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Question 1 5 out of 5 points Town Style Stores orders Hidebound-brand leather jackets from Cowhide & Cotton Company (CCC). CCC mistakenly ships denim jackets, which Town rejects and returns via Valu Transport, Inc. During the return, the jackets are lost. The loss is suffered by Selected Answer: CCC. Question 2 0 out of 5 points If a sale involves unborn animals to be born within twelve months after contracting, identification takes place when the animals are born. Selected Answer: True Question 3 0 out of 5 points Open Road Showroom sells new and used motorcycles. Some of the motorcycles are held on consignment, including six consigned by Pedro Cycles, Inc. Like most consignments, Open Road's deal with Pedro Cycles is Selected Answer: a lease. Question 4 5 out of 5 points Suki leaves a Update-brand watch at Timepiece Sales & Repair to be fixed. Timepiece sells the watch to Vera, who does not know that the watch belongs to Suki. Suki can recover from Selected Answer: Timepiece. Question 5 5 out of 5 points Pie Sales Corporation orders ReadyMade-brand pies from Savory Foods Company. Savory identifies the goods. Before they are shipped to Pie Sales, an insurable interest in the goods exists in Selected Answer: Pie Sales and Savory Foods. Question 6 5 out of 5 points Both the buyer and the seller can have an insurable interest in identical goods at the same time. Selected Answer: True Question 7 5 out of 5 points When a buyer breaches a contract, the risk of loss immediately shifts to the buyer. Selected Answer: True Question 8 5 out of 5 points

If an owner holds fungible goods as a tenant in common, he or she cannot pass title to the goods without the other owners' acquiescence. Selected Answer: False Question 9 5 out of 5 points If the tender or delivery of goods is so nonconforming that the lessee has the right to reject them, the risk of loss remains with the lessor until cure or acceptance. Selected Answer: True Question 10 5 out of 5 points Under the UCC, the risk of los necessarily passes with title. Selected Answer: False Question 11 5 out of 5 points Mitchell buys 100 bales of hay from New Grain Fields. The parties agree that the hay will be transported "F.O.B. New Grain Fields" via Farm County Trucking Company. Farm County's truck and the hay are lost in a fire following an accident. The loss is suffered by Selected Answer: Mitchell. Question 12 5 out of 5 points A lessee acquires whatever title the lessor has to the goods. Selected Answer: False Question 13 5 out of 5 points A seller with voidable title can transfer good title to a good faith purchaser for value. Selected Answer: True Question 14 5 out of 5 points If a buyer accepts a shipment of goods and later discovers a defect, acceptance can be revoked. Selected Answer: True Question 15 5 out of 5 points A receipt issued by a warehouser for goods stored in a warehouse is a bill of lading. Selected Answer: False Question 16 0 out of 5 points

Matrix Material Corporation in New Jersey sells fifty tons of fabric to Natural Fit Clothing, Inc., in Ohio, "F.O.B. New Jersey." Matrix arranges with Outbound Truckline to transport the goods. The cost of the transport will be paid by Selected Answer: New Jersey. Question 17 5 out of 5 points Marine Recreation, Inc., allows Nels to take a Marine Recreation boat for a "test run." Nels tries the boat for a few hours, returns, and buys it. This is Selected Answer: a sale on approval. Question 18 5 out of 5 points Essen Corporation buys from Fallow Farms, Inc., a rice crop that Fallow plans to plant and harvest during the next growing season. Essen plans to sell the rice to Gourmet Grocery Stores. After the rice is planted, but before it is harvested, an insurable interest in the rice exists in Selected Answer: Essen and Fallow, but not Gourmet Grocery. Question 19 5 out of 5 points Uri sells 100 cases of vitamins to Wanda, but before she 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 Selected Answer: risk of loss. Question 20 5 out of 5 points Catchy Gadgets Corporation and Discount Outlets, Inc., enter into a contract for a sale of kitchenware. The contract requires Catchy to deliver the goods to Rapido Carrier Company for transport to Discount's warehouse. Risk of loss passes to Discount when Selected Answer: Catchy delivers the goods to Rapido.

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