In the Sale of Goods

question 15

Multiple Choice

In the sale of goods,

• A) the buyer has title when goods are paid for.
• B) the seller has title until delivery.
• C) the change in possession and a transfer of title are the same thing.
• D) passing of title and passing of ownership are separate concepts.
• E) ownership and possession are separate concepts.

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Definitions:

Preferential Transfer

A financial transaction made by a debtor before declaring bankruptcy that benefits one creditor over others, often subject to reversal during bankruptcy proceedings.

Fraudulent Transfer

A transfer of property made by a debtor with the intention of defeating a creditor's collection efforts.

Aggregate Debt

The total amount of debt owed by an entity, combining all debts, loans, and financial obligations.

Bankruptcy Judges

Judicial officers who preside over court proceedings related to bankruptcy cases, determining the legal outcomes for debtors and creditors.