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

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?

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

At the end of a bailment, a bailee may correctly deliver the bailed property to a third party (other than the bailor) in certain cases.

Which of these elements determine the existence of a bailment?

Intangible real property includes all of the following except:

Mary cleaned her dorm room in the spring and left a pile of books in Sara's room. Mary told everybody that the books were a gift to Sara. Does Sara have to dispose of them?

The regulation of insurance has been left to the states.

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

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?

Insurance companies have been successful in limiting the authority of local selling agents to bind the company through waiver or estoppel.

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

The rights of a holder of a negotiable document of title to whom it has been duly negotiated include:

Dr. Olson is a board-certified ophthalmologist who constructs some specially designed examining tables to use in looking at his patient's eyes. The tables are firmly attached to the floor of the space he rents for his office. If Dr. Olson decides to move his office, which of the following is correct?

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:

Patent rights are considered to be personal property.

The holder of a negotiable document of title to whom the document has been duly negotiated has legal title to the goods covered by the document.

Don asked Karen to marry him and gave her a 1/2-carat diamond engagement ring. Three months later, Karen broke the engagement because she decided she was not ready for marriage yet. According to most courts, Don may:

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

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 bailment may be made of either real or personal property.