When does ownership typically transfer for specific goods at the time of contract formation?

2.42 Transfer of Property

Quiz
•
Financial Education
•
12th Grade
•
Easy
Deeky Mvula
Used 1+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Upon goods delivery
Upon contract finalization
Upon buyer taking possession
Upon payment completion
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which scenario might ownership transfer be delayed for specific goods?
When the seller prepares the goods for delivery
When the price depends on weighing or testing
When the buyer pays in installments
When the buyer takes temporary possession
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does Rule 4 state regarding ownership transfer for specific goods?
Ownership transfers upon payment completion
Ownership transfers upon buyer taking possession
Taking possession doesn't always mean ownership transfer
Taking possession always means ownership transfer
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When does ownership transfer for unascertained goods according to Rule 5?
Upon buyer taking possession
Upon unconditional allocation
Upon goods delivery
Upon contract finalization
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the general rule regarding the transfer of risk for goods?
The risk falls on the seller after ownership transfer
The risk falls on the buyer until ownership transfer
The risk falls on the seller until ownership transfer
The risk falls on the buyer after ownership transfer
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the nemo dat rule state regarding the transfer of title?
The seller can reclaim the goods anytime
The buyer always acquires legal ownership
No one can transfer a better title than they possess
Anyone can transfer a better title than they possess
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which case did ownership of fish not transfer according to the text?
Fish were not paid for
Fish were not earmarked for the buyer
Fish were not delivered on time
Fish were unconditionally allocated to the buyer
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