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

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.

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

Marilyn brought her $400 silk dress to University Dry Cleaners to be cleaned.On the back of the ticket she received in exchange for the dress was written, "Liability limited to five times the cost of cleaning." Marilyn's dress was lost and University now claims it owes her no more than $53.25, five times the cost of cleaning.Is that true?

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

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

Personal property so firmly attached to real property that an interest in it arises under real property law is known as a(n):

Another term for personal property is:

Bailments for the bailee's sole benefit are usually limited to the gratuitous loan of personal property for use by the bailee.

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

Which of the following is NOT personal property?

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

Explain the difference between lost, mislaid, and abandoned property and who has rights to it.

A bill of lading serves as:

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

A gift causa mortis is a gift:

To prevent the use of the insurance policy for wagering purposes, the person who is to be indemnified under the contract must have:

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?

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.

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.

Insurance protects a business from: