Quiz 4.2 Chapters 23 & 10

The CISG (Convention on the International Sale of Goods) is a treaty between approximately 80 countries establishing laws for international trade. The CISG is similar to: a. Article 2 of the Uniform Commercial Code (UCC) b. U.S. Code c. Code of Federal Regulations d. The U.S. Constitution

a. Article 2 of the Uniform Commercial Code (UCC) The CISG was influenced by the UCC.

Title to personal property cannot pass if it is a. abandoned b. stolen c. still in the possession of the seller d. if there is no document of title in existence

b. stolen Title to abandoned property may be acquired by the first person who obtains possession and control of it. Most goods do not have a document of title, yet title will eventually pass to the buyer. If a document of title does exist, then title to the goods cannot pass without the actual document. In non-shipment contracts the title to goods can pass to the buyer when the contract is made, even though the seller still has possession of the goods. One cannot pass title to stolen goods, because the thief never obtained title to the goods in the first place. Every transaction that takes place after the theft is without legal effect regarding title.

If a contract does not call for shipment of the goods and there is no document of title in existence, then title passes a. When the goods are received b. When the goods are tendered to the carrier c. At the time the contract is made d. When the seller signs off on the passage of title

c. At the time the contract is made Title passes at the time the contract is made in situations where the contract does not call for shipment of the goods. Compare this to different results when the contract calls for shipping the goods and perhaps even uses FOB terms.

The World Trade Organization (WTO) a. provides a forum for trade dispute resolution between subscribing nations b. creates rules related to international trade c. requires subscribing nations to change their laws to conform with WTO trade rules d. all of the above

d. all of the above All of the above. The requirement that all subscribing countries must change their laws to conform with WTO rules is often criticized as having an unfair effect on working class people in developing countries.

Fungible goods are a. perishable b. used c. stolen d. indistinguishable

d. indistinguishable Fungible goods are goods that, when mixed together, are indistinguishable.