Question 1

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

Accepted Answer

A) True 
 B)False  True

Question 2

Tangible property left as security is a pledge.

Accepted Answer

A) True 
 B)False  False

Question 3

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 D

Question 4

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 5

A transfer of fungible goods does not constitute a bailment.

Accepted Answer

A) True 
 B)False

Question 6

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

Question 7

Which of the following is most likely to happen when one party intentionally and without consent mixes another's property with his own, resulting in confusion?

Accepted Answer

A) Title to the total mass passes to the innocent party, unless the mixing party can clearly prove how much of his property was confused with that of the innocent party. 
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) Each party will be deemed the owner of a proportionate part of the mass. 
A) Title to the total mass passes to the innocent party, unless the mixing party can clearly prove how much of his property was confused with that of the innocent party. 
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) Each party will be deemed the owner of a proportionate part of the mass.

Question 8

A bailment can be created by the unspoken conduct of the parties.

Accepted Answer

A) True 
 B)False

Question 9

A finder of lost property has a right of possession against all but the true owner, as long as the finder has not committed a wrong of some kind.

Accepted Answer

A) True 
 B)False

Question 10

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 11

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

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

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

Question 13

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) Ken borrowing a suit from his friend for his graduation ceremony 
C) Sally leaving her car in a neighbor's garage while Sally's carport is getting a new roof. 
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) Ken borrowing a suit from his friend for his graduation ceremony 
C) Sally leaving her car in a neighbor's garage while Sally's carport is getting a new roof. 
D) Matt giving the keys of his car to a parking garage attendant after paying the parking fee

Question 14

When a person dies without a will, that person's property will pass according to the laws of intestacy.

Accepted Answer

A) True 
 B)False

Question 15

What rights does a finder have to abandoned property?

Accepted Answer

A) A finder has title to and absolute right to possession of abandoned property. 
B) In states adopting the Uniform Disposition of Property Act, a holder of property that the law presumes is abandoned need not turn the property over to the state. 
C) None, it must be held until the original owner can be found. 
D) A finder has title against all others but the true owner. 
A) A finder has title to and absolute right to possession of abandoned property. 
B) In states adopting the Uniform Disposition of Property Act, a holder of property that the law presumes is abandoned need not turn the property over to the state. 
C) None, it must be held until the original owner can be found. 
D) A finder has title against all others but the true owner.

Question 16

Discuss several  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 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.

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

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 20

The theft of trade secrets is a federal crime.

Accepted Answer

A) True 
 B)False

Exam 14: Nature of Personal Property

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

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 true of bailments for the sole benefit of the bailee?

A transfer of fungible goods does not constitute a bailment.

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

Which of the following is most likely to happen when one party intentionally and without consent mixes another's property with his own, resulting in confusion?

A bailment can be created by the unspoken conduct of the parties.

A finder of lost property has a right of possession against all but the true owner, as long as the finder has not committed a wrong of some kind.

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

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

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

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

When a person dies without a will, that person's property will pass according to the laws of intestacy.

What rights does a finder have to abandoned property?

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

Which of the following statements is true about bailments?

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

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

The theft of trade secrets is a federal crime.

Introduction to Law

Courts and Court Procedures

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 Contracts

Warranties Product Liability and Consumer Protection

Nature of Negotiable Instruments

Essentials of Negotiability

Promissory Notes and Drafts

Negotiation and Discharge

Liabilities of Parties, Holders in Due Course and Defenses

Nature and Creation of an Agency

Operation and Termination of an Agency

Employer and Employee Relations

Employees Rights

Introduction to Business Organizations

Creation and Operation of a Partnership

Dissolution of a Partnership

Nature of a Corporation

Ownership of a Corporation

Management and Dissolution of a Corporation

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 Trust

Filters

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