Question

In: Operations Management

Which of the following statements is true of the transfer of interests in a goods-in-bailment contract?...

Which of the following statements is true of the transfer of interests in a goods-in-bailment contract?

Multiple Choice

  • Title of goods passes from the seller to the buyer when a document of title is endorsed or signed over to the buyer.

  • Only the buyer can buy insurance on the goods because the seller cannot transfer physical possession of the goods.

  • If the document of title is negotiable, the risk passes to the buyer on notification and acknowledgment by the custodian of the goods.

  • If the document of title is nonnegotiable, the risk of loss passes to the buyer simultaneously with the document of title.

All but which of the following items is treated as a good under the UCC?

Multiple Choice

  • Minerals or clay removed by the owner of the land

  • Minerals or clay removed by the purchaser

  • Items attached to business realty

  • Grains in the field

Solutions

Expert Solution

1. Title of goods passes from the seller to the buyer when a document of title is endorsed or signed over to the buyer

Based on the goods in the bailment contract, the title of goods passes from the seller to the buyer when a document is signed over to the buyer.

2. Grains in the field

In this case the UCC is not applicable as this does not involve a purchase.

keosha answered 2 years ago
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