responsible for the sculpture until it is removed from the ship in Hawaii. Another customer, Adler, also purchases a sculpture. Juno delivers both sculptures to the dock. Mavis' sculpture is accompanied by their contract and Adler's sculpture is accompanied by a document containing the words "Deliver to the Order of Juno", and is endorsed by Juno. The ship travels through a storm, capsizes, and the sculptures are destroyed. -What shipping term should Mavis include in the contract to ensure Juno carries the risk of loss until the sculpture leaves the ship?

[Wrecked Toaster] Ivan goes to upscale housewares store Smith-Napa to buy himself a nice new toaster, because his old one broke. The store does not have the model he wants in stock, but they can have it shipped from the warehouse directly to Ivan. It is agreed that the toaster will be placed with a common carrier for delivery. The contract between Ivan and Smith-Napa is ambiguous regarding whether the seller had the duty to deliver the goods only to the common carrier's hands or whether the seller had the duty to deliver the goods to Ivan's home. Unfortunately, on the way to Ivan's home, through no fault of the delivery driver, the delivery truck was involved in a collision, and the toaster was damaged beyond repair. -Because the contract was ambiguous about whether the seller had the duty to deliver the goods to either the common carrier's hands or all the way to Ivan's home, what type of contract is presumed?