Question 1

The shipping terms, FOB place of destination,indicate that the seller must deliver the goods at the place named and bear the expense and risk of shipping.

Accepted Answer

A) True 
 B)False

Question 2

A gun manufacturer in Helena,Montana,agrees to sell guns and ammunition to the ATF in Washington,D.C.The terms of the contract specify that the goods are to be shipped "FOB,Chicago." When does the buyer acquire title and risk of loss?

Accepted Answer

A) when the goods reach Chicago 
B) when the goods are delivered to the carrier in Montana 
C) when the goods are tendered in Washington D.C.by the carrier 
D) when the goods reach Washington D.C. 
A) when the goods reach Chicago 
B) when the goods are delivered to the carrier in Montana 
C) when the goods are tendered in Washington D.C.by the carrier 
D) when the goods reach Washington D.C.

Question 3

What is a bailment?

Accepted Answer

A) One party assures another party that goods will meet certain standards. 
B) One party delivers goods to a merchant or permits the merchant to retain them. 
C) One party conveys goods to another for a specified time,usually in return for a periodic payment. 
D) One party is legally holding goods for the benefit of another party. 
A) One party assures another party that goods will meet certain standards. 
B) One party delivers goods to a merchant or permits the merchant to retain them. 
C) One party conveys goods to another for a specified time,usually in return for a periodic payment. 
D) One party is legally holding goods for the benefit of another party.

Question 4

A tag attached to a tree in a nursery identifying the tree as a Southern Magnolia creates an express warranty.

Accepted Answer

A) True 
 B)False

Question 5

Garden World orders 120 hand cultivators from Green Thumb,Inc.When the cultivators arrive,they seem fine,so Garden World accepts them.As the stock person is putting the cultivators on display,she notices that the tines are loose on all the cultivators.Garden World returns the cultivators to Green Thumb,but they are lost when the delivery truck slips on an oily spot in the road and drives into a nearby lake.Discuss who bears the risk of loss for the shipment.

Accepted Answer

When a buyer accepts goods but then righ

Exam 22: Ownership, Risk and Warranties

The shipping terms, FOB place of destination,indicate that the seller must deliver the goods at the place named and bear the expense and risk of shipping.

A gun manufacturer in Helena,Montana,agrees to sell guns and ammunition to the ATF in Washington,D.C.The terms of the contract specify that the goods are to be shipped "FOB,Chicago." When does the buyer acquire title and risk of loss?

What is a bailment?

A tag attached to a tree in a nursery identifying the tree as a Southern Magnolia creates an express warranty.

Introduction to Law

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Introduction to Contracts

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