Exam 35: Personal Property and Bailments

A gift to a dying donee is a gift causa mortis.

Ira is declared mentally incompetent. Jay, Ira's son, is named his guardian. At Jay's insistence, Ira transfers his assets to Jay "for safekeeping." A court might conclude that this gift is not effective on the ground that there was no

A gift is effective whether or not it is accepted.

Sara has a flat-screen TV, a Blu-ray disc player, set of computer games and an investment portfolio that includes stock in the Internet game company Zynga. Sara's intangible property includes

A finder of mislaid property is an involuntary bailee.

Fred and Joanne are married. Joanne purchases a car. Fred and Joanne each technically own an undivided one-half interest in the car. This is

Faye owns the land on which Golden Spurs Ranch is situated, plus the ranch house, barn, and other structures permanently attached to the land. Faye's brother Huey owns everything else in the ranch's operation-livestock, feed, and so on. The personal property is owned by

Constructive delivery occurs when property is physically transferred.

Inadvertently, Brent leaves his backpack at Chat n' Coffee when he stops for coffee and an hour of Facebook. The backpack is

It is presumed that a co-tenancy is a tenancy in common unless it is clear that the parties intended to establish a joint tenancy.

Stan rents a safe-deposit box at Main Street Bank under a contract that gives Stan exclusive knowledge and control over its contents. This is

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

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

Chatsworth loans his laptop to Zelda. This is

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

In most bailments, the bailee can retain the goods given by the bailor and return equivalent property.

Adding value to a piece of personal property by labor or materials is accession.

A gift causa mortis is effective only if the donor dies and the donee lives.

For an effective bailment, the bailor must deliver possession of the bailed property with its title.

Early one morning, Tab agrees to lend his bike to Sheila, who promises to return it in the evening. Because there is no consideration, there is no contract. This is