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Kubasek Ch 22 Title

Kubasek Dynamic Business Law Chapter 22

QuestionAnswer
Common-Carrier Delivery contract buyer & Seller execute C and the Seller subsequently places the goods with a common carrier. Orgin or shipment, Contracts and destination contracts.
Conditional sales contracts includes sale-on-approval or sale-or return contracts.
entrustment The transfer of goods to a merchant who ordinarily deals in that type of goods. if the merchant subsquently sells them to a good-faith third party purchaser, the buyer acquires good title to the goods.
Good Title Is Title that is acquired from someone who already owns the goods free and clear.
goods in Bailment is one that identifies goods that are in some kind of storage. rules regarding passage of title, Risk of loss, and insurable interest vary depending on whether the seller has a negotiable document of title, A nonnegotiable document of title.
Sale The Passing of title from a seller to a buyer for a price.
Sale on Approval contract title and risk of loss remain with the seller until the buyer notifies the seller about the approval of the contract.
Sale or return Contract the insurable interest is created in the buyer once the goods are identified in the contract. title and risk of loss depend on whether the goods are in bailment, delivered by common carrier, or delivered by the seller.
Simple Delivery Contract formed when buyer & seller execute agreement & buyer leaves with oods. Title transfers to the buyer when the contract is executed. Risk of loss trasfers to the buyer when the buyer takes possession. Insurable interest 4 buyer starts when title passes.
Tender of Delivery A requirement that a seller/lessor have and hold conforming goods at the disposal of the buyer/lessee and give the buyer/lessee reasonable notification to enable him or her to take delivery.
Void title is not true title. Someone who purchases stolen goods has void title. Possession of stolen goods never has title and can pass only void title.
Voidable Title occurs in certain situations in which the contract between The orginal Parties would be void but the goods have already been sold to a third party. A buyer gets voidable title if they has deceived the seller refarding their tue identity.
Acquiring Good Title The most obvious way to attain good title is to acquire it from someone who has good title.
Third party purchasers get good title if an owner entrusts the possession of goods to a merchant who deals in goods of that kind, the merchant can transfer all rights in the foods to a buyer in the ordinary course of business
The Uc responds to issues related to: Ownership Encumbrance Loss insurable interest.
Ownership of good title refers to transfer of title
Encumbrance refers to when goods may be used as collateral for a debt.
Loss refers to who has the risk of loss, which matters when someone is seeking indemnification for damaged goods.
insurable interest refers to the right to insure goods against any risk exposure.
Shipment contracts title transfers to the buyer at the time and place of shipment. The Buyer bears the risk of loss while the goods are in transit.
Destination Contracts seller bears the risk of loss until the seller deliers the goods to the destination stipulated in the sales contract.
seller in Breach failing to deliver goods, the buyer may either accept the nonconforming goods as is or reject the gods subject to the seller's suring the deficiencies in the goods. Risk of loss remains with the seller until the buyer accepts the good or error corrected.
Buyer in Breach he or she has refused to accept conforming goods and then the goods are subsequently lost or damaged, who bears the risk of loss depends on the type of contract that exists between the buyer and the seller.
FOB(Free on Board) The Selling price includes transportation costs, and the seller carries the risk of loss to either the place of shipment or the place of destination.
FAS (free alongside) The seller, at the seller's expense, delivers the goods alongside the ship before the risk passes to the buyer
CIF or C&F (Cost, insurance, and freight; cost and freight) the seller puts the goods in possession of a carier before the risk passes to the buyer. Contracts are usually shipment contrats rather than destination contracts.
Delivery ex-ship (delivery from the carrying vessels) Risk of loss passes to the buyer when the goods leave the ship.
Created by: tinafici