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Business Law Study Set 2
Quiz 21: Title, Risk, and Insurable Interest
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Question 61
Multiple Choice
City Storage Company holds goods for Downtown Sales Corporation, which contracts to sell them to eStores, Inc. The goods are to be delivered without being moved and are represented by a negotiable bill of lading. The risk of loss passes to eStores
Question 62
Multiple Choice
Orange Computer Corporation sells Pad-brand MP3 players to Quik Discount Stores and other retailers. Orange will have an insurable in?ter?est in the players as long as
Question 63
Multiple Choice
Little Jewelry Store orders display racks from Marketing Supplies, Inc. (MSI) . MSI mistakenly ships racks of the wrong size and color, which Little rejects and returns via New Shipping Company. During the re?turn, the racks are lost. The loss is suffered by
Question 64
Multiple Choice
Diner's Cafe orders five gallons of transfat-free olive oil from EZ Distributors, Inc. EZ mistakenly ships soy oil, which Diner's keeps, despite the nonconform?ity. The oil is destroyed in a fire. The loss is suffered by
Question 65
Multiple Choice
Office Corporation (OC) orders five inkjet printers from Print Products, Inc. (PPI) , to be delivered by PPI. Before PPI's truck ar?rives with the goods, OC tells PPI it will not pay. The printers are de?stroyed in transit. The loss is suffered by
Question 66
Multiple Choice
Commercial Storage (CS) , a bailee, holds goods for Delta Distributors, Inc., which has contracted to sell them to Eagle Company. The goods are to be delivered without being moved. The risk of loss will pass to Eagle when Eagle receives
Question 67
Multiple Choice
NuStores accepts a shipment of DVD players from Open-Ur-Eyes Video, Inc. NuStores later discovers a defect in the players, revokes acceptance, and returns the players via Playback, Inc. During the return, the play?ers are lost. The loss is suffered by
Question 68
Multiple Choice
Diamond Camera Shop receives lenses from Excel Optical, Inc., under a sale or return agreement. While the lenses are in Diamond's possession, title is held by
Question 69
Multiple Choice
Delta Products Corporation contracts with Excel Trucking Company to take goods to Flight Airlines, Inc., with Flight to transport the goods to a Geo Storage Company warehouse. Excel, Flight, and Geo each acknowl?edge possession of the goods by a document of title. Excel, Flight, and Geo are
Question 70
Multiple Choice
Town Style Stores orders leather jackets from Unique Clothing Company. Unique mistakenly ships denim jackets, which Town re?jects and returns via Value Transport, Inc. During the return, the jack?ets are lost. The loss is suffered by
Question 71
Multiple Choice
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 ex?ists in
Question 72
Multiple Choice
Crest Jewelers buys diamonds from Excel Gems to resell with the right to return the unsold stones in lieu of payment. This is
Question 73
Multiple Choice
Perfect Furnishings, Inc., agrees to lease a desk to Research Resources, Inc. (RRI) , which requests that the desk be left outside Streetside Warehouse for RRI to pick up. Before RRI retrieves the desk, it is stolen. The loss is suf?fered by
Question 74
Multiple Choice
Leo buys a bicycle from his brother, Mike, who is a used car dealer. Mike agrees to keep the bike at his house until Leo picks it up. A tree falls on Mike's garage and destroys the bike. The loss is suffered by
Question 75
Multiple Choice
Eagle Company sells new and used motorcycles. Some of the motorcycles are held on consignment, including six consigned by Fine Cycles, Inc. While the Fine cycles are in Eagle's possession, title to them is held by