Question 1

Zoe's loan of her lawnmower to her neighbor cannot be a bailment if Zoe receives no compensation for the use.

Accepted Answer

A) True 
 B)False

Question 2

Rights represented by a stock certificate or a promissory note are examples of intangible property.

Accepted Answer

A) True 
 B)False

Question 3

An heir of a person who dies receives title to the property of the decedent by reason of a gift.

Accepted Answer

A) True 
 B)False

Question 4

A gift causa mortis is contingent upon:

Accepted Answer

A)  the donee's surviving the donor. 
B)  the donor's surviving the donee. 
C)  the donee's death as anticipated. 
D)  the donee's not revoking the gift prior to the donee's death. 
A)  the donee's surviving the donor. 
B)  the donor's surviving the donee. 
C)  the donee's death as anticipated. 
D)  the donee's not revoking the gift prior to the donee's death.

Question 5

A bill of lading serves as:

Accepted Answer

A)  a receipt for storage of goods. 
B)  a document of title. 
C)  a warehouser's lien. 
D)  evidence of insurance on the goods covered by the document. 
A)  a receipt for storage of goods. 
B)  a document of title. 
C)  a warehouser's lien. 
D)  evidence of insurance on the goods covered by the document.

Question 6

An insurable interest in property must exist:

Accepted Answer

A)  at the time the insurance policy is obtained. 
B)  at the time the loss occurs. 
C)  from the time the policy is obtained to the time the loss occurs without interruption. 
D)  for only one person at a time in a particular property. 
A)  at the time the insurance policy is obtained. 
B)  at the time the loss occurs. 
C)  from the time the policy is obtained to the time the loss occurs without interruption. 
D)  for only one person at a time in a particular property.

Question 7

The McCarran-Ferguson Act,enacted in 1945,left the regulation of insurance to the states.

Accepted Answer

A) True 
 B)False

Question 8

Estoppel means that a person is prevented by his own conduct from asserting a position inconsistent with such conduct,on which another person justifiably relied.

Accepted Answer

A) True 
 B)False

Question 9

The Constitution protects against taking of property:

Accepted Answer

A)  by a corporation. 
B)  without notice. 
C)  for public use. 
D)  without due process. 
A)  by a corporation. 
B)  without notice. 
C)  for public use. 
D)  without due process.

Question 10

Why are delivery and acceptance both necessary to a valid gift? Explain.

Accepted Answer

Because a gift involves no consideration

Question 11

Property insurance policies are freely assignable before,but not after,a loss occurs.

Accepted Answer

A) True 
 B)False

Question 12

Fire insurance policies vary from state to state in the United States.

Accepted Answer

A) True 
 B)False

Question 13

The finder of lost property is considered to be the owner as against everyone except the true owner by reason of:

Accepted Answer

A)  confusion. 
B)  accession. 
C)  possession. 
D)  gift. 
A)  confusion. 
B)  accession. 
C)  possession. 
D)  gift.

Question 14

Taylor Corp.rents a warehouse where it conducts a small manufacturing operation.As a condition of its lease,it pays a fire insurance premium.Taylor needs more room and rents larger quarters.Taylor then subleases its old warehouse to Mack.Taylor also assigns its already-paid insurance policy to Mack.This action is:

Accepted Answer

A)  appropriate,so long as Taylor and Mack agree to it. 
B)  appropriate,so long as the landlord agrees to it. 
C)  not binding on the insurer. 
D)  totally within the rights of Taylor,who already paid the premium. 
A)  appropriate,so long as Taylor and Mack agree to it. 
B)  appropriate,so long as the landlord agrees to it. 
C)  not binding on the insurer. 
D)  totally within the rights of Taylor,who already paid the premium.

Question 15

The failure by an applicant to disclose material facts that an insurer does not know but has a right to know is called:

Accepted Answer

A)  misrepresentation. 
B)  concealment. 
C)  waiver. 
D)  fidelity. 
A)  misrepresentation. 
B)  concealment. 
C)  waiver. 
D)  fidelity.

Question 16

Patent rights are considered to be personal property.

Accepted Answer

A) True 
 B)False

Question 17

Clay that has been made into pottery is personal property.

Accepted Answer

A) True 
 B)False

Question 18

Mary cleaned her dorm room in the spring and left a pile of books in Sara's room.Mary told everybody that the books were a gift to Sara.Does Sara have to dispose of them?

Accepted Answer

A)  Yes,because there was a present intent and delivery 
B)  Yes,because they are constructively in Sara's possession 
C)  No,because Sara did not accept the books 
D)  No,because there was no agreement between the two parties 
A)  Yes,because there was a present intent and delivery 
B)  Yes,because they are constructively in Sara's possession 
C)  No,because Sara did not accept the books 
D)  No,because there was no agreement between the two parties

Question 19

Another term for personal property is:

Accepted Answer

A)  patent. 
B)  chattel. 
C)  realty. 
D)  fixtures. 
A)  patent. 
B)  chattel. 
C)  realty. 
D)  fixtures.

Question 20

Skylar rents a car for her business trip.What is the relationship between Skylar and the car rental company?

Accepted Answer

A)  A bailment for the sole benefit of the bailor 
B)  A bailment for the sole benefit of the bailee 
C)  A bailment for mutual benefit 
D)  Pledgee and pledgor 
A)  A bailment for the sole benefit of the bailor 
B)  A bailment for the sole benefit of the bailee 
C)  A bailment for mutual benefit 
D)  Pledgee and pledgor

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

Zoe's loan of her lawnmower to her neighbor cannot be a bailment if Zoe receives no compensation for the use.

Rights represented by a stock certificate or a promissory note are examples of intangible property.

An heir of a person who dies receives title to the property of the decedent by reason of a gift.

A gift causa mortis is contingent upon:

A bill of lading serves as:

An insurable interest in property must exist:

The McCarran-Ferguson Act,enacted in 1945,left the regulation of insurance to the states.

Estoppel means that a person is prevented by his own conduct from asserting a position inconsistent with such conduct,on which another person justifiably relied.

The Constitution protects against taking of property:

Why are delivery and acceptance both necessary to a valid gift? Explain.

Property insurance policies are freely assignable before,but not after,a loss occurs.

Fire insurance policies vary from state to state in the United States.

The finder of lost property is considered to be the owner as against everyone except the true owner by reason of:

The failure by an applicant to disclose material facts that an insurer does not know but has a right to know is called:

Patent rights are considered to be personal property.

Clay that has been made into pottery is personal property.

Mary cleaned her dorm room in the spring and left a pile of books in Sara's room.Mary told everybody that the books were a gift to Sara.Does Sara have to dispose of them?

Another term for personal property is:

Skylar rents a car for her business trip.What is the relationship between Skylar and the car rental company?

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

Legal Topics in Property Ownership and Management