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Exam 14: Discharge and Remedies

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Question 41

Multiple Choice

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What does the term CIF when used as a shipping term represent?

A) Cost, insurance, and freight
B) Collateral, insurance, and freight
C) Commerce, insurance, and freight
D) Cost, indemnity, and freight
E) Cost, insurance, and flight

F) C) and D)
G) A) and C)

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Question 42

Multiple Choice

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Which of the following would the absence of words "to the order of" indicate in a goods-in-bailment contract?

A) A negotiable document
B) A nonnegotiable document
C) A shipment contract
D) An origin contract
E) Nothing, there is no such thing as a goods-in-bailment contract

F) A) and B)
G) None of the above

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Question 43

Multiple Choice

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Which of the following does a seller have in order to indicate ownership of goods when goods are in some kind of storage so the seller cannot transfer physical possession of them?

Good faith is generally relevant in determining whether someone has a valid title.

With a simple delivery contract, when does title transfer to the buyer?

Reference - Carpet Woes. Beau went shopping at ABC Carpet. He saw some carpet he liked but could not make up his mind. The manager at ABC Carpet wrote down the proposed purchase price for him along with a statement that the price would be good for three months. Two months later Beau went back to ABC Carpet to purchase the carpet. Unfortunately, the price had gone up. Beau showed the manager his writing and guaranteed price, but the manager said that the offer was no longer good. Although he had to pay more than the ABC manager had initially promised, Beau proceeded to purchase his carpet from ABC Carpet, and he also contracted with ABC to do the installation. Unfortunately, Beau almost immediately started to have problems with the carpet. Beau told the sales manager of ABC Carpet that he was planning on bringing suit for breach of warranty. The sales manager, however, told him that the breach of warranty provisions only applied to sales of goods and that the carpet purchase was for installation, a service. What kind of offer did the manager at ABC Carpet make to Beau?

Under Article 2(A) of the UCC, a _______________ is a person who transfers the right to possession and use of goods under a lease.

Identification of when the risk of loss attaches is important in regards to the right of indemnification for damaged goods.

What does the term "FAS" when used as a shipping term represent?

With a simple delivery contract in which the seller is a merchant, which party sustains a loss if, through no fault of either party, the goods are destroyed through fire prior to delivery?

List and describe the three types of title.

What may a buyer do if a seller does not provide goods that were described in the contract?

An insurable interest is the right to insure the goods against any risk exposure such as damage or destruction.

The National Conference of Commissioners on Uniform State Laws adopted the Uniform Internet Act to answer questions pertaining to electronic transactions such as airline tickets purchased online.

Which of the following types of title occurs in certain situations where the contract between the original parties would be void but the goods have already been sold to a third party?

The UCC requires that consideration be provided for the modification of a contract.

Reference - Wrecked Furniture. Ralph buys new furniture for his living room from Good Times Furniture. It is agreed that the goods will be placed with a common carrier for delivery. The contract between Ralph and Good Times is ambiguous regarding whether the seller had the duty to deliver the goods only to the common carrier's hands or whether the seller had the duty to deliver the goods to Ralph's home. Unfortunately, on the way to Ralph's home, through no fault of the delivery driver, the delivery truck wrecked and the furniture was significantly damaged. Which of the following is a type of contract that Ralph and Good Times Furniture entered into?

Under the UCC, how may an acceptance be made?

The United Nations Convention on Contracts for the International Sale of Goods was offered as a treaty that countries could sign, indicating their willingness to allow the treaty to govern international business-to-business sales contracts.

Which of the following occurs when purchased goods are in some kind of storage under the control of a third party, such as a warehouseman?