Business Law (Chapters 16)

Question 1 5 / 5 pts A receipt for goods..

Business Law (Chapters 16)

Question 1

5 / 5 pts
A receipt for goods that are to be shipped is known as a:

warehouse receipt.

bill of purchase.

bill of sale.

bill of lading.

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Question 2

5 / 5 pts
Legal disputes often involve the determination of who holds the title when a(n):

illegal activity occurs.

performance begins.

loss occurs.

contract commences.

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Question 3

5 / 5 pts
A negotiable warehouse receipt, like the negotiable order bill of lading, requires that the original copy be presented to the warehouser before the goods will be surrendered to someone claiming them.

True

False

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Question 4

5 / 5 pts
Camilla agrees to purchase a car for $ 15,000. Camilla and the seller agree that Camilla will return the following day with a license plate to pick up the vehicle. In this case, the title passes:

at the time of agreement.

when Camilla takes the vehicle home.

at the time of purchase.

when Camilla arrives with the license plates.

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Question 5

5 / 5 pts
A salesperson need not have the express or implied permission of the titleholder of the merchandise to sell it.

True

False

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Question 6

5 / 5 pts
The two types of conditions found in contracts for conditional sales are conditions precedent and conditions subsequent.

True

False

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Question 7

5 / 5 pts
When a person sells stolen property to a third party, the owner is estopped from recovering the goods from a:

third party beneficiary.

third party delegatee.

third party seller for value.

a good faith third party purchaser for value.

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Question 8

5 / 5 pts
A legal bar to the use of contradictory words or acts in asserting a claim against another is known as:

redeeming power.

restraining order.

condition.

estoppel.

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Question 9

5 / 5 pts
When the owner of goods entrusts property to a person who sells the same type of goods and that person sells the property to an innocent third party, the owner cannot be estopped from recovering the goods from the third party.

True

False
Question 1

5 / 5 pts
Title is a tangible property.

True

False

Question 2

5 / 5 pts
A warehouse receipt is used for goods that are being:

imported.

sold immediately.

exported.

stored.

Question 3

5 / 5 pts
A salesperson need not have the express or implied permission of the titleholder of the merchandise to sell it.

True

False

Question 4

5 / 5 pts
Anyone who buys an article from someone who has found it must be prepared to surrender the article to the:

true owner.

clerk of court.

county recorder.

county magistrate.

Question 5

5 / 5 pts
Camilla agrees to purchase a car for $ 15,000. Camilla and the seller agree that Camilla will return the following day with a license plate to pick up the vehicle. In this case, the title passes:

at the time of agreement.

at the time of purchase.

when Camilla arrives with the license plates.

when Camilla takes the vehicle home.

Question 6

5 / 5 pts
For title to pass by estoppel, the purchaser needs to prove all of the following EXCEPT that:

the purchase was made from one with rightful possession.

no consideration or value was given by the buyer.

the value was given by the buyer for which he now claims ownership.

the purchase was made in good faith.

Question 7

5 / 5 pts
A sale, in which contract provisions specify conditions that must be met by one of the parties, is called a(n):

premeditated sale.

altruistic sale.

substantial sale.

conditional sale.

Question 8

5 / 5 pts
A salesperson of the titleholder of certain merchandise may sell the products of the titleholder because he has ___________ permission of the titleholder.

only the implied

express or implied

only the express

neither express nor implied

Question 9

5 / 5 pts
A receipt for goods that are to be shipped is known as a:

bill of sale.

bill of purchase.

warehouse receipt.

bill of lading.

Question 10

5 / 5 pts
For title to pass by estoppel, the purchaser need not prove that the purchase was made from one in rightful possession.

True

False

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Question 10

5 / 5 pts
A salesperson in a retail store or service station is known as a retainer party.

True

False

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