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

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?

A friendly fire is one that is contained to an intended place,such as a fireplace,stove,or barbecue grill.

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

Clara receives a telephone call from her Aunt Mary in which Mary says she has decided to give Clara her pet python as a gift.Clara may refuse to accept the gift.

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

A bailment may be made of either real or 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?

Insurance protects a business from:

Another term for personal property is:

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

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:

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

Which of these elements determine the existence of a bailment?

Which of the following is tangible real property?

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

Intangible property does not exist in a physical form.

A lease for office space is considered to be personal property.

A gift causa mortis is a gift:

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

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