If a Contract Is for the Sale of Unascertained Goods

question 33

Multiple Choice

If a contract is for the sale of unascertained goods:

• A)Ownership passes at the time the contract is formed, regardless of when payment or delivery takes place.
• B)The buyer does not become the owner until the goods are selected and agreed upon by both parties.
• C)Ownership passes at the time that payment for the goods takes place.
• D)Ownership passes at the time delivery of the goods is carried out.

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Definitions:

Transferred

In the context of property or legal rights, refers to the act of moving ownership, authority, or responsibility from one party to another.

Validly Executed

A legal term indicating that a document has been signed and carried out according to the required legal formalities.

Warehouse Receipt

A document that provides proof of ownership of commodities (e.g., goods or merchandise) stored in a warehouse.

Bill of Lading

A document issued by a carrier to acknowledge receipt of cargo for shipment.