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

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

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

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

Patent rights are considered to be personal property.

Warranties in insurance contracts:

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

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

If Jim, Ken, and Lee each deposit 10,000 bushels of wheat in a grain elevator, they would own one-third of the mixture by:

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.

Coinsurance is common in property insurance as a means of sharing risk between the insurer and insured.

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

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

Another term for personal property is:

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

The delivery necessary for a gift may be accomplished constructively.

No warranties are given out by the person who negotiates or transfers a document of title.

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

All bills of lading are negotiable and may be transferred like a check.

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?