Identify whether ( and when) the significant risks and rewards of ownership pass from seller to buyer in each of the following situations:

1. A retailer has a no questions asked returns policy. Customers may return goods for any reason within one month of purchase and obtain a full refund. Experience shows that less than 1% of sales result in such returns and refunds.

1. A company sells a machine to a customer and also undertakes to install the machine on the customers premises. The installation will take approximately three days, after which the customer will inspect the installed machine and decide whether or not to accept it.