Question 1

The person giving a gift is called the donee.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following would be classified as tangible personal property?

Accepted Answer

A)  a desk 
B)  built-in cabinets 
C)  a copyright 
D)  a field of corn 
E)  All of these are correct. 
A)  a desk 
B)  built-in cabinets 
C)  a copyright 
D)  a field of corn 
E)  All of these are correct.

Question 3

A gift "causa mortis" is ineffective if the donor recovers from the existing illness or peril.

Accepted Answer

A) True 
 B)False

Question 4

Mary owns a farm.On the farm is a barn,a tractor,and some crops growing in the fields.Which of the following statements is not true regarding Mary's property?

Accepted Answer

A)  All of Mary's property mentioned above is tangible. 
B)  The crops are real property until they are harvested,when they become personal property. 
C)  The tractor is a fixture. 
D)  The barn is real property,although at some point in the past the supplies used to build it were personal property. 
A)  All of Mary's property mentioned above is tangible. 
B)  The crops are real property until they are harvested,when they become personal property. 
C)  The tractor is a fixture. 
D)  The barn is real property,although at some point in the past the supplies used to build it were personal property.

Question 5

The most common method of acquiring title to property is by finding it.

Accepted Answer

A) True 
 B)False

Question 6

Katrina is walking through a store when she accidentally drops her wallet.Katrina does not know that she has dropped it,so she continues on.Billy finds the wallet and notifies the owner of the store.Going in order from superior to inferior rights,who has the best right to the wallet.

Accepted Answer

A)  Katrina,storeowner,Billy 
B)  Katrina,storeowner,police,Billy 
C)  Katrina,Billy,storeowner 
D)  Katrina,police,storeowner,Billy 
A)  Katrina,storeowner,Billy 
B)  Katrina,storeowner,police,Billy 
C)  Katrina,Billy,storeowner 
D)  Katrina,police,storeowner,Billy

Question 7

The acquisition of personal property requires that a number of formalities be met before a transfer of ownership can take place.

Accepted Answer

A) True 
 B)False

Question 8

The finder of lost property acquires:

Accepted Answer

A)  no rights in the property 
B)  rights that are good against everyone but the true owner 
C)  rights that are good against everyone including the true owner 
D)  rights to use the property until it must be turned over to the state 
E)  a life estate in the found property 
A)  no rights in the property 
B)  rights that are good against everyone but the true owner 
C)  rights that are good against everyone including the true owner 
D)  rights to use the property until it must be turned over to the state 
E)  a life estate in the found property

Question 9

Janice took her car to Jiffy Auto Repairs to have some work done.The repairs would take several days,so Janice left her car there overnight.One night,Janice's car was stolen.Discuss Jiffy's liability for the stolen car.What factors would you consider in determining this liability?

Accepted Answer

This would be classified as a mutual ben

Question 10

Jean owns a champion female German shepherd named Abby.Jean had planned to breed Abby in the future,but before that could happen,Abby became pregnant.The only two dogs who could have been the father were a German shepherd and a standard poodle.This is because these were the only male dogs anywhere near Abby's house.Abby was normally kept in a fenced yard but had accidentally gotten out of the yard a couple of times.These were the only times that Abby could have become pregnant.Abby gave birth to a litter of eight purebred German shepherd puppies.As the puppies became a few weeks old it became obvious that they were championship quality.Abby mentioned to the owner of the puppies' father that Abby had given birth to some of his dog's offspring.The next day the father's owner notified Jean that he wanted four of the puppies and would go to court for them if Jean did not voluntarily give them to him.Discuss his claim.

Accepted Answer

He would be claiming

Question 11

Alfred owns a bed and breakfast called Al's Quaint B&B in Somewhere,Maine.Rita Ritz has decided to stay at Al's for a week.She displays her wealth by wearing a four-carat diamond ring,a ruby necklace and bracelet,and a Versace purse.Al's has never had any reports of thefts in the 26 years he's operated his bed and breakfast.In the event of a theft,which of the following can Al do in order to limit his liability for the loss from the theft?

Accepted Answer

A)  He must provide a safe for his guests valuables. 
B)  He must make the safe available for his guests. 
C)  He must post a sign of his limit of liability notifying his guests of the same. 
D)  All of these are correct. 
E)  None of these are correct. 
A)  He must provide a safe for his guests valuables. 
B)  He must make the safe available for his guests. 
C)  He must post a sign of his limit of liability notifying his guests of the same. 
D)  All of these are correct. 
E)  None of these are correct.

Question 12

A bailment is:

Accepted Answer

A)  usually the preliminary step to a permanent transfer of goods 
B)  the rightful possession of goods by someone other than the owner 
C)  a quantity of harvested hay packaged in a size that is easy to transport 
D)  required to be in writing in order to be effective 
E)  characterized by a splitting of title into legal and beneficial components 
A)  usually the preliminary step to a permanent transfer of goods 
B)  the rightful possession of goods by someone other than the owner 
C)  a quantity of harvested hay packaged in a size that is easy to transport 
D)  required to be in writing in order to be effective 
E)  characterized by a splitting of title into legal and beneficial components

Question 13

If the owner of an automobile lends the automobile to a friend,a bailment has been created.

Accepted Answer

A) True 
 B)False

Question 14

Amy owned a collection of antique swords.Amy agrees to allow Mark to display the swords at his office building at no charge.Mark picks up the swords,places them in the back seat of his car and drives to the building.He stops along the way,parks and locks his car,and goes into a store to buy something.When he returns,someone has broken into the car and stolen all of Amy's swords.Amy sues Mark for the value of the swords.In this situation:

Accepted Answer

A)  Mark is liable; he owed a duty of ordinary care,which he did not meet. 
B)  Mark is liable; he owed a duty of utmost care,which he did not meet. 
C)  Mark is liable; he owed a duty of slight care,which he did not meet. 
D)  Mark is liable; he is an insurer of Amy's swords. 
E)  Mark is not liable; he owed a duty of ordinary care,which he met by locking the doors of the car. 
A)  Mark is liable; he owed a duty of ordinary care,which he did not meet. 
B)  Mark is liable; he owed a duty of utmost care,which he did not meet. 
C)  Mark is liable; he owed a duty of slight care,which he did not meet. 
D)  Mark is liable; he is an insurer of Amy's swords. 
E)  Mark is not liable; he owed a duty of ordinary care,which he met by locking the doors of the car.

Question 15

Animals such as pets are not considered to be tangible personal property.

Accepted Answer

A) True 
 B)False

Question 16

Pat was an avid mountain biker who knew much about bicycle repair.Tom also was a mountain biker but did not know much about bicycles or their repair.The gears on Tom's bike were not working properly so he took his bike to Pat and asked if Pat could repair it.Pat said that was possible,so Tom left his bike with Pat for the week.Pat was able to fix and adjust the gears on Tom's bike so that they worked properly.Tom's bike was a top-of-the-line model,and much newer than Pat's bike.When Tom called Pat on Friday to see if the bike was ready for him to come pick up,Pat asked to keep the bike until Sunday.Pat wanted to try the bike out on Sunday on a ride with some friends.Tom told Pat that this was acceptable.On Saturday night,the bike was stolen off Pat's third floor apartment balcony where the bike was unlocked.Discuss whether Pat is liable to Tom for the loss.

Accepted Answer

The first issue is for whose benefit thi

Question 17

If an improvement to property was wrongfully made by an individual other than the owner,the owner will be allowed to acquire title to the improved property without having to pay the improver for the value of the improvements.

Accepted Answer

A) True 
 B)False

Question 18

A gift inter vivos is a gift made in contemplation of death.

Accepted Answer

A) True 
 B)False

Question 19

You call by phone to a concert ticket service and use your credit card to purchase two tickets to the "Elvis Reincarnation Tour" concert scheduled for July 4.Assuming that Elvis truly has returned and will play at the show,which of the following is true after you hang up the phone.

Accepted Answer

A)  You have acquired no property now,but will when the concert starts. 
B)  You have just acquired tangible personal property. 
C)  You have just acquired intangible personal property. 
D)  You have acquired no property now,but will when the concert tickets arrive in the mail. 
A)  You have acquired no property now,but will when the concert starts. 
B)  You have just acquired tangible personal property. 
C)  You have just acquired intangible personal property. 
D)  You have acquired no property now,but will when the concert tickets arrive in the mail.

Question 20

All tangible property is classified as either real or personal.

Accepted Answer

A) True 
 B)False

Exam 47: Personal Property and Bailment

The person giving a gift is called the donee.

Which of the following would be classified as tangible personal property?

A gift "causa mortis" is ineffective if the donor recovers from the existing illness or peril.

Mary owns a farm.On the farm is a barn,a tractor,and some crops growing in the fields.Which of the following statements is not true regarding Mary's property?

The most common method of acquiring title to property is by finding it.

Katrina is walking through a store when she accidentally drops her wallet.Katrina does not know that she has dropped it,so she continues on.Billy finds the wallet and notifies the owner of the store.Going in order from superior to inferior rights,who has the best right to the wallet.

The acquisition of personal property requires that a number of formalities be met before a transfer of ownership can take place.

The finder of lost property acquires:

Janice took her car to Jiffy Auto Repairs to have some work done.The repairs would take several days,so Janice left her car there overnight.One night,Janice's car was stolen.Discuss Jiffy's liability for the stolen car.What factors would you consider in determining this liability?

A bailment is:

If the owner of an automobile lends the automobile to a friend,a bailment has been created.

Animals such as pets are not considered to be tangible personal property.

If an improvement to property was wrongfully made by an individual other than the owner,the owner will be allowed to acquire title to the improved property without having to pay the improver for the value of the improvements.

A gift inter vivos is a gift made in contemplation of death.

You call by phone to a concert ticket service and use your credit card to purchase two tickets to the "Elvis Reincarnation Tour" concert scheduled for July 4.Assuming that Elvis truly has returned and will play at the show,which of the following is true after you hang up the phone.

All tangible property is classified as either real or personal.

Legal Heritage and the Information Age

Court Systems and Jurisdiction

Judicial, Alternative, and Online Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Strict Liability and Product 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

Internet Law and E-Commerce

Formation of Sales and Lease Contracts

Title to Goods and Risk of Loss

Remedies for Breach of Sales and Lease Contracts

Sales and Lease Warranties

Creation of Negotiable Instruments

Transferability and Holder In Due Course

Liability,Defenses and Discharge

Checks, the Banking System, and E-Money

Creditor's and Debtor's Rights

Secured Transactions and Electronic Filing

Bankruptcy and Reorganization

Agency Formation and Termination

Liability of Principals, Agents, and Independent Contractors

Employment,Worker Protection,and Immigration Laws

Labor Law and Collective Bargaining

Equal Opportunity in Employment

Small Businesses, Entrepreneurs, and General Partnerships

Limited Partnerships and Limited Liability Limited 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 Business

Investor Protection and Online Securities Transactions

Ethics and Social Responsibility of Business

Administrative Law and Regulatory Agencies

Consumer Protection and Product Safety

Environmental Protection and Global Warming

Antitrust Law and Unfair Trade Practices

Real Property

Landlord Tenant Law and Land Use Regulation

Insurance

Accountants' Liability

Wills, Trusts, and Elder Law

Family Law

International and World Trade Law

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