TRUE/FALSE

1. Identification occurs when goods are shipped by the seller.

2. Unless the parties agree otherwise, title passes at the time and place that the buyer accepts the goods.

3. Unless a contract provides otherwise, it is normally assumed to be a shipment contract.

4. A buyer and a seller cannot both have an insurable interest in the same goods at the same time.

5. In a sale on approval, the risk of loss passes to the buyer as soon as the buyer takes possession.

6. A buyer can acquire valid title to stolen goods if he or she does not know that the goods are stolen.

7. Under a destination contract, title passes at the time and place of shipment.