Question 1

Which of the following is most likely to happen when confusion of property belonging to two different owners occurs by accident?

Accepted Answer

A)  Each party will be deemed the owner of a proportionate part of the mass. 
B)  The state takes ownership of the property until it can be clearly proven how much of the property of one was mingled with that of the other person. 
C)  The title to the total mass passes to that party which owned more property prior to the confusion taking place. 
D)  The ownership of the property will revert back to the government for a period of 2 years. 
A)  Each party will be deemed the owner of a proportionate part of the mass. 
B)  The state takes ownership of the property until it can be clearly proven how much of the property of one was mingled with that of the other person. 
C)  The title to the total mass passes to that party which owned more property prior to the confusion taking place. 
D)  The ownership of the property will revert back to the government for a period of 2 years. A

Question 2

Which of the following statements is true about bailments?

Accepted Answer

A)  Bailments are always governed by express contracts. 
B)  Title is transferred in a bailment, along with possession of an object for a short period of time. 
C)  In some cases, a bailment may exist when the recipient does not return the actual goods. 
D)  A bailment cannot be established without actual delivery and acceptance of the goods. 
A)  Bailments are always governed by express contracts. 
B)  Title is transferred in a bailment, along with possession of an object for a short period of time. 
C)  In some cases, a bailment may exist when the recipient does not return the actual goods. 
D)  A bailment cannot be established without actual delivery and acceptance of the goods. C

Question 3

When a bailment is for the sole benefit of a bailor, a bailee may receive benefits of ownership during the bailment.

Accepted Answer

A) True 
 B)False  False

Question 4

A case of someone finding and taking possession of lost property is an example of:

Accepted Answer

A)  conversion of property. 
B)  a mutual-benefit bailment. 
C)  a bailment for the sole benefit of the bailee. 
D)  a bailment for the sole benefit of the bailor. 
A)  conversion of property. 
B)  a mutual-benefit bailment. 
C)  a bailment for the sole benefit of the bailee. 
D)  a bailment for the sole benefit of the bailor.

Question 5

The mere act of creation of an intellectual property lends the creator with an absolute title to the property.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following does the Uniform Disposition of Unclaimed Property Act claim?

Accepted Answer

A)  A holder of property that the law presumes is abandoned must turn the property over to the state. 
B)  If an employee finds any property during the course of employment, the property belongs to the employer. 
C)  A finder of lost property has the right of possession against all but the true owner as long as the finder has not committed a wrong of some kind. 
D)  If property is mislaid, not lost, then the owner of the premises has first claim against all but the true owner. 
A)  A holder of property that the law presumes is abandoned must turn the property over to the state. 
B)  If an employee finds any property during the course of employment, the property belongs to the employer. 
C)  A finder of lost property has the right of possession against all but the true owner as long as the finder has not committed a wrong of some kind. 
D)  If property is mislaid, not lost, then the owner of the premises has first claim against all but the true owner.

Question 7

A finder of abandoned goods does not hold an absolute right to its possession.

Accepted Answer

A) True 
 B)False

Question 8

Tangible property left as security is a pledge.

Accepted Answer

A) True 
 B)False

Question 9

The unauthorized exercise of ownership rights over another's property is known as a(n) _____.

Accepted Answer

A)  accession 
B)  rescission 
C)  bailment 
D)  conversion 
A)  accession 
B)  rescission 
C)  bailment 
D)  conversion

Question 10

Which of the following is an example of a bailment for the sole benefit of the bailor?

Accepted Answer

A)  A laundry and dry cleaning contract 
B)  Sally leaving the keys of her house with her neighbor while she goes on vacation 
C)  Ken borrowing a suit from his friend for his graduation ceremony 
D)  Matt giving the keys of his car to a parking garage attendant after paying the parking fee 
A)  A laundry and dry cleaning contract 
B)  Sally leaving the keys of her house with her neighbor while she goes on vacation 
C)  Ken borrowing a suit from his friend for his graduation ceremony 
D)  Matt giving the keys of his car to a parking garage attendant after paying the parking fee

Question 11

The theft of trade secrets is a federal crime.

Accepted Answer

A) True 
 B)False

Question 12

When a person dies intestate, the laws of the decedent's state of residence will dictate how his personal property will be divided among his heirs.

Accepted Answer

A) True 
 B)False

Question 13

Bailments are governed by contracts.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is true of bailments for the sole benefit of the bailee?

Accepted Answer

A)  The owner of the bailed property receives adequate benefits or compensation in these bailments. 
B)  Any loss or damage to bailed property due to no fault of the bailee falls on the owner. 
C)  In these bailments, the bailee renders a service and charges for the service. 
D)  If the bailee is injured due to a defect in the bailed property, the bailor is not liable for damages. 
A)  The owner of the bailed property receives adequate benefits or compensation in these bailments. 
B)  Any loss or damage to bailed property due to no fault of the bailee falls on the owner. 
C)  In these bailments, the bailee renders a service and charges for the service. 
D)  If the bailee is injured due to a defect in the bailed property, the bailor is not liable for damages.

Question 15

A _____ provides someone with an absolute title to his/her invention for a certain period of time.

Accepted Answer

A)  trademark 
B)  patent 
C)  copyright 
D)  logo 
A)  trademark 
B)  patent 
C)  copyright 
D)  logo

Question 16

Mention a few instances where a bailee need not return bailed property in the same condition that it was delivered to him.

Accepted Answer

In the case of fungible goods, such as w

Question 17

Which of the following is most likely to fall in the category of intangible personal property?

Accepted Answer

A)  Knowledge 
B)  Copyrights 
C)  Annual growing crops 
D)  Land 
A)  Knowledge 
B)  Copyrights 
C)  Annual growing crops 
D)  Land

Question 18

A constructive bailment is a bailment for the sole benefit of the bailor.

Accepted Answer

A) True 
 B)False

Question 19

A transfer of fungible goods does not constitute a bailment.

Accepted Answer

A) True 
 B)False

Question 20

A copyright must be registered in order for the owner to sue for its infringement.

Accepted Answer

A) True 
 B)False

Exam 14: Nature of Personal Property

Which of the following is most likely to happen when confusion of property belonging to two different owners occurs by accident?

Which of the following statements is true about bailments?

When a bailment is for the sole benefit of a bailor, a bailee may receive benefits of ownership during the bailment.

A case of someone finding and taking possession of lost property is an example of:

The mere act of creation of an intellectual property lends the creator with an absolute title to the property.

Which of the following does the Uniform Disposition of Unclaimed Property Act claim?

A finder of abandoned goods does not hold an absolute right to its possession.

Tangible property left as security is a pledge.

The unauthorized exercise of ownership rights over another's property is known as a(n) _____.

Which of the following is an example of a bailment for the sole benefit of the bailor?

The theft of trade secrets is a federal crime.

When a person dies intestate, the laws of the decedent's state of residence will dictate how his personal property will be divided among his heirs.

Bailments are governed by contracts.

Which of the following is true of bailments for the sole benefit of the bailee?

A _____ provides someone with an absolute title to his/her invention for a certain period of time.

Mention a few instances where a bailee need not return bailed property in the same condition that it was delivered to him.

Which of the following is most likely to fall in the category of intangible personal property?

A constructive bailment is a bailment for the sole benefit of the bailor.

A transfer of fungible goods does not constitute a bailment.

A copyright must be registered in order for the owner to sue for its infringement.

Introduction to Law

Courts and Court Procedure

Business Torts and Crimes

Government Regulation of Business

Nature and Classes of Contracts

Offer and Acceptance

Capacity to Contract

Consideration

Defective Agreements

Illegal Agreements

Written Contracts

Third Parties and Contracts

Termination of Contracts

Special Bailments

Sales of Personal Property

Formalities of a Sale

Transfer of Title and Risk in Sales Con

Warranties, Product Liability, and Cons

Nature of Negotiable Instruments

Essentials of Negotiability

Promissory Notes and Drafts

Negotiation and Discharge

Liabilities of Parties and Holders in Due Course

Defenses

Nature and Creation of an Agency

Operation and Termination of an Agency

Employer and Employee Relations

Employees Rights

Labor Legislation

Introduction to Business Organization

Creation and Operation of a Partnership

Dissolution of a Partnership

Nature of a Corporation

Ownership of a Corporation

Management and Dissolution of a Corpora

Principles of Insurance

Types of Insurance

Security Devices

Bankruptcy

Nature of Real Property

Transfer of Real Property

Real Estate Mortgages

Landlord and Tenant

Wills, Inheritances, and Trusts

Filters