uniform commercial code ucc risk loss passes buyer quizlet

Under the uniform commercial code (ucc), risk of loss passes to the buyer: quizlet

Recommended textbook solutions

Myers' Psychology for AP

2nd EditionDavid G Myers

900 solutions

Human Geography

13th EditionArthur Getis, Daniel Montello, Mark Bjelland

107 solutions

Mathematics with Business Applications

6th EditionMcGraw-Hill Education

3,760 solutions

Calculus for Business, Economics, Life Sciences and Social Sciences

13th EditionKarl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett

3,913 solutions

Recommended textbook solutions

Fundamentals of Engineering Economic Analysis

1st EditionDavid Besanko, Mark Shanley, Scott Schaefer

215 solutions

Calculus for Business, Economics, Life Sciences and Social Sciences

13th EditionKarl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett

3,913 solutions

Myers' Psychology for AP

2nd EditionDavid G Myers

900 solutions

Human Sexuality Today

9th EditionBruce M. King, Pamela Regan

1,085 solutions

1. If the goods are to be shipped, title passes to the buyer once the seller meets its obligation to ship the goods as specified in the contract. Note that the contract may only require the seller to deliver the goods to a common freight carrier, such as the U.S. Postal Service, FedEx, or a rail company, who will then transport the goods to the buyer's location. In this case, title passes when the seller delivers the goods to the common freight carrier.

2. If the contract does not require shipment, the goods will remain stored, for example in a warehouse. In this case, the contract may require the seller to deliver documents of title, such as a warehouse receipt or a bill of lading (documents of title) to the seller. Title passes to the buyer when the seller delivers these documents of title to the buyer as required in the contract.

3. If the contract does not require shipping or the delivery of documents of title, title passes to the buyer when the contract is made effective and the goods are identified to the contract.

Recommended textbook solutions

Human Resource Management

15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine

249 solutions

HDEV5

6th EditionSpencer A. Rathus

380 solutions

Mathematics with Business Applications

6th EditionMcGraw-Hill Education

3,760 solutions

Fundamentals of Engineering Economic Analysis

1st EditionDavid Besanko, Mark Shanley, Scott Schaefer

215 solutions

What is the Uniform Commercial Code quizlet?

The UCC was an attempt to develop a set of laws that reflected the way business was actually conducted. All 50 states have adopted some version of the UCC. Article 2 of the UCC deals with the sales of goods. Tangible items that are movable at the time of their identification to a contract.

Who bears the risk of loss in a shipment contract?

With a shipment contract, the buyer bears the risk of loss for the goods prior to actually receiving them. Here, the seller's only duty is to get the goods to a common carrier and make proper delivery arrangements for the goods to get to the seller.

How does the UCC define a sale quizlet?

"Sale" is defined as the passing of title from the seller to the buyer for a price. "Goods" is defined as tangible or movable property. EXCLUDES - Property (land) and stocks/bonds and patents/copyrights.

Which of the following terms indicates that goods are delivered to the buyer primarily for the buyer's use?

The difference is that a “sale on approval” arises when the goods are delivered to the buyer primarily for use, whereas a “sale or return” arises when the goods are delivered to the buyer primarily for resale. These are peculiar contract terms and, frankly, I don't suggest you use them.

zusammenhängende Posts

Which of the following is the most common and least expensive method for commercial production of oxygen?
What is a common risk for epileptic seizures during late infancy to early childhood?
All of the following are exempt securities under the Uniform Securities Act EXCEPT
Which statement best describes competence as defined in the aicpa code of conduct?
Which medication exposure in a patient increased the risk for primary pulmonary arterial hypertension?
Für was ist der Enter Code bei Slither IO?
What is the nursing intervention for patient post bronchoscopy to prevent risk of aspiration?
When in uniform, under what situation is a cell phone permitted to be worn on a belt
Which of the following risk factors for coronary artery disease cannot be corrected
When you write HTML code, you use to describe the structure of information on a webpage

Toplist

Neuester Beitrag

Stichworte