Question 1

The owners share ownership in commingled goods in proportion to the amount of goods contributed by each owner.

Accepted Answer

A) True 
 B)False

Question 2

The finder of an abandoned property holds title against the whole world except the owner.

Accepted Answer

A) True 
 B)False

Question 3

Shelton Engines Inc.has built a new model of engines that can withstand more heat than the competing engines in its class.Lokin Inc., a sports car manufacturer, ________ the equipment from Shelton Engines Inc.for $1, 000, 000.Shelton Engines Inc.transfers title to the engine to Lokin Inc.Lokin Inc.is now the owner of the equipment.

Accepted Answer

A) captures 
B) leases 
C) purchases 
D) produces 
A) captures 
B) leases 
C) purchases 
D) produces

Question 4

Property that the owner leaves somewhere due to negligence, carelessness, or inadvertence is referred to as ________ property.

Accepted Answer

A) abandoned 
B) real 
C) lost 
D) mislaid 
A) abandoned 
B) real 
C) lost 
D) mislaid

Question 5

If the finder of a lost property posts notices and publishes advertisements describing the lost property, he or she will be able to clear title to the property after certain requirements are met.

Accepted Answer

A) True 
 B)False

Question 6

Randy borrowed Carl's car as his car had broken down and he needed to go to the city urgently. While in the city he parked the car in a Clearway zone,  from where it was towed away by the authorities. 
-In such a bailment agreement, which of the following types of duties is Randy negligent of?

Accepted Answer

A) duty of great care 
B) duty of slight care 
C) duty of reasonable care 
D) duty of ordinary care 
A) duty of great care 
B) duty of slight care 
C) duty of reasonable care 
D) duty of ordinary care

Question 7

Which of the following is true of ownership rights of an abandoned property?

Accepted Answer

A) The finder and owner must share ownership of the property. 
B) The finder acquires title to the property, even against its original owner. 
C) The owner can reclaim his or her property completely from the finder. 
D) The owner of the premises where property is mislaid is entitled to possession but does not acquire title. 
A) The finder and owner must share ownership of the property. 
B) The finder acquires title to the property, even against its original owner. 
C) The owner can reclaim his or her property completely from the finder. 
D) The owner of the premises where property is mislaid is entitled to possession but does not acquire title.

Question 8

________ is a method of acquiring ownership, when a manufacturer purchases raw materials and then manufactures a finished good.

Accepted Answer

A) Gifting 
B) Producing 
C) Capturing 
D) Purchasing 
A) Gifting 
B) Producing 
C) Capturing 
D) Purchasing

Question 9

Title to goods cannot be acquired by confusion.

Accepted Answer

A) True 
 B)False

Question 10

A bailment for a fixed term cannot be terminated before the end of the term by either party.

Accepted Answer

A) True 
 B)False

Question 11

The delivery of goods to a common carrier creates a bailment for the sole benefit of the bailor.

Accepted Answer

A) True 
 B)False

Question 12

Randy borrowed Carl's car as his car had broken down and he needed to go to the city urgently.While in the city he parked the car in a Clearway zone, from where it was towed away by the authorities.
-What kind of agreement existed between Randy and Carl over the car?

Accepted Answer

A) bailment for the sole benefit of the bailor 
B) bailment for the sole benefit of the bailee 
C) mutual benefit bailment 
D) bailment at will 
A) bailment for the sole benefit of the bailor 
B) bailment for the sole benefit of the bailee 
C) mutual benefit bailment 
D) bailment at will

Question 13

Personal property that is permanently affixed to land or buildings is referred to as chattel.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is true of a gift causa mortis?

Accepted Answer

A) It cannot be revoked before the death of the donor. 
B) It does not require the actual death of the donor. 
C) It represents an irrevocable present transfer of ownership. 
D) It takes precedence over a prior conflicting will. 
A) It cannot be revoked before the death of the donor. 
B) It does not require the actual death of the donor. 
C) It represents an irrevocable present transfer of ownership. 
D) It takes precedence over a prior conflicting will.

Question 15

Which of the following is an example of intangible property?

Accepted Answer

A) copyrights 
B) fixtures 
C) minerals 
D) automobiles 
A) copyrights 
B) fixtures 
C) minerals 
D) automobiles

Question 16

Which of the following is true of mislaid property with regard to the person who finds it?

Accepted Answer

A) The finder becomes the owner of the property. 
B) The finder has the right to share it with the original owner. 
C) The finder is not entitled to possess the property. 
D) The finder is absolved of any responsibility of the mislaid property. 
A) The finder becomes the owner of the property. 
B) The finder has the right to share it with the original owner. 
C) The finder is not entitled to possess the property. 
D) The finder is absolved of any responsibility of the mislaid property.

Question 17

Which of the following is true of ownership titles when confusion occurs?

Accepted Answer

A) Title to the goods can never be shared between the owners involved. 
B) Title to goods commingled without permission goes to the innocent party. 
C) Title to goods cannot be acquired by confusion. 
D) Title to goods can only be acquired if goods were commingled by accident. 
A) Title to the goods can never be shared between the owners involved. 
B) Title to goods commingled without permission goes to the innocent party. 
C) Title to goods cannot be acquired by confusion. 
D) Title to goods can only be acquired if goods were commingled by accident.

Question 18

A gift is a voluntary transfer of property without payment of consideration by the donee.

Accepted Answer

A) True 
 B)False

Question 19

Only intangible property qualifies as personal property.

Accepted Answer

A) True 
 B)False

Question 20

The voluntary transfer of title to property without payment of consideration by the donee is known as a(n)________.

Accepted Answer

A) adverse possession 
B) future interest 
C) gift 
D) purchase 
A) adverse possession 
B) future interest 
C) gift 
D) purchase

Exam 47: Personal Property and Bailment

The owners share ownership in commingled goods in proportion to the amount of goods contributed by each owner.

The finder of an abandoned property holds title against the whole world except the owner.

Property that the owner leaves somewhere due to negligence, carelessness, or inadvertence is referred to as ________ property.

If the finder of a lost property posts notices and publishes advertisements describing the lost property, he or she will be able to clear title to the property after certain requirements are met.

Randy borrowed Carl's car as his car had broken down and he needed to go to the city urgently. While in the city he parked the car in a Clearway zone, from where it was towed away by the authorities. -In such a bailment agreement, which of the following types of duties is Randy negligent of?

Which of the following is true of ownership rights of an abandoned property?

________ is a method of acquiring ownership, when a manufacturer purchases raw materials and then manufactures a finished good.

Title to goods cannot be acquired by confusion.

A bailment for a fixed term cannot be terminated before the end of the term by either party.

The delivery of goods to a common carrier creates a bailment for the sole benefit of the bailor.

Randy borrowed Carl's car as his car had broken down and he needed to go to the city urgently.While in the city he parked the car in a Clearway zone, from where it was towed away by the authorities. -What kind of agreement existed between Randy and Carl over the car?

Personal property that is permanently affixed to land or buildings is referred to as chattel.

Which of the following is true of a gift causa mortis?

Which of the following is an example of intangible property?

Which of the following is true of mislaid property with regard to the person who finds it?

Which of the following is true of ownership titles when confusion occurs?

A gift is a voluntary transfer of property without payment of consideration by the donee.

Only intangible property qualifies as personal property.

The voluntary transfer of title to property without payment of consideration by the donee is known as a(n)________.

Legal Heritage and the Digital Age

Courts and Jurisdiction

Judicial,Alternative,and E-Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Product and Strict Liability

Intellectual Property and Cyber Piracy

Criminal Law and Cyber Crimes

Nature of Traditional and E-Contracts

Agreement

Consideration and Promissory Estoppel

Capacity and Legality

Genuineness of Assent and Undue Influence

Statute of Frauds and Equitable Exceptions

Third-Party Rights and Discharge

Remedies for Breach of Traditional and E-Contracts

E-Commerce and Digital Law

Formation of Sales and Lease Contracts

Title to Goods and Risk of Loss

Remedies for Breach of Sales and Lease Contracts

Warranties

Creation of Negotiable Instruments

Holder in Due Course and Transferability

Liability, Defenses, and Discharge

Banks, E-Money, and Financial Reform

Credit,Mortgages,and Debtor's Rights

Secured Transactions and E-Filing

Bankruptcy and Reorganization

Agency Formation and Termination

Liability of Principals, Agents, and Independent Contractors

Employment, Worker Protection, and Immigration Law

Labor Law and Collective Bargaining

Equal Opportunity in Employment

Small Business, Entrepreneurship, and General Partnerships

Limited Partnerships and Special Partnerships

Corporate Formation and Financing

Corporate Governance and the Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Companies and Limited Liability Partnerships

Franchises and Special Forms of Businesses

Investor Protection, E-Securities, and Wall Street Reform

Ethics and Social Responsibility of Business

Administrative Law and Regulatory Agencies

Consumer Protection and Product Safety

Environmental Protection

Antitrust Law and Unfair Trade Practices

Real Property

Landlord-Tenant Law and Land Use Regulation

Insurance

Accountants' Duties and Liability

Wills Trusts and Estates

Family Law

International and World Trade Law

Filters