True/False
Indicate whether the
statement is true or false.
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1.
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The UCC has replaced the common law concept of title in part with the concept of
identification.
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2.
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Under a lease of specific and ascertained goods that are already in existence,
identification takes place at the time the contract is made.
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3.
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Fungible goods are goods that cannot be delivered by physical transport.
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4.
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In all circumstances, title passes to the buyer at the time and place at which
the seller physically delivers the goods.
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5.
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A bill of lading serves as a contract for the transportation of goods.
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6.
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Unless a contract provides otherwise, it is assumed to be a destination
contract.
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7.
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A seller with void title can transfer good title to a good faith purchaser for
value.
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8.
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Entrusting goods to a merchant who deals in goods of the kind gives the merchant
power to transfer all rights to a buyer in the ordinary course of business.
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9.
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When the risk of loss for goods passes from a seller to a buyer is generally
determined by the contract between the parties.
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10.
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Under a shipment contract, the risk of loss passes to the buyer only when
the seller tenders conforming goods to the buyer at the specified destination.
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11.
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If a seller is a merchant, and not required to move the goods, the risk of loss
passes to a buyer when the buyer takes physical possession of the goods.
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12.
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If a seller is not a merchant, and not required to move the goods, the
risk of loss passes to a buyer only when the buyer takes physical possession of the goods.
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13.
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A bailee is a buyer or lessee.
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14.
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When a buyer agrees to buy goods held by a bailee, unless otherwise explicitly
agreed, the risk of loss passes to the buyer when the price is paid.
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15.
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A contract in which a buyer takes goods primarily for resale, with a right to
return any goods that fail to sell, is a sale on approval.
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16.
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Under the UCC, a bailment is a sale on approval.
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17.
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A contract in which a buyer is allowed to take goods on a trial basis is a
consignment.
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18.
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In general, a buyer's breach of a contract causes the risk of loss to shift
to the buyer.
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19.
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A buyer has an insurable interest in identified goods.
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20.
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Before a seller can have an insurable interest in goods, the goods must be
identified to a contract.
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