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

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

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

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

Margaret told Bill she would give him her tickets to an upcoming concert. Later she changed her mind and decided to go to the concert after all. Can Bill require Margaret to give him the tickets?

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

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

Temporary insurance coverage prior to the issuance of the actual policy may be obtained by use of a(n):

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

Another term for personal property is:

Mark finds a camera on a park bench at Disneyland. Mark cannot keep the camera, because it is mislaid property.

A straight bill of lading under which goods are deliverable only to a person named in the bill may be transferred by assignment or negotiation.

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

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

Mark wants to give Susan his car. He can effectively "deliver" it by:

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

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

The Constitution protects against taking of property:

Clay in its natural form is real property.

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.

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