Which of the following statements is true of the transfer of interests in a goods$-$in$-$bailment contract?

Multiple Choice

If the document of title is negotiable, the risk passes to the buyer on notification and acknowledgment by the custodian of the goods.

Only the buyer can buy insurance on the goods because the seller cannot transfer physical possession of the goods.

Title of goods passes from the seller to the buyer when a document of title is endorsed or signed over to the buyer.

If the document of title is nonnegotiable, the risk of loss passes to the buyer simultaneously with the document of title.