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

The most frequently used documents of title are the warehouse receipts issued by warehousers and the bills of lading issued by carriers.

Patent rights are considered to be personal property.

Intangible property is property that does not exist in a physical form.

Showplace insures its $160,000 building with two insurers: with Hometown Insurance for $60,000 and with National Insurance for $120,000. The building suffers a fire loss of $75,000. From whom and for how much can Showplace collect?

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

When goods have been commingled, it is sometimes possible to get title by confusion.

A gift causa mortis is a gift:

Margaret told Bill she would give him her concert tickets. Later she changed her mind and decided she wanted to use the tickets after all. Is Margaret required to give Bill the tickets?

Larry leaves his hat under the seat at the movie theater. Is this a bailment?

An inter vivos gift is a gift:

A bailment may be made of either real or personal property.

The transfer of personal property involves formalities not required in the transfer of real property.

Mark finds a camera on a park bench at Disneyland. Mark can keep the camera if the true owner cannot be found, because it is lost property.

Another term for personal property is:

Farmer Brown brings his crop of wheat to the local grain elevator where it is stored along with the grain of several other farmers. A few months later, the grain elevator declares bankruptcy. Who owns the grain? Can Farmer Brown get his grain back? Explain.

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

The fixture test of purpose or use applies only if the item:

Korbin asked Karen to marry him and gave her a 1 carat diamond engagement ring. Three months later, Karen broke the engagement because she decided she was not ready for marriage. According to most courts, Korbin may:

Why are delivery and acceptance both necessary to have a valid gift? Explain.

An example of a bailment for the bailor's sole benefit is when Sherri, without compensation, lends her Cappuccino maker to Ed for Ed's party.