Question 1

A thief stole Harold's car and installed new speakers in it.Later the police caught the thief and returned the car to Harold.Harold now owns the  speakers by accession.

Accepted Answer

A) True 
 B)False

Question 2

A bill of lading serves as:

Accepted Answer

A)   evidence of the contract of insurance.
B)   a contract for employment.
C)   a receipt for the storage of goods.
D)   a document of title.E) B) and D)
F) B) and C)

Question 3

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

Question 4

Larry leaves his hat under the seat at the movie theater.Is this a bailment?

Accepted Answer

A)   Yes, since the theater controls the building.
B)   No, because the theater manager does not have physical possession of the goods.
C)   Yes, if the theater manager finds it.
D)   No, because Larry did not pay the theater to keep his hat.E) None of the above
F) A) and B)

Question 5

A gift causa mortis is a gift:

Accepted Answer

A)   made by a donor after death in her will.
B)   that is conditional.
C)   made in the contemplation of the donor's imminent death.
D)   T hat is both conditional and  made in the contemplation of the donor's imminent death
E)   T hat is both conditional and  made by a donor after death in her will.F) None of the above
G) B) and E)

Question 6

Explain the difference between lost, mislaid, and abandoned property and who has rights to it.

Accepted Answer

If property is lost (unintentionally lef...

Question 7

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)   tangible property.
B)   fixture.
C)   intangible property.
D)   None of these.E) B) and D)
F) B) and C)

Question 8

Another term for personal property is:

Accepted Answer

A)   fixtures.
B)   chattel.
C)   patent.
D)   realty.E) A) and B)
F) A) and C)

Question 9

Insurance protects a business from:

Accepted Answer

A)   strict liability.
B)   damage from natural causes.
C)   negligence.
D)   tort liability.
E)   All of these are protected.F) A) and C)
G) C) and E)

Question 10

To prevent the use of the insurance policy for wagering purposes, the person who is to be indemnified under the contract must have:

Accepted Answer

A)   a binder.
B)   an insurable interest.
C)   good faith.
D)   a coinsurance clause.E) All of the above
F) None of the above

Question 11

Claudia hires Greg to plant a tree in her yard.Greg discovers a metal box buried in the ground.Greg owns the box and its contents since he is the finder.

Accepted Answer

A) True 
 B)False

Question 12

The failure by an applicant to disclose material facts that an insurer does not know but has a right to know is called:

Accepted Answer

A)   waiver.
B)   concealment.
C)   fidelity.
D)   misrepresentation.E) None of the above
F) B) and C) B

Question 13

The finder of lost property is entitled to possession of it, even against the true owner.

Accepted Answer

A) True 
 B)False

Question 14

The most frequently used documents of title are the warehouse receipts issued by warehousers and the bills of lading issued by carriers.

Accepted Answer

A) True 
 B)False

Question 15

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

Question 16

A negotiable electronic document of title running to the order of a named person or to bearer is negotiated by delivery, which means voluntary transfer of control.

Accepted Answer

A) True 
 B)False  True

Question 17

When goods have been commingled, it is sometimes possible to get title by confusion.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is NOT personal property?

Accepted Answer

A)   Building materials.
B)   An air-conditioning system before it is installed in a house.
C)   Trees that have been cut into logs.
D)   A 140-acre farm.E) A) and D)
F) None of the above

Question 19

Bailments for the bailee's sole benefit are usually limited to the gratuitous loan of personal property for use by the bailee.

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

Five special types of bailments are or i...

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

A thief stole Harold's car and installed new speakers in it.Later the police caught the thief and returned the car to Harold.Harold now owns the speakers by accession.

Correct Answer
verified

A bill of lading serves as:

Correct Answer
verified

Correct Answer
verified
A

Larry leaves his hat under the seat at the movie theater.Is this a bailment?

Correct Answer
verified

A gift causa mortis is a gift:

Correct Answer
verified

Explain the difference between lost, mislaid, and abandoned property and who has rights to it.

Correct Answer
verified
If property is lost (unintentionally lef...
View Answer

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

Correct Answer
verified

Another term for personal property is:

Correct Answer
verified

Insurance protects a business from:

Correct Answer
verified

To prevent the use of the insurance policy for wagering purposes, the person who is to be indemnified under the contract must have:

Correct Answer
verified

Claudia hires Greg to plant a tree in her yard.Greg discovers a metal box buried in the ground.Greg owns the box and its contents since he is the finder.

Correct Answer
verified

The failure by an applicant to disclose material facts that an insurer does not know but has a right to know is called:

Correct Answer
verified
B

The finder of lost property is entitled to possession of it, even against the true owner.

Correct Answer
verified

The most frequently used documents of title are the warehouse receipts issued by warehousers and the bills of lading issued by carriers.

Correct Answer
verified

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?

Correct Answer
verified

A negotiable electronic document of title running to the order of a named person or to bearer is negotiated by delivery, which means voluntary transfer of control.

Correct Answer
verified
True

When goods have been commingled, it is sometimes possible to get title by confusion.

Correct Answer
verified

Which of the following is NOT personal property?

Correct Answer
verified

Bailments for the bailee's sole benefit are usually limited to the gratuitous loan of personal property for use by the bailee.

Correct Answer
verified

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

Correct Answer
verified
Five special types of bailments are or i...
View Answer

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

A thief stole Harold's car and installed new speakers in it.Later the police caught the thief and returned the car to Harold.Harold now owns the speakers by accession.

Correct AnswerverifiedShow Answer

A bill of lading serves as:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedA

Larry leaves his hat under the seat at the movie theater.Is this a bailment?

Correct AnswerverifiedShow Answer

A gift causa mortis is a gift:

Correct AnswerverifiedShow Answer

Explain the difference between lost, mislaid, and abandoned property and who has rights to it.

Correct AnswerverifiedIf property is lost (unintentionally lef...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

Another term for personal property is:

Correct AnswerverifiedShow Answer

Insurance protects a business from:

Correct AnswerverifiedShow Answer

To prevent the use of the insurance policy for wagering purposes, the person who is to be indemnified under the contract must have:

Correct AnswerverifiedShow Answer

Claudia hires Greg to plant a tree in her yard.Greg discovers a metal box buried in the ground.Greg owns the box and its contents since he is the finder.

Correct AnswerverifiedShow Answer

The failure by an applicant to disclose material facts that an insurer does not know but has a right to know is called:

Correct AnswerverifiedB

The finder of lost property is entitled to possession of it, even against the true owner.

Correct AnswerverifiedShow Answer

The most frequently used documents of title are the warehouse receipts issued by warehousers and the bills of lading issued by carriers.

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

A negotiable electronic document of title running to the order of a named person or to bearer is negotiated by delivery, which means voluntary transfer of control.

Correct AnswerverifiedTrue

When goods have been commingled, it is sometimes possible to get title by confusion.

Correct AnswerverifiedShow Answer

Which of the following is NOT personal property?

Correct AnswerverifiedShow Answer

Bailments for the bailee's sole benefit are usually limited to the gratuitous loan of personal property for use by the bailee.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedFive special types of bailments are or i...View AnswerShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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A

Correct Answer
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Correct Answer
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Correct Answer
verified
If property is lost (unintentionally lef...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
B

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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True

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified
Five special types of bailments are or i...
View Answer