Cengage Advantage Books: Business Law 9th Edition by Arnold Goldman ,William Sigismond

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On November 7, 1960, Crosby purchased a tractor and plow for $3,000 from Lane Farm Supply, Inc., on an approval basis. The length of time of the trial period was not definitely stated. After the purchase, when questioned about payment, Crosby indicated that he would pay for the equipment after a big deal had been completed. Crosby used the tractor and plow until the tractor was burned in his barn on January 1, 1961. Lane Farm Supply insisted that because Crosby owned the equipment, he was responsible for the loss. Was Lane Farm Supply correct? (Lane Farm Supply, Inc. v. Crosby, 243 N.Y.2d 725)