True/False
Indicate whether the sentence or statement is true
or false.
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1.
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Under
the UCC, title determines all of the rights and remedies of the parties to a sales
contract.
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2.
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If a
sale involves crops that are to be harvested within twelve months, identification takes place when
the crops are planted or begin to grow.
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3.
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In
contracts involving a sale of unborn animals to be born within twelve months, identification takes
place when the animals are conceived.
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4.
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When
an owner holds fungible goods as a tenant in common, the owner can pass title to the goods to a buyer
only by physically separating the goods.
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5.
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When
a document of title is required, title passes to a buyer when and where the document is
delivered.
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6.
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When
no document of title is required and delivery is made without moving the goods, title to identified
goods passes when a contract for their sale is made.
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7.
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A
lessor with voidable title has the power to transfer a valid leasehold interest to a good faith
lessee for value.
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8.
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When
a lessee sells leased equipment to a third party, the lessor cannot, under any circumstances, recover
the equipment from the buyer.
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9.
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Under
a shipment contract, the risk of loss passes to the buyer when the seller places conforming
goods in the possession of the carrier.
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10.
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Under
a destination contract, the risk of loss passes to the buyer when the goods are duly delivered
to the carrier.
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11.
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A
warehousing company that normally issues documents of title for goods it receives is a
bailee.
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12.
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If a
seller is a merchant, and the goods are not to be moved, the risk of loss passes to a buyer on tender
of delivery.
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13.
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If a
seller is a merchant, and the goods are not to be moved, the risk of loss passes to a buyer when the
buyer takes physical possession of the goods.
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14.
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If a
seller is not a merchant, 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.
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15.
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If a
seller is not a merchant, and the goods are not to be moved, the risk of loss passes to a
buyer on tender of delivery.
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16.
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In a
sale or return, the seller delivers the goods to the buyer with the understanding that the buyer can
set aside the deal by returning the goods.
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17.
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When
goods are in a consignee's possession, the consignee's creditors will prevail over the consignor in
an action to repossess the goods.
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18.
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In a
sale on approval, title and risk of loss pass only when the buyer accepts the goods.
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19.
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When
a buyer breaches a contract, the risk of loss immediately shifts to the seller.
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20.
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A
buyer and a seller cannot normally have an insurable interest in identical goods at the same
time.
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