Bus Law Ch 21
Varoom Motors, Inc., allows Weber to take a Xtrem-brand motorcycle for a "test run." Weber tries the cycle for a few hours, returns, and buys it. This is a. a sale on approval. b. a sale or return. c. a lease. d. a bailment.
a sale on approval
Big Beef, Inc. raises calves to sell. Big Beef breeds its cows in April, and the cows calve in February of the following year. In January Andrea contracts with Big Beef to buy fifty calves. Identification takes place in a. February, when the calves are born. b. January, when the contract is signed. c. a reasonable period of time. d. April, when the calves are conceived.
April, when the calves are conceived
Household Appliance Corporation sells Ideal-brand vacuum cleaners to Jolly Discount Stores and other retailers. Household Appliance will have an insurable interest in the players as long as a. Household Appliance remains in business. b. Household Appliance retains title to the goods. c. the goods are in existence. d. there is no risk of loss.
Household Appliance retains title to the goods.
Roofing Company buys asphalt roofing tiles from Shingles, Inc. The parties agree that the tile will be shipped "F.O.B. Shingles's warehouse" to Roofing's location via Shipping Corporation. The tiles are lost in transit. The loss is suffered by a. Shingles. b. Shipping. c. Roofing's customers by an increase in the prices of goods and services. d. Roofing.
Roofing
Quest Outdoor Store orders RiverRun-brand kayaks from Sports Merchandise, Inc. Sports Merchandise mistakenly ships kayaks of the wrong size, which Quest rejects and returns via Trans-State Shipping Company. During the return, the kayaks are lost. The loss is suffered by a. Trans-State. b. Sports Merchandise. c. RiverRun. d. Quest
Sports Merchandise
Spuds Corporation buys from Tater Farms, Inc., a potato crop that Tater plans to plant and harvest during the next growing season. Spuds plans to sell the potatoes to Tasty Foods Restaurants. After the potatoes are planted, but before they are harvested, an insurable interest in the crop exists in a. Tater only. b. Spuds and Tater, but not Tasty Foods. c. none of the choices. d. Spuds, Tater, and Tasty Foods.
Spuds and Tater, but not Tasty Foods
Mountainside Coffee Company and Nature's Cuisine, Inc., enter into a contract for a sale of coffee beans. The contract includes the term "F.O.B. Ocean City," which is the location of Nature's Cuisine. This means that the contract is a. a bill of lading. b. a shipment contract. c. a warehouse receipt. d. a destination contract.
destination contract
Jason contracts with Golf Carts Unlimited, Inc. to buy five golf carts. The contract lists the five carts as GC001, GC002, GC003, GC004, GC005. Identification a. cannot take place until the contract is reviewed by a court. b. will take place only when Jason pays for the golf carts. c. requires that Jason verify his identity to take possession of the carts. d. has taken place.
has taken place
NutriRich, Inc., sells fifty cases of Omega 3 capsules to Good Health stores, but before Good Health takes physical possession, the cases are lost. Under the UCC, the parties' rights and obligations with respect to the loss depend on the concept of a. insurable interest. b. title. c. risk of loss. d. identification.
insurable interest
Liz buys a car from Midtown Motors, paying with a check that is later dishonored. Liz later offers the car to Nick for cash. As the seller in the transaction with Nick, Liz's title to the car is a. voidable. b. void. c. good. d. valid.
voidable