Question 1

A negotiable electronic document of title:

Accepted Answer

A)  is not possible,since a document of title must be in tangible form. 
B)  running to the order of a named person must be indorsed in order to negotiate it. 
C)  may be delivered by voluntarily transferring control rather than by voluntarily transferring possession. 
D)  is tracked by a system of control created and set forth in Revised Article 7 of the UCC. 
A)  is not possible,since a document of title must be in tangible form. 
B)  running to the order of a named person must be indorsed in order to negotiate it. 
C)  may be delivered by voluntarily transferring control rather than by voluntarily transferring possession. 
D)  is tracked by a system of control created and set forth in Revised Article 7 of the UCC.

Question 2

Lynne took her earrings off at Marcia's beauty parlor and put them on the counter.She left the shop without remembering the earrings.Betty finds them and wants to keep them.Can she?

Accepted Answer

A)  Yes,since she is a finder 
B)  Yes,she now is the true owner 
C)  No,since the earrings were personal property 
D)  No,Marcia would have first claim if the true owner is not discovered 
A)  Yes,since she is a finder 
B)  Yes,she now is the true owner 
C)  No,since the earrings were personal property 
D)  No,Marcia would have first claim if the true owner is not discovered

Question 3

A bailee has the exclusive right to possess the property for the term of the bailment.

Accepted Answer

A) True 
 B)False

Question 4

An easement is not considered to be real property.

Accepted Answer

A) True 
 B)False

Question 5

Clay in its natural form still in the ground is real property.

Accepted Answer

A) True 
 B)False

Question 6

The UCC does not cover:

Accepted Answer

A)  transfer of negotiable instruments. 
B)  investment securities. 
C)  sales of goods. 
D)  sales of copyrights. 
A)  transfer of negotiable instruments. 
B)  investment securities. 
C)  sales of goods. 
D)  sales of copyrights.

Question 7

The same item may be the object of both tangible and intangible property rights.

Accepted Answer

A) True 
 B)False

Question 8

Tanner says in the presence of three other people that he is giving his automobile to his niece,and then hands the keys to the car to the niece.Delivery of the auto has taken place.

Accepted Answer

A) True 
 B)False

Question 9

The Uniform Commercial Code covers all the issues involving ownership and transfer of title to personal property.

Accepted Answer

A) True 
 B)False

Question 10

Lack of consideration is the basic distinction between a gift and a sale.

Accepted Answer

A) True 
 B)False

Question 11

If Jim,Ken,and Lee each deposit 10,000 bushels of wheat in a grain elevator,they would own one-third of the remaining mixture by:

Accepted Answer

A)  accession. 
B)  adverse possession. 
C)  prescription. 
D)  confusion. 
A)  accession. 
B)  adverse possession. 
C)  prescription. 
D)  confusion.

Question 12

A trade fixture is not intended to become part of the realty.

Accepted Answer

A) True 
 B)False

Question 13

Farmer Brown brings his crop of wheat to the local grain elevator where it is stored along with the grain of several other farmers.Who owns the grain? Can Farmer Brown get his grain back? Explain.

Accepted Answer

a.Tangible property exists in a physical

Question 14

A bailee's duty of care:

Accepted Answer

A)  is always the degree of care necessary to prevent any loss or injury to the bailed goods. 
B)  varies depending on the nature of the bailment relationship and the character of the bailed property. 
C)  Both of these. 
D)  Neither of these. 
A)  is always the degree of care necessary to prevent any loss or injury to the bailed goods. 
B)  varies depending on the nature of the bailment relationship and the character of the bailed property. 
C)  Both of these. 
D)  Neither of these.

Question 15

In insurance contracts,warranties:

Accepted Answer

A)  are of little importance. 
B)  must be expressly included in the insurance contract. 
C)  only apply to the insurer,not the insured. 
D)  operate as conditions that must exist before the contract is effective or before the insurer's promise to pay is enforceable. 
A)  are of little importance. 
B)  must be expressly included in the insurance contract. 
C)  only apply to the insurer,not the insured. 
D)  operate as conditions that must exist before the contract is effective or before the insurer's promise to pay is enforceable.

Question 16

Lessees of property and holders of security interests have insurable interests in property.

Accepted Answer

A) True 
 B)False

Question 17

Clark receives a telephone call from his Aunt Mia in which Mia says she has decided to give Clark her pet python as a gift.Clark may refuse to accept,making the intended gift invalid.

Accepted Answer

A) True 
 B)False

Question 18

Shea put a box of her old clothes in the bedroom of her roommate.The roommate now owns the clothes,because they are presumed to be a gift.

Accepted Answer

A) True 
 B)False

Question 19

A type of insurance in which the insured and the insurer share the risk of a loss due to fire is:

Accepted Answer

A)  coinsurance. 
B)  non-forfeiture insurance. 
C)  no-fault insurance. 
D)  reinsurance. 
A)  coinsurance. 
B)  non-forfeiture insurance. 
C)  no-fault insurance. 
D)  reinsurance.

Question 20

Name and briefly describe the special features or extraordinary duties of five special types of bailments.

Accepted Answer

Five special types of bailments are or i

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

A negotiable electronic document of title:

Lynne took her earrings off at Marcia's beauty parlor and put them on the counter.She left the shop without remembering the earrings.Betty finds them and wants to keep them.Can she?

A bailee has the exclusive right to possess the property for the term of the bailment.

An easement is not considered to be real property.

Clay in its natural form still in the ground is real property.

The UCC does not cover:

The same item may be the object of both tangible and intangible property rights.

Tanner says in the presence of three other people that he is giving his automobile to his niece,and then hands the keys to the car to the niece.Delivery of the auto has taken place.

The Uniform Commercial Code covers all the issues involving ownership and transfer of title to personal property.

Lack of consideration is the basic distinction between a gift and a sale.

If Jim,Ken,and Lee each deposit 10,000 bushels of wheat in a grain elevator,they would own one-third of the remaining mixture by:

A trade fixture is not intended to become part of the realty.

Farmer Brown brings his crop of wheat to the local grain elevator where it is stored along with the grain of several other farmers.Who owns the grain? Can Farmer Brown get his grain back? Explain.

A bailee's duty of care:

In insurance contracts,warranties:

Lessees of property and holders of security interests have insurable interests in property.

Clark receives a telephone call from his Aunt Mia in which Mia says she has decided to give Clark her pet python as a gift.Clark may refuse to accept,making the intended gift invalid.

Shea put a box of her old clothes in the bedroom of her roommate.The roommate now owns the clothes,because they are presumed to be a gift.

A type of insurance in which the insured and the insurer share the risk of a loss due to fire is:

Name and briefly describe the special features or extraordinary duties of five special types of bailments.

Introduction to Law

Business Ethics and the Social Responsibility of Business

Civil Dispute Resolution

Constitutional Law

Administrative Law

A: Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance,breach,and Discharge

Contract Remedies

Relationship of Principal and Agent

Relationship With Third Parties

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Products Liability: Warranties and Strict Liability in Tort

Sales Remedies

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits,collections,and Funds Transfers

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature,formation,and Powers

Financial Structure

Management Structure

Fundamental Changes

Secured Transactions and Suretyship

Bankruptcy

Protection of Intellectual Property

Antitrust

Consumer Protection Double

Employment Law

Securities Regulation

Accountants Legal Liability

Environmental Law

International Business Law

Interests in Real Property

Transfer and Control of Real Property

Trusts and Decedents Estates

Legal Terminology: Understanding Criminal and Civil Law Systems

Contract Law Terminology

Exploring the Legal Concepts of Agency and Fiduciary Duty

Understanding Key Legal Concepts in Sales and Contracts

Understanding the Terminology of Banking and Finance: Key Concepts and Definitions

Exploring Legal Concepts and Processes in Business Partnerships

Understanding Corporate Law: A Guide to Ultra Vires Acts, Subscribers, Debt Securities, and More

Understanding Key Terms in Secured Transactions and Bankruptcy Law

Legal Topics and Terms