Exam 43: Personal Property and Bailments

Property voluntarily discarded by its owner with no intention of reclaiming it is abandoned property.

Helen owns heavy construction equipment and the tools to service it,as well as office furniture,including computers.Ilya owns a number of patents,trademarks that identify the products made under those patents,and stock in the company that sells those products.Personal property includes the items owned by

In most bailments,the bailee has a right to place a lien on the bailed property until he or she is fully compensated.

Klondike and Leola own 10,000 shares of stock in My-T Gro Corporation.On the death of ether owner,that owner's interest in the stock passes to the surviving owner.This is

Procter,who is not in contemplation of imminent death,tells his daughter Opal that she can have his Dodge truck on his death,whenever that happens.This is

Uri borrows Vera's boat to enjoy for a weekend.Uri negligently runs the boat aground near Water's Edge Beach,damaging the hull.Liable for the cost of repairing the boat is

Sid borrows Tony's paint sprayer to paint his house.Uma allows Vic to store his posthole digger in her shed.The party with a right to use the bailed property is

Edna and Flavia buy a boat that they dock in a marina near Gulfport,Mississippi.On the death of either owner,that owner's interest in the boat passes to her heirs.This is

Stan is liable for the conversion of Tyler's business law textbook

John steals an old,battered bicycle that is parked,unlocked,in front of a convenience store.He repairs,paints,and replaces parts on the bike until it is like new.The original owner,Kim,claims the bike.The bike belongs to

In an ordinary bailment,a bailee has the right to limit his or her liability.

The most common way to acquire personal property is to "capture" it.

GR8 Stores,Inc.,hires Haul-Way Company,a common carrier,to transport fifty large-screen HDTVs from San Diego to Phoenix.En route,a pothole causes the truck to crash,damaging the goods.Liability for the damage most likely rests with

Venerable Company stores office furniture with Warehouse Storage,Inc.(WSI),under a contract that limits the warehouse company's liability for lost or damaged property to $500.Venerable declines the option to pay a higher storage rate for an increase in the liability limit.The furniture is lost through no fault of WSI.The loss is most likely suffered by

A gift is effective whether or not it is accepted.

Tab stores video equipment with U-Store-It,Inc.,under a contract that excuses the warehouser from liability for any damage.A fire due to U-Store-It's negligence destroys the equipment.The loss is most likely to be imposed on

Property voluntarily placed by its owner and inadvertently forgotten is mislaid property.

A finder acquires title to lost property good against the whole world,including the original owner.

A person who holds all rights in property owns the property in fee simple.

Before undergoing surgery that could cause death,Donnelly,a guitarist,gives his of guitars to Cathy.The surgery is successful,and Donnelly does not die.The gift of the guitars is