If the Seller Has a Negotiable Document of Title in a Goods-In-Bailment

question 50

Multiple Choice

If the seller has a negotiable document of title in a goods-in-bailment contract,when does risk of loss transfer from the seller to the buyer?

• A)When the bailee is notified of the transfer of title
• B)When the negotiable instrument is endorsed over to the buyer
• C)When a reasonable time has elapsed since the transfer of title
• D)When the bailee is notified of the transfer of title and acknowledges the notification
• E)When the goods are identified to the contract

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Definitions:

Marginal Product

The additional output resulting from the use of one more unit of a production input, keeping all other inputs constant.

Wage Rate

The amount of money paid to an employee per unit of time or output, typically expressed per hour or piece.

Competitive Output Market

A market structure characterized by many producers supplying homogeneous products, where no single producer can influence the market price.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource, such as labor, in the production process.