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From Commercial Law Notes > Ch.22 > Flashcards

Ch.22 Flashcards

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1
Q

What is a title?

A

a legal concept describing rights related to the use of something.

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2
Q

What rights does a title include?

A
  • possession
  • use
  • enjoyment
  • control
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3
Q

What are the different types of title?

A
  • good
  • voidable
  • void
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4
Q

What are the characteristics of Good title?

A

All the rights (possession, use, enjoyment, control) to the exclusion of ALL others

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5
Q

How is a good title acquired?

A
  • from someone with a good title
  • from someone with a voidable title if the third partner purchaser makes good faith purchases for value
  • entrustment
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6
Q

What is entrustment?

A

If owner with Good title entrusts possession of good(s) to a merchant
who deals in goods of that kind, merchant can transfer all rights in the goods to a buyer in the ordinary course of business

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7
Q

What are the characteristics of Voidable Title?

A

All the rights (possession, use, enjoyment, control) to the exclusion of everyone EXCEPT the person from whom you received title

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8
Q

What situation(s) result in purchaser acquiring Voidable title?

A
  • voidable contracts
  • failure to perform
  • mutual agreement
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9
Q

What qualifies a buyer’s contract to be voidable?

A
  • is a minor
  • has committed criminal fraud in securing goods
  • has deceived seller regarding their identity
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10
Q

What is an example of a failure to perform?

A

Buyer wrote a bad check

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10
Q

What is a mutual agreement during a voidable contract?

A

Buyer and seller agreed title would not transfer until later time

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11
Q

What are the characteristics of Void Title?

A

No rights (possession, use, enjoyment, control) to the good(s) whatsoever

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12
Q

What situation(s) result in someone acquiring Void title?

A
  • Acquiring goods through theft
  • Acquiring goods from someone with Void title
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13
Q

What are title issues?

A
  • ownership
  • encumbrance
  • loss
  • insurable interest
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14
Q

What is encumbrance?

A

if the goods have been offered as securing debt/collateral

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15
Q

At what point do I have the right to insure the goods against loss?

A

Insurable interest

16
Q

What are the types of contracts under UCC?

A

Simple delivery, Common-Carrier delivery, and Conditional Sales

17
Q

What are the characteristics of a Simple Delivery contract?

A
  • Buyer and seller enter contract, buyer gets goods at time of sale or sometime
    later by seller’s delivery
  • Title transfers to buyer when contract executed
  • Buyer has insurable interest upon receiving title
  • Risk of loss transfers to buyer when buyer takes possession
18
Q

What are the characteristics of Common-Carrier Delivery contracts?

A

Buyer and seller contract, seller then places goods with common carrier

19
Q

What are the types of Common Carrier delivery contracts?

A

Origin and Destination Contracts

20
Q

What are the characteristics of Origin Shipment Contracts?

A

Title transfers to buyer at time goods are placed with common carrier;
buyer bears risk of loss while goods in transit

21
Q

What are the characteristics of Destination Shipment Contracts?

A

Title transfers to buyer when received by buyer; Seller bears risk of loss until goods are received at destination

22
Q

What are the types of UCC Sales Contracts?

A

Conditional sales

23
Q

What are the types of Conditional Sales contracts?

A

Sale-on-approval and Sale-or-return.

24
Q

What are the characteristics of a Sale-on-Approval contract?

A

Title and risk of loss remain with seller until buyer notifies seller of
approval

25
Q

What are the characteristics of a Sale-or-return contract?

A

Buyer has insurable interest once goods identified in contract; title and risk of loss transfer depend on whether delivered by common carrier or delivered by seller

26
Q

Under UCC, what are key to performance?

A

good faith and conforming goods

27
Q

What will happen if seller is in breach by failing to deliver conforming goods?

A
  • buyer may reject or accept
  • Risk of loss remains with seller until buyer accepts goods or deficiencies corrected
28
Q

If buyer in breach from refusal to accept conforming goods and goods later lost or damaged, what happens to risk of loss?

A

Risk of loss depends on type of contract between buyer and seller

From Commercial Law Notes (12 decks)

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