Fungible Goods

1)It is significent to identify goods in a contact because it gives the buyer the right to insure the goods and the right to recover from third parties who damage the goods. This is also very significent because in order for a transfer of title to take place indentification must occur. The only exception to the contract are called "fungible goods". Fungible goods are defined as "goods that are alike by physical nature, by agreement, or by trade useage"(pg.384 Miller & Jentz). Some examples of fungible goods are crops such as wheat, oil, or alchol. When the owners hold fungible goods, the risk and title can pass to the buyer without the goods actually being seperated from the larger mass.
2)Unless otherwise agreed upon by the seller and buyer, " title passes to the buyer at the time and the palce the seller performs by delivering the goods"(pg.385, Miller&Jentz).
3)A lessee may acquire insurable interest as soon as lessor has identified the contract goods. As soon as the lessor has inentified the contract goods the lessor may obtain insurance coverage on the goods even before the risk of loss has passed.
4)Once the lessor adequately tendered the delivery, the lessee is is obligated to accept the goods and pay for them in accordance to the terms of the contract. The lessor is obligated to tender conforming goods to the lessee. Conforming goods are goods that conform to the contract specifications(pg.400,Miller&Jentz). Then to fufill the contract, the lessor must either deliver or tender delivery of conforming goods to the lessee. "Tender of delivery" occcurs when the lessor makes conforming goods available to the lessee and gives the lessee whater notification is reasonably necessary to enable the lessee to take delivery. Tenders must also occur at a reasonable hour and in a reasonable mannor. For example, a seller cannot call the buyer at 3:45 am an state that the goods need to be retrieved withing 45 min. unless the parties have agreed otherwise, if no other agreement was made the lessor is obligated to tender the goods for delivery or keep them avaible for a

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