Question 1

Margaret told Bill she would give him her concert tickets. Later she changed her mind and decided she wanted to use the tickets after all. Is Margaret required to give Bill the tickets?

Accepted Answer

A)  No, because there was no intent to make a present transfer. 
B)  No, because there was no delivery. 
C)  No, because there was no acceptance. 
D)  All of these are correct.

Question 2

Name and briefly describe the special features or extraordinary duties of five special types of bailments.

Accepted Answer

The answer of Name and briefly describe the special features...

Question 3

At the end of a bailment, a bailee may correctly deliver the bailed property to a third party (other than the bailor) in certain cases.

Accepted Answer

A) True 
 B)False

Question 4

Which of these elements determine the existence of a bailment?

Accepted Answer

A)  A separation of ownership and possession of the property. 
B)  A duty on the party in possession to redeliver the identical property to the owner or to dispose of it according to the owner's directions. 
C)  Neither of these. 
D)  Both a  separation of ownership and possession of the property  and also a  duty on the party in possession to redeliver the identical property to the owner or to dispose of it according to the owner's directions.

Question 5

Intangible real property includes all of the following except:

Accepted Answer

A)  leases. 
B)  fixtures. 
C)  easements. 
D)  None of these. All real property is tangible.

Question 6

Mary cleaned her dorm room in the spring and left a pile of books in Sara's room. Mary told everybody that the books were a gift to Sara. Does Sara have to dispose of them?

Accepted Answer

A)  Yes, because there was a present intent and delivery. 
B)  Yes, because they are constructively in Sara's possession. 
C)  No, because Sara did not accept the books. 
D)  No, because there was no agreement between the two parties.

Question 7

The regulation of insurance has been left to the states.

Accepted Answer

A) True 
 B)False

Question 8

The coverage of fire insurance policies varies by state, but the policies are written for no more than one-year terms.

Accepted Answer

A) True 
 B)False

Question 9

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?

Accepted Answer

A)  No, because Marilyn is not a bailor. 
B)  No, because University is a common carrier. 
C)  No, because the limitation was not communicated to her. 
D)  No, because the limitation is unconscionable.

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

Personal property so firmly attached to real property that an interest in it arises under real property law is known as a(n):

Accepted Answer

A)  fixture. 
B)  tangible property. 
C)  intangible property. 
D)  None of these.

Question 12

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

Accepted Answer

A)  title to the document. 
B)  title to the goods. 
C)  all rights accruing under the law of agency or estoppel. 
D)  All of these are rights.

Question 13

Dr. Olson is a board-certified ophthalmologist who constructs some specially designed examining tables to use in looking at his patient's eyes. The tables are firmly attached to the floor of the space he rents for his office. If Dr. Olson decides to move his office, which of the following is correct?

Accepted Answer

A)  The tables are fixtures that cannot be removed. 
B)  The tables are trade fixtures. 
C)  Dr. Olson may remove the tables if they can be removed without materially damaging the realty. 
D)  The tables are trade fixture and that  Dr. Olson may remove the tables if they can be removed without materially damaging the realty.

Question 14

If Jim, Ken, and Lee each deposit 10,000 bushels of wheat in a grain elevator, they would own one-third of the mixture by:

Accepted Answer

A)  accession. 
B)  adverse possession. 
C)  prescription. 
D)  confusion.

Question 15

Patent rights are considered to be personal property.

Accepted Answer

A) True 
 B)False

Question 16

The holder of a negotiable document of title to whom the document has been duly negotiated has legal title to the goods covered by the document.

Accepted Answer

A) True 
 B)False

Question 17

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:

Accepted Answer

A)  not recover the ring because it was a gift. 
B)  recover the ring because he did not break the engagement and the gift was conditional. 
C)  not recover the ring even if the marriage does not take place because gifts cannot be conditional. 
D)  not recover the ring unless the reason the marriage was called off was Karen's death.

Question 18

No warranties are given out by the person who negotiates or transfers a document of title.

Accepted Answer

A) True 
 B)False

Question 19

Showplace insures its $160,000 building with two insurers: with Hometown Insurance for $60,000 and with National Insurance for $120,000. The building suffers a fire loss of $75,000. From whom and for how much can Showplace collect?

Accepted Answer

The answer of Showplace insures its $160,000 building with two...

Question 20

A bailment may be made of either real or personal property.

Accepted Answer

A) True 
 B)False

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

Margaret told Bill she would give him her concert tickets. Later she changed her mind and decided she wanted to use the tickets after all. Is Margaret required to give Bill the tickets?

Name and briefly describe the special features or extraordinary duties of five special types of bailments.

At the end of a bailment, a bailee may correctly deliver the bailed property to a third party (other than the bailor) in certain cases.

Which of these elements determine the existence of a bailment?

Intangible real property includes all of the following except:

Mary cleaned her dorm room in the spring and left a pile of books in Sara's room. Mary told everybody that the books were a gift to Sara. Does Sara have to dispose of them?

The regulation of insurance has been left to the states.

The coverage of fire insurance policies varies by state, but the policies are written for no more than one-year terms.

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

Personal property so firmly attached to real property that an interest in it arises under real property law is known as a(n) :

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

If Jim, Ken, and Lee each deposit 10,000 bushels of wheat in a grain elevator, they would own one-third of the mixture by:

Patent rights are considered to be personal property.

The holder of a negotiable document of title to whom the document has been duly negotiated has legal title to the goods covered by the document.

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:

No warranties are given out by the person who negotiates or transfers a document of title.

Showplace insures its $160,000 building with two insurers: with Hometown Insurance for $60,000 and with National Insurance for $120,000. The building suffers a fire loss of $75,000. From whom and for how much can Showplace collect?

A bailment may be made of either real or personal property.