Business Law and the Legal Environment 7th Edition by Jeffrey Beatty,Susan Samuelson

Exercise 2

CPA QUESTION On Monday, Wolfe paid Aston Co., a furniture retailer, $500 for a table. On Thursday, Aston notified Wolfe that the table was ready to be picked up. On Saturday, while Aston was still in possession of the table, it was destroyed in a fire. Who bears the loss of the table? (a) Wolfe, because Wolfe had title to the table at the time of loss
(b) Aston, unless Wolfe is a merchant
(c) Wolfe, unless Aston breached the contract
(d) Aston, because Wolfe had not yet taken possession of the table