BACHELOR OF BUSINESS ADMINISTRATION

BUSINESS ADMINISTRATION

BUSINESS LAW

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Select storage will give Simpson’s Office Supply a warehouse reciept, known as ____, when they store thier skids of paper in the warehouse.
A
warrant of merchantablity
B
future goods receipt
C
express warranty
D
document of title
Explanation: 

Detailed explanation-1: -A warehouse receipt which is made to the “order” of a named party is known as a bearer instrument. With the order bill of lading, the ownership of the warehouse commodities can be transferred from party to party by endorsing and passing the documents.

Detailed explanation-2: -Warehouse receipts are also recognised as documents of title. To establish title to goods, a warehouse receipt must contain the particulars set out in section 11 of the Warehousing Act. Lien.

Detailed explanation-3: -Warehouse receipts may be negotiable or non-negotiable. Negotiable warehouse receipts allow transfer of ownership of that commodity without having to deliver the physical commodity. See Delivery order. Most warehouse receipts are issued in negotiable form, making them eligible as collateral for loans.

Detailed explanation-4: -Warehousing is the process of storing physical goods before they are sold or further distributed. Warehouses safely and securely store products in an organized way to track where items are located, when they arrived, how long they have been there, and the quantity on hand.

There is 1 question to complete.