SU #19.6

Question 1

Methods of Discharge

Answer 1

1. Payment
2. Tender
3. Cancelation
4. Renunciation
5. Reacquisition
6. Fraudulent alteration
7. Certification of a check
8. Impairment of collateral
9. Impairment of recourse
10. Unexcused delay in presentment or notice of dishonor

Question 2

Document of Title

Answer 2

is a record (written or electronic) that permits transfer of the ownership of goods that are in storage or transit. It allows to receive, hold, & dispose of the document and the goods it covers.

Question 3

Warehouse Receipts must include

Answer 3

1. The location of the warehouse
2. The date of issue
3. A description of the goods
4. The person to whom the goods are to be delivered

Question 4

Bills of lading

Answer 4

is evidence of the receipt of goods for shipment issued by a person engaged in the business of transporting goods

Question 5

Common Carriers are subject to

Answer 5

Strict liability for losses occurring while goods are in transit. They are not liable if caused by

1. An act of God
2. The fault of the shipper
3. An act of a public enemy
4. An act of public authority
5. The inherent nature of the goods

Question 6

Warranties

Answer 6

Endorser or transferor of a document of title warrents to the transferee that

1. The docuement is genuine
2. he or she has no knowledge of any fact that impairs the docs worth or validity
3. The transfer is rightful with respect to the title to the document and the goods it represents