Chapter 14: Transfer of Title and Risk of Loss

Question 1

when does title pass from seller to buyer

Answer 1

when a good is sold

Question 2

what does title represent

Answer 2

ownership rights

Question 3

what comes with passage of title

Answer 3

• ownership rights
• personal property taxes
• seller not longer has insurable interest, but buyer does

Question 4

NSNW title passage

Answer 4

when seller has completed performance with reference to physical delivery of goods

Question 5

WN title passage

Answer 5

upon delivery f negotiable document-buyer must have taken possession of actual doc.

Question 6

WNN title passage

Answer 6

-upon delivery of nonnegotiable document-buyer must have taken actual possession of doc.

Question 7

BND title passage

Answer 7

upon the last to occur of ID or contracting

Question 8

SC title passage

Answer 8

time and place of shipment-goods turned over to common carrier

Question 9

DC title passage

Answer 9

upon tender of goods to the buyer at the destination

Question 10

other times title passes

Answer 10

• as provided for in the contract

- upon rightful or wrongful rejection of the goods by buyer (shifts back to seller)

Question 11

what do you need to have if risk of loss is on you?

Answer 11

you should really have INSURANCE

Question 12

if there is fault, who bears the loss?

Answer 12

the party at fault

Question 13

ROL no fault of either party sale on approval

Answer 13

when buyer accepts the goods

Question 14

ROL no fault of either party sale or return

Answer 14

risk of loss shifts under the normal rules

Question 15

ROL no fault of either party NSNW

Answer 15

• if seller is merchant, upon buyer’s receipt of goods

- if seller is not a merchant, upon tender of goods

Question 16

ROL no fault of either party WN

Answer 16

upon receipt of document

Question 17

ROL no fault of either party WNN

Answer 17

risk of loss is with seller until reasonable period of time has passed after buyer received the doc (unusual)

Question 18

ROL no fault of either party BND

Answer 18

acknowledgment by bailee that buyer is entitled to goods
OR
written direction

Question 19

ROL no fault of either party SC

Answer 19

when goods are duly delivered to carrier

Question 20

ROL no fault of either party DC

Answer 20

when goods are tendered to the buyer at the destination