Exam 34: Personal Property and Bailments

Businesses do not usually pay taxes on the personal property they own, use, or lease, including office or farm equipment and supplies.

Emily checks her luggage at Flyaway Airlines's ticket counter before boarding her flight to Houston. Subject to a bailment is​

How property is taxed and what is required to transfer or acquire property is determined by whether the property is classified as tangible or intangible.

Property consists of the legally protected rights and interest of a person in anything with an ascertainable value that is subject to ownership.

Ben allows Cody to store his trailer on Ben's property for $20 a month while Cody is out of town on a job for Plain States Construction, his employer. The bailor is​

Shari owns a television, video games, and stock in the game company Time Travel, Inc. Shari’s intangible property includes

For estray statutes to apply, property must be mislaid, not merely lost.

Nero and Omar agree to buy natural gas to sell to Power Fuel Company and to share storage costs until Power Fuel can take delivery. The gas is commingled so that Nero's cannot be distinguished from Omar's. This is​

Angela is in good health and sound mind when she gives Brianna a quarter horse. Brianna accepts. This is a gift​

A gift is effective whether or not it is accepted.

Paca is declared mentally incompetent. Quelita, Paca's friend, insists that Paca transfer her assets to Quelita "for safekeeping." If Paca makes this "gift," a court might conclude that it is not effective on the ground that there was no​

Only personal property, not real property or persons, can be the subject of a bailment.

A bailment agreement must be express.

Miranda delivers her bridesmaid's dress to Nina for alterations. Nina promises that the dress will be ready within five business days. Miranda agrees to pay the charge when she picks up the dress. This is​

In a bailment of fungible goods, the bailee must return the identical goods given by the bailor.

Real property can be turned into personal property by detaching it from the land.

A gift is essentially a voluntary transfer of property ownership for which no consideration is given.

Warehouse companies are not liable for loss or damage to property resulting from negligence.

Common carriers can contract away their liability for damaged goods.

Derrick buys a hunting license and goes hunting. He shoots a deer, cleans it, and takes it back to his truck. He takes the deer to town and has the meat processed. Derrick's acquisition of the deer is by​