Asked by ethan battista on Jul 14, 2024
Verified
Veronica and Helen are discussing the definition of "goods" and have come up with the following list. Which of the following have they incorrectly classified as a good?
A) Consumer goods.
B) Farm products.
C) Documents of title.
D) Inventory.
E) Equipment.
Documents Of Title
Legal documents that prove ownership of goods or property, such as bills of lading or warehouse receipts.
Consumer Goods
Products and commodities purchased by individuals for personal or household use.
Farm Products
Goods involved in farming operations, including crops, livestock, and products obtained from crops or animals (like milk or wool).
- Comprehend the aspects that establish collateral and sort products in the context of secured dealings.
Verified Answer
BF
Benjamin FortsonJul 19, 2024
Final Answer :
C
Explanation :
Documents of title are not considered goods in the traditional sense; they represent ownership or rights to goods but are not tangible goods themselves. Goods are typically physical, tangible items.
Learning Objectives
- Comprehend the aspects that establish collateral and sort products in the context of secured dealings.
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