Contract Identification And Title

Moving on forward, I do not need an explanation just the letter of the answer that best answers the question asked.

Victor is an inventor who has patented and sold many products. To earn a living from his designs, he sells the prototypes to Kenny who then manufactures and markets the products. Victor is in need of cash, so he offers to sell Kenny the designs for his next five inventions in exchange for an immediate lump sum payment. For Kenny to acquire an interest in Victor’s next five prototypes, they must be: a. intangible. b. adequately discussed by the parties in the contract. c. an integral part of a larger quantity of goods. d. in existence.

Morgan owns an interest in some wheat. Her wheat is stored at a warehouse in large containers with other wheat of the same type and grade. Morgan decides to sell half of her wheat to Dalia. Under the Uniform Commercial Code, Morgan’s wheat is an example of: a. fungible goods. b. existing goods. c. future goods. d. live goods.

ames contracts with Zeke to purchase one thousand cotton tents from a lot that contains ten thousand tents made of cotton, nylon, felt, and polyester. If identification is not specifically mentioned in the contract, these tents are identified when: a. Zeke marks, ships, or somehow designates them as the goods in the contract. b. Zeke and James sign the contract. c. the tents are received by James. d. thirty days after the tents are received by James

Kevin signs a contract to purchase ten thousand bushels of grain from Gene’s grain elevator that has a one hundred-thousand-bushel capacity. Kevin’s bushels are classified as: a. existing goods. b. fungible goods. c. goods that are part of a larger mass. d. future goods.

Randolph contracts to buy a load of high quality granite rocks for his landscaping company. The contract does not contain any explicit agreements regarding when the passage of title will occur. Under the provisions of the UCC *-*, the passage of title will occur: a. when the seller delivers the rocks to Randolph. b. when Randolph pays for the rocks. c. twenty-four hours after delivery of the rocks. d. at the time the contract is made

Umberto contracts with Allison in Seattle, to purchase ten thousand bags of marbles to be shipped to Umberto’s New York factory. If Umberto and Allison agree to a shipment contract, title passes to Umberto, the buyer: a. at the time and place of delivery. b. when the carrier reaches the midway point of transporting the goods. c. when Umberto, the buyer, is in possession of the goods. d. at the time and place of shipment.

Kacey purchases custom windows from Custom Windows, Inc. She wants to ensure that the goods are shipped by common carrier and that title does not pass until the windows are tendered to her address. The contract should specify that it is a: a. destination contract. b. carrier contract. c. warehouse contract. d. shipment contract.

Fresh Green Grocers, Inc., contracts with a vegetable-growing company for all the carrots that the vegetable-growing company produces in excess of * acres. In the contract, Fresh Green Grocers, Inc., specifies that the vegetable-growing company must deliver the carrots to a particular warehouse. This contract is an example of a: a. fungible goods contract. b. existing goods contract. c. destination contract. d. shipment contract.

Rama returns home one evening to discover that his new $*,* flat-screen television has been stolen. The thief then encounters Luke in an alley and sells him the television for $*. Luke does not know it was stolen. If Rama wants to recover his television, Luke: a. must return the television, because passage from the thief to Luke is an entrustment, not a sale. b. must return the television because he has void title. c. has no legal obligation to Rama because he is a bona fide purchaser. d. does not have to return the television because he did not know the television was stolen.

Don leaves his trumpet at Lucky's Music Store for repairs. Later, Isabel stops by Lucky’s Music Store, sees the trumpet and wants to buy it so her son can take music lessons. Thinking Lucky’s is the owner of the trumpet, Isabel buys the trumpet for $*, a fair price for trumpets of that kind and in that condition. What kind of title does Isabel have against Don? a. No title to the trumpet under the bad faith rule. b. Good title to the trumpet under the anticipatory repudiation rule. c. No title to the trumpet under the invasion rule. d. Good title to the trumpet under the entrustment rule

Marius buys five cars from Justin that he plans to sell at his used car lot. He and Justin agree to a shipment contract. If anything happens to damage the cars Justin is liable until the cars: a. are delivered to the carrier. b. are created. c. reach the buyer. d. are identified

Bart contracts with Stanley to purchase ten thousand boxes of widgets for delivery next month pursuant to a destination contract. Under a destination contract, risk of loss passes when the widgets: a. are delivered to the carrier. b. are created. c. reach the buyer. d. are identified.

Dr. Dentin purchases twelve cases of toothpaste for his dental clinic. The contract authorizes shipment by carrier but does not specify a specific location for delivery, or require the seller to tender the toothpaste before delivering the cases to the carrier. The risk of loss will pass to Dr. Dentin: a. when he pays for the cases. b. when the contract is written. c. when the cases arrive at his clinic. d. when the cases are given to the carrier.

Marcie contracts to purchase fifty bolts of cloth for her clothing manufacturing business, to be delivered to a warehouse that provides rental space for storage of goods. When the carrier delivers the cloth to the warehouse, the manager of the warehouse writes a receipt acknowledging possession of the goods. In this instance the warehouse manager is a: a. carrier. b. bailee. c. leasee. d. bailor.

Andrew is a soybean farmer. He has a contract with a cooperative company called Big Beans, Inc. Every year Big Beans agrees to buy all the soybeans that Andrew grows on his farm. Big Beans acquires an insurable interest in Andrew’s soybeans: a. when the contract is made. b. when the soybeans are harvested. c. when the soybeans are delivered to Big Beans’ warehouse. d. when the soybeans are planted.

Noelle, a buyer in Portland, and Bryce, a seller in New York, enter into a contract for the sale of goods and the contract states F.O.B. New York. The risk of loss passes when: a. the goods are delivered by Bryce to a common carrier. b. the goods are received by Noelle. c. the contract is entered into. d. the goods are shipped by Bryce.

Sam agrees to sell Molly twenty-five designer purses on a trial basis, so she can be convinced of their appearance and condition. This type of arrangement is a referred to as a: a. sale on approval. b. lease. c. fungible good. d. bailment.

James routinely sells office supplies to a large retailer under contracts covered by the Uniform Commercial Code. He is covered by liability insurance for as long as necessary, according to UCC rules, under each contract. James retains an insurable interest in the goods he sells: a. forever. b. until they are sold by the retailer. c. for as long as he retains title to the goods. d. for ninety days or six months.

Susan agrees to sell Ben a truckload of blankets for $*,*. Susan delivers the blankets to Ben’s factory on a Sunday at *:* a.m. Seeing no one at the factory, Susan waits for twenty minutes and leaves with the goods. Susan has: a. met her obligation under the contract, and Ben must pay any additional delivery costs. b. properly provided tender of delivery to the buyer’s place of business. c. not properly provided tender of delivery. d. met her obligation under the contract, and can successfully sue Ben for breach.

Smith agrees to buy the lawnmower that Kris advertised in the newspaper. Kris is not a merchant but a private party. Smith and Kris say nothing about delivery in their contract. Under the Uniform Commercial Code, delivery will take place at: a. Smith’s place of business. b. Smith’s home. c. the local chamber of commerce. d. Kris’s home.