Acts govern the sales of movable personal property

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Reference no: EM132192466

1. Goods that are specifically made for the buyer and are of such an unusual nature that they are not suitable for trade in the ordinary course of the seller’s business are called _____.

A) resellable goods

B) auction goods

C) nonresellable goods

D) speciality goods

2. Which of the following acts govern the sales of movable personal property?

A) The Uniform Consumer Credit Code

B) The Uniform Trade Secrets Act

C) The Uniform Consumer Leases

D) The Uniform Commercial Code

3. Which of the following is true of a shipment contract?

A) The carrier is liable for the goods while they are in transit from the seller to the buyer.

B) The title and risk of loss pass to the buyer when the payment is made by the buyer.

C) The title and risk of loss pass to the buyer when the goods are delivered to the carrier.

D) The seller has an insurable interest in the goods until they are delivered to the buyer.

4. In case a negotiable instrument is only partially filled in and signed before delivery:

A) the maker is liable to a holder for any amount filled in the blanks.

B) the maker is liable to a holder in due course for any amount without authorization.

C) the original payee can claim the unauthorized amount from the maker.

D) the maker or drawer is liable if the blanks are filled in contrary to instructions.

5. Which of the following is true of a negotiable instrument?

A) An instrument must be completely typed.

B) An instrument must be written with pen and ink.

C) A negotiable instrument cannot be written with a pencil.

D) An instrument can be partly written and partly typed.

6. Which of the following best describes a debenture?

A) It is an unsecured bond or note issued by a business firm.

B) It is a secured bond issued by the state government.

C) It is a note secured by mortgage on real estate.

D) It is a note secured by personal property.

Reference no: EM132192466

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