Under Article 2 of the UCC,in Which of the Following

question 49

Multiple Choice

Under Article 2 of the UCC,in which of the following sales contracts,does the risk of loss shift to the buyer upon the buyer taking possession of the goods?

• A) sale on approval
• B) sale or return
• C) consignment and "sale or return"
• D) consignment, "sale or return" and "sale on approval"
• E) "sale or return" and "sale on approval"

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Definitions:

Double-Coincidence

The situation in a barter system where two parties each possess an item the other wants, enabling an exchange without the need for a medium of exchange like money.

Barter

Trading goods or services directly without the use of money as a medium of exchange.

Demand Deposits

Balances in bank accounts that depositors can access on demand by writing a check.

Liquid

In financial terms, describes assets that can be easily converted into cash without much loss in value.