article 2 UCC

Question 0

what is fungible goods

Answer 0

mixed goods

Question 1

what does article 2 UCC cover?

Answer 1

the sale of goods

Question 2

what is identified goods

Answer 2

have insurable interest

Question 3

what is future goods?

Answer 3

no insurable interest; goods that exist physically but are not owned by the seller and goods that have not yet been produced.

Question 4

FOB shipment

Answer 4

(Free on board) contract that requires the seller to arrange for shipment only.

Question 5

FOB destination

Answer 5

shipping contract that requires seller to deliver goods to the buyer.

Question 6

CIF

Answer 6

cost, insurance and freight; seller must get the goods to a carrier and buy insurance policy in the buyers name to cover the goods while in transit.

Question 7

CF

Answer 7

cost and freight; the seller gets the goods to a carrier, and the cost of shipping the goods is included in the contract price.

Question 8

COD

Answer 8

cash on delivery; a payment term that requires the buyer to pay in order to gain physical possession of goods

Question 9

where is the place on delivery

Answer 9

silent on delivery; sellers place of interest.

Question 10

what are the obligations of parties

Answer 10

tells you when payment is due? **