Title, Risk, and Insurable Interest

Under the UCC, before any interest in specific goods can pass from a seller to a buyer, what two conditions must be met?

A farmer enters into a contract for the sale of crops to be harvested within the next harvest season. According to the UCC, when does identification of these crops occur?

Anselm, a farmer, contracts to sell 5,000 bushels of her grain to Treyton. The grain is stored in a large elevator commingled with grain from other farmers, making it fungible. For title and risk of loss to pass to Treyton, what must Anselm do?

Unless the parties explicitly agree otherwise, what is the default rule under the UCC for when title passes from a seller to a buyer?

A seller in Texas contracts to sell goods to a buyer in New York. The contract is a shipment contract. When does title to the goods pass to the buyer?

If a sales contract requires delivery of goods without movement and the seller must deliver a document of title, when does title pass to the buyer?

Jin steals goods from Maren and sells them to Shidra, who is a good faith purchaser for value. What is the status of the title, and what are Maren's rights?

A seller obtains goods from a minor and then sells them to a good faith purchaser for value. What power does the seller with voidable title have in this transaction?

Jan leaves her watch with a jeweler for repair. The jeweler, who sells used watches, sells Jan's watch to Kim, a good faith buyer in the ordinary course of business. This scenario is an example of what UCC rule?

In a destination contract, when does the risk of loss pass from the seller to the buyer?

Henry Ganno, a nonmerchant, sells a used lawnmower to his neighbor. The neighbor is scheduled to pick it up the next day. Before the neighbor arrives, the lawnmower is destroyed in a garage fire through no fault of Henry. Who bears the risk of loss?

When goods are held by a bailee and are to be delivered without being moved, risk of loss passes to the buyer under what condition?

A merchant buys goods from a manufacturer under a 'sale or return' contract. Who bears the title and risk of loss while the goods are in the merchant's possession?

If a seller ships goods that are so nonconforming that the buyer has the right to reject them, when does the risk of loss pass to the buyer?

A buyer breaches a contract after the seller has identified the goods but before they are delivered. For how long does the buyer bear the risk of loss?

A seller retains a security interest in goods that have been sold and delivered to a buyer. Does the seller still have an insurable interest in the goods?

What is the primary significance of 'identification' of goods to a contract under the UCC?

In a sale involving unborn animals to be born within twelve months after contracting, when does identification take place?

A seller has goods that were purchased on credit while the seller was insolvent. What kind of title does this seller possess?

Who is defined as a 'good faith purchaser for value' under the UCC?

What is the key difference between a 'sale or return' and a 'sale on approval' contract?

A buyer rightfully revokes acceptance of goods that have a defect. However, the buyer's insurance does not fully cover the loss that occurs after revocation while the goods are still in the buyer's possession. Who bears the remaining risk of loss?

What is the general default rule under the UCC for when risk of loss passes in a shipment contract?

A buyer purchases lumber at a lumberyard, which is a merchant. An employee of the lumberyard loads the lumber onto the buyer's truck. When does the risk of loss pass to the buyer?

A buyer contracts to purchase a car from a seller using a bad check. The seller willingly transfers the car to the buyer. The buyer then sells the car to a good faith purchaser for value. Can the original seller reclaim the car from the good faith purchaser?

According to the text, which of the following is an example of 'fungible goods'?

If a contract is ambiguous as to whether it is a shipment or a destination contract, how will courts typically presume it to be?

A buyer breaches a contract for identified goods. Which of the following is NOT one of the three limitations on the rule that risk of loss immediately shifts to the buyer?

When does a buyer or lessee acquire an insurable interest in goods?

Under a 'sale on approval' contract, who bears the expense and risk of returning the goods if the buyer chooses not to accept them?

In a consignment arrangement, whose creditors can lay claim to the goods while they are in the consignee's possession?

What is the key concept that the UCC replaced title with to govern most issues of rights and remedies in sales law?

A sale of goods is to be delivered without movement. The goods are identified, but no document of title is required. When does title pass to the buyer?

Under the UCC, a person is defined as insolvent if they cease to pay their debts in the ordinary course of business, cannot pay their debts as they become due, or are insolvent within the meaning of what other law?

A seller has an insurable interest in goods as long as they retain title. In what other situation can a seller have an insurable interest even after title has passed to the buyer?

Which of the following scenarios would result in the seller having VOID title?

A buyer in the ordinary course of business is defined as a person who buys goods in good faith and without knowledge that the sale violates the rights of another party, from what type of seller?

The contract term 'F.O.B. (free on board)' is used to indicate what?

What is a bill of lading?

A buyer contracts to purchase a fleet of five specific cars, identified by their VINs, that are already in existence. When does identification occur?

If a buyer breaches a contract, the risk of loss shifts to the buyer, but the buyer is liable only to the extent of any deficiency in what?

What type of contract is defined as a temporary delivery of personal property, without passage of title, into the care of another?

A buyer in the ordinary course of business takes goods free of a security interest created by the seller under what condition?

A buyer purchases goods that were obtained by the seller through fraud. If the buyer is NOT a good faith purchaser for value, what right does the original owner have?

Which of the following contract terms would create a destination contract, thus keeping the risk of loss with the seller during transit?

In a sale on approval, what constitutes acceptance by the buyer?

What does a warehouse receipt represent?

A seller with a voidable title has the power to transfer good title to a good faith purchaser for value. What recourse does the real owner have in this situation?

The UCC has replaced the single concept of title with three other concepts for resolving sales law issues. Which of the following is NOT one of those three concepts?

In a sale-or-return contract, who is responsible for the costs and risks associated with returning the goods to the seller?