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

Albert offers his nephew, Tom, his 2014 car which would only need about $700 in repairs to put it in good running order. Tom has no right to reject the car.

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

Harold 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.

The delivery necessary for a gift may be accomplished constructively.

The coverage of fire insurance policies varies by state, but the policies are written for no more than one-year terms.

Insurance protects a business from:

The regulation of insurance has been left to the states.

a. How do you distinguish between tangible and intangible property? b. How do you distinguish between real and personal property?

Mark wants to give Susan his car. How can he effectively "deliver" it?

Claudia hires Greg to plant a tree in her yard. Greg discovers a metal box buried in the ground. Greg owns the box and its contents since he is the finder.

Donnie steals a truckload of automotive parts and stores it in Boardwalk Warehouse. After five weeks, Donnie instructs Boardwalk to make the goods available to Charlton for pickup. Even if Boardwalk acts reasonably and in good faith, it will be liable to the true owner of the goods if it allows Charlton to take the goods.

The finder of lost property is entitled to possession of it, even against the true owner.

A thief stole Harold's car and installed new speakers in it. Later the police caught the thief and returned the car to Harold. Harold now owns the  speakers by accession.

The failure by an applicant to disclose material facts that an insurer does not know but has a right to know is called:

Name and briefly describe the special features or extraordinary duties of five special types of bailments.

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

Which of the following is NOT personal property?

How does the liability of a common carrier differ from that of an ordinary bailee with regard to property that is lost or damaged while in possession of the carrier?

A bill of lading serves as:

The UCC does not cover: