Asked by Jordan Novak on May 03, 2024
Verified
Where goods are in the possession of a bailee and are to be delivered without being moved, in most instances the seller may either tender to the buyer a document of title or obtain an acknowledgment by the bailee of the buyer's right to possess the goods.
Bailee
An individual or entity given temporary possession but not ownership of personal property by another (the bailor) for a specific purpose.
Document of Title
A legal document or electronic record evidencing the right to control the disposition of goods, such as a bill of lading or warehouse receipt.
- Grasp the obligation of sellers to tender delivery and the implications for buyers in accepting or rejecting goods.
Verified Answer
LS
Logan SmithMay 09, 2024
Final Answer :
True
Explanation :
This statement is true because in many jurisdictions, laws such as the Uniform Commercial Code in the United States allow for the transfer of rights to goods in possession of a bailee through either the tender of a document of title or through the bailee's acknowledgment of the buyer's right to possess the goods, without the need for physical movement of the goods. This facilitates transactions and the transfer of ownership in goods stored by a third party.
Learning Objectives
- Grasp the obligation of sellers to tender delivery and the implications for buyers in accepting or rejecting goods.
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