Exam 48: The Nature of Property, Personal Property, and Bailments

Which of the following is true if a bailment is intended to benefit only the bailor?

When a bailment is for the purpose of transportation or storage of goods, certain _____, governed by Article VII of the Uniform Commercial Code, may be issued in conjunction with the bailment.

"Stolen Bicycle." Donnie borrowed the bicycle of his friend Karen. She told him that she was happy for him to use it for free, but she would appreciate him taking good care of it. Donnie said nothing in reply. Although Donnie lived in a high crime neighborhood, he left the bicycle unlocked on his deck. The next morning, he discovered that the bicycle had been stolen. Donnie told Karen that he was very sorry about the bicycle. Karen told him that she expected him to pay for it. Donnie refused on the basis that a thief took the bicycle. Donnie told Karen that he believes he knows the identity of the thief and that since only Karen has the right to sue to recover the property, he has no further responsibility. -Which of the following is true regarding the bailment situation, or lack thereof, existing between Donnie and Karen?

Property that the original owner has discarded is ______ property.

The ______ is the person who transfers possession of personality in a bailment situation.