Exam 47: Introduction to Property,property Insurance,bailments,and Documents of Title

The transfer of personal property involves formalities not required in the transfer of real property.

A bailment may be made of either real or personal property.

Insurance protects a business from:

Levi finds a cell phone on a park bench at Wild and Crazy rollercoaster park.Levi cannot keep the cell phone,because it is mislaid property.

A bailee is required to return the identical goods bailed,in the same condition as when the bailee received them.

In determining whether an item is a fixture,which of the following will be considered?

Darinel insures a $150,000 building with Morales Insurance Co.for $50,000 and with Washington Insurance Co.for $100,000.The building is partially destroyed by fire,causing $25,000 in damages.Darinel will be able to collect:

If Keisuki insures his building for $300,000 and at the time of its total loss the property is valued at $250,000,under an open policy Keisuki would recover $300,000.

An ordinary bailee becomes liable to the bailor for any loss or injury to the goods,regardless of the cause and without regard to the question of his care or negligence.

Which of the following is a requirement of a valid gift?

A person,other than a collecting bank or other intermediary,who negotiates a document of title for value:

Larry leaves his hat under the seat at the movie theater.Is this a bailment?

What is the method by which title to new property is acquired when an article of personal property that belongs to one person has a natural increase?

Marilyn brought her $300 silk dress to University Dry Cleaners to be cleaned.On the back of the ticket she received in exchange for the dress was written,"liability limited to five times the cost of cleaning." Marilyn's dress was lost and University now claims it owes her only $50,five times the cost of cleaning.Is that true?

Although Mackenzie has paid her annual insurance premium,her insurance company sends her a written notification that it is cancelling her policy,which should have had four more months of coverage.The insurer need do nothing more to effect the cancellation.

If Harold buys a tomato plant,he owns the tomatoes produced by the plant based on confusion.

The basic principles of contract law apply to insurance policies.

A lease for office space is considered to be personal property.

A transaction in which the owner gives possession of his personal property to another to secure a debt is:

A negotiable electronic document of title running to the order of a named person or bearer is negotiated by delivery which,according to Revised Article 7 of the UCC,means a voluntary transfer of control.