Ruppart Manufacturing Has a Contract for the Sale of 100

question 38

Multiple Choice

Ruppart Manufacturing has a contract for the sale of 100 cases of teaching supplies to Teachers Co-op,Inc.Payment of the order is to be made in installments over the next year.Ruppart Manufacturing keeps a security interest in the cases sold to assure payment by Teachers Co-op,Inc.When the order is completed,Ruppart ships the order.Legally

• A)both Ruppart and Teachers have an insurable interest in the supplies.
• B)only Ruppart has an insurable interest in the supplies.
• C)only Teachers has an insurable interest in the supplies.
• D)neither Ruppart nor Teachers has an insurable interest in the supplies.

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Definitions:

Property Held

Assets owned by an individual or entity, including real estate, investments, personal property, and intellectual property.

Trust

A fiduciary arrangement wherein one party, known as the trustee, holds assets for the benefit of another party, known as the beneficiary.

Intestate Succession

The legal process by which property is distributed to heirs according to state laws when someone dies without a valid will.

Domiciled

The legal term for the country or place where a person has their permanent home or principal establishment and to which they intend to return.