Question 1

Most of the goods contained in a freight train (a common carrier) were destroyed when a tornado wrecked the train. The carrier was sued for damages by all the shippers that had merchandise on the train. Is the carrier strictly liable for the damage done to the goods by the tornado?

Accepted Answer

The answer of Most of the goods contained in a...

Question 2

The difference between an inter vivos gift and a gift causa mortis is that the inter vivos gift is made during the donor's lifetime and a gift causa mortis is a gift made after the donor's lifetime by the donor's estate.

Accepted Answer

A) True 
 B)False

Question 3

Jared owns 100 acres of woodland. One day, he and Margie are hiking through Jared's woods and Margie finds a gold ring. The true owner is never discovered. Which of the following statements about this situation is correct?

Accepted Answer

A)  Because the ring was found on Jared's property, he is probably entitled to keep it. 
B)  Margie found the ring, and since the true owner is unknown the ring now belongs to her. 
C)  By law, Margie needs to return the ring to the spot where she found it, just in case the true owner returns for it. 
D)  The ring must be sold and the profit split evenly between Jared and Margie.

Question 4

Discuss whether or not the following common transactions are bailments and if so, who the bailor/bailee is, and what type of bailment is involved.
A)Renting storage space in Farmer's Frank's huge barn to keep your classic car out of the snow and ice of winter. The rental agreement provides for $100/month rent and Farmer Frank has the only access to the barn.
B)Hiring a moving company to move your belongings to a new residence.
C)Loaning your lawn mower to your neighbor.
D)Parking your car in a "park and lock" parking lot.

Accepted Answer

The answer of Discuss whether or not the following common...

Question 5

A bailment is different from a gift because

Accepted Answer

A)  a gift requires consideration, but a bailment does not. 
B)  a gift requires delivery, but a bailment does not. 
C)  in a bailment, only possession of the property is transferred to the bailee, whereas with a gift, both possession and ownership must pass to the donee. 
D)  a gift is always a contract, but a bailment is generally not a contract.

Exam 43: Personal Property and Bailment

Most of the goods contained in a freight train (a common carrier) were destroyed when a tornado wrecked the train. The carrier was sued for damages by all the shippers that had merchandise on the train. Is the carrier strictly liable for the damage done to the goods by the tornado?

The difference between an inter vivos gift and a gift causa mortis is that the inter vivos gift is made during the donor's lifetime and a gift causa mortis is a gift made after the donor's lifetime by the donor's estate.

Jared owns 100 acres of woodland. One day, he and Margie are hiking through Jared's woods and Margie finds a gold ring. The true owner is never discovered. Which of the following statements about this situation is correct?

A bailment is different from a gift because