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

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?

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

Which of the following is tangible real property?

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

The Constitution protects against taking of property:

A friendly fire is one that is contained in its intended place such as a fireplace, stove, or barbecue grill.

Which of the following is a requirement of a valid gift?

Clay in its natural form is real property.

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

A negotiable electronic document of title running to the order of a named person or bearer is negotiated by delivery which, according to Revised Article 7 of the UCC, means a voluntary transfer of control.

A negotiable electronic document of title:

Mixing identical goods from different owners is:

A document of title symbolizes ownership of the goods it describes; its transfer transfers the ownership or control of the goods without necessitating the physical transfer of the goods themselves.

An insured holds a $32,000 fire insurance policy on a building which is valued at $40,000, and on which there is an 80% co-insurance clause.If the building is totally destroyed by fire, the policyholder will receive:

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

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.

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:

Insurance protects a business from:

A bill of lading serves as:

Clay that has been made into pottery is personal property.