Question 1

Which of these is an essential element of a bailment?

Accepted Answer

A)  The bailee has no responsibility for the bailed property.
B)  There has to be a written agreement between the two parties.
C)  The bailee is allowed to make changes to the bailed property.
D)  The bailor owns personal property or holds the right to possess it.E) C) and D)
F) A) and C)

Question 2

Under tariff rules,a common carrier may limit her liability to a shipper's declaration of value,provided that the rates are:

Accepted Answer

A)  not on a take-it-or-leave-it basis.
B)  in writing.
C)  are determined by what is reasonable in the trade.
D)  dependent on value.E) A) and C)
F) B) and C)

Question 3

While eating dinner at a restaurant,Elvis placed his backpack on an empty chair located next to his table.When Elvis left the restaurant,he forgot to pick up the backpack.A few minutes later,Priscilla discovered the backpack and took possession of it.What rights to the backpack do Elvis,Priscilla,and the restaurant have?

Accepted Answer

This question involves mislaid property....

Question 4

Which of the following statements about a state's police power is false?

Accepted Answer

A)  The state can impose reasonable regulations on the use of property.
B)  The state can tax property.
C)  The state can take property for public use.
D)  The state does not have to pay the owner compensation for any property it takes.E) B) and C)
F) A) and D)

Question 5

Which of the following statements is false?

Accepted Answer

A)  When marble is quarried,it is still real property.
B)  Perennial vegetation is usually treated as part of the real property on which it is growing.
C)  When trees and shrubs are severed from the land,they become personal property.
D)  Crops that have to be planted each year are treated as personal property.E) A) and B)
F) A) and C)

Question 6

Which of the following statements about safety-deposit boxes is false?

Accepted Answer

A)  Most courts have concluded that the renter of the box is a bailor and the bank is a bailee.
B)  The bank is not the insurer of the contents of the box.
C)  The bank is obligated to use due care.
D)  The bank is not required to explain loss of or damage to the property entrusted to it.E) A) and D)
F) None of the above

Question 7

Personal property is defined by a process of ________.

Accepted Answer

A)  exclusion
B)  tangibility
C)  consideration
D)  inheritanceE) None of the above
F) A) and B)

Question 8

Which of the following is not an example of real property?

Accepted Answer

A)  Land
B)  Office building
C)  Stock
D)  HouseE) A) and B)
F) None of the above

Question 9

In which of the following circumstances would a hotelkeeper be liable for lost or damaged property?

Accepted Answer

A)  The hotel owner fails to advise guests to put their valuables in the hotel vault.
B)  An act of a governmental authority damaged the goods.
C)  An act by a member of the guest's party damaged the goods.
D)  The nature of the goods caused them to be damaged.E) All of the above
F) None of the above

Question 10

Title to personal property may be obtained by accession,which is the intermixing of goods that belong to different owners.

Accepted Answer

A) True 
 B)False

Question 11

Dan leased a site from Mark for a term of two years.Bob is interested in purchasing the site and makes a great offer to Dan for it.In this case:

Accepted Answer

A)  Dan cannot sell the land because he does not have ownership.
B)  Dan cannot sell the land,unless he stays on it for more than five years.
C)  Dan can sell the land because he has leased it from Mark.
D)  Dan can sell the land if the amount offered is equal to the value of the site.E) B) and C)
F) A) and D)

Question 12

Property means something that can be owned.

Accepted Answer

A) True 
 B)False

Question 13

Amber gave her boyfriend,Hunter,an expensive set of stereo speakers for his birthday.Two days later,Hunter broke up with Amber and began dating Kelly.Amber is both heartbroken and furious.Is she entitled to get the speakers back from Hunter?

Accepted Answer

A)  Yes,because Hunter provided Amber no consideration.
B)  No,because she intended to make a gift of the speakers and actually delivered them to Hunter.
C)  No,because this was a gift causa mortis.
D)  Yes,because a donor is entitled to revoke her gift within a reasonable time.E) A) and C)
F) B) and D)

Question 14

Real property cannot be turned into personal property.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is defined as all objects and rights,other than real property,that can be owned?

Accepted Answer

A)  Tangible property
B)  Personal property
C)  Intangible property
D)  Public propertyE) A) and D)
F) C) and D)

Question 16

The distinction between tangible and intangible property is important for tax purposes because:

Accepted Answer

A)  tangible property is subject to a state's tax,but intangible property is not.
B)  tangible property is subject to tax in the state where its owner lives,whereas intangible property is usually taxable in the state where it was created.
C)  tangible property is subject to tax in the state where it is located,whereas intangible property is usually taxable in the state where it was created.
D)  tangible property is subject to tax in the state where it is located,whereas intangible property is usually taxable in the state where its owner lives.E) All of the above
F) B) and C)

Question 17

Anya leaves her expensive handbag in the washroom of a restaurant.Melissa follows her inside,quietly hides the handbag inside her coat,and leaves the washroom.She refuses to tell Anya the truth,even when Anya frantically starts searching for her handbag as soon as she discovers its loss.Melissa is guilty of:

Accepted Answer

A)  conversion.
B)  bailment.
C)  confusion.
D)  fixture.E) B) and D)
F) None of the above

Question 18

Sarah is hiking in the Clearwater National Forest and her wristwatch falls off her wrist.Sarah does not notice this,and the watch falls onto the trail.Later,Hans finds the watch.How may this watch best be described?

Accepted Answer

A)  Lost property
B)  Mislaid property
C)  Abandoned property
D)  Bailment propertyE) A) and B)
F) All of the above

Question 19

Carl gave his car to be serviced and washed at Harold's carwash.Unknown to either of them,Danny replaces the engine in the car with a new four-speed transmission.Danny now claims that the car belongs to him.Which of the following is true?

Accepted Answer

A)  Carl remains the actual owner,as he always was.
B)  Danny has rights over the car since he improved it.
C)  The car belongs to Harold because he is the owner of the carwash.
D)  Danny can sue both Harold and Carl if they do not pay him.E) B) and D)
F) A) and C)

Question 20

Which of the following characterizes the Uniform Transfers to Minors Act?

Accepted Answer

A)  The custodian must be the transferor himself.
B)  It defines a minor as anyone under the age of 21.
C)  It only covers the transfer of real property to a minor.
D)  It has been adopted in a few states.E) B) and D)
F) B) and C)

Exam 23: Personal Property and Bailments

Correct Answer
verified
This question involves mislaid property....
View Answer

Which of the following is defined as all objects and rights,other than real property,that can be owned?

Correct Answer
verified

Personal property is defined by a process of ________.

Correct Answer
verified

Carl gave his car to be serviced and washed at Harold's carwash.Unknown to either of them,Danny replaces the engine in the car with a new four-speed transmission.Danny now claims that the car belongs to him.Which of the following is true?

Correct Answer
verified

The distinction between tangible and intangible property is important for tax purposes because:

Correct Answer
verified

Correct Answer
verified

Sarah is hiking in the Clearwater National Forest and her wristwatch falls off her wrist.Sarah does not notice this,and the watch falls onto the trail.Later,Hans finds the watch.How may this watch best be described?

Correct Answer
verified

Which of the following statements is false?

Correct Answer
verified

Under tariff rules,a common carrier may limit her liability to a shipper's declaration of value,provided that the rates are:

Correct Answer
verified

Which of the following is not an example of real property?

Correct Answer
verified

Which of the following statements about a state's police power is false?

Correct Answer
verified

Real property cannot be turned into personal property.

Correct Answer
verified

Which of these is an essential element of a bailment?

Correct Answer
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Which of the following characterizes the Uniform Transfers to Minors Act?

Correct Answer
verified

Property means something that can be owned.

Correct Answer
verified

Title to personal property may be obtained by accession,which is the intermixing of goods that belong to different owners.

Correct Answer
verified

Dan leased a site from Mark for a term of two years.Bob is interested in purchasing the site and makes a great offer to Dan for it.In this case:

Correct Answer
verified

Amber gave her boyfriend,Hunter,an expensive set of stereo speakers for his birthday.Two days later,Hunter broke up with Amber and began dating Kelly.Amber is both heartbroken and furious.Is she entitled to get the speakers back from Hunter?

Correct Answer
verified

Which of the following statements about safety-deposit boxes is false?

Correct Answer
verified

In which of the following circumstances would a hotelkeeper be liable for lost or damaged property?

Correct Answer
verified

Exam 23: Personal Property and Bailments

Correct AnswerverifiedThis question involves mislaid property....View AnswerShow Answer

Which of the following is defined as all objects and rights,other than real property,that can be owned?

Correct AnswerverifiedShow Answer

Personal property is defined by a process of ________.

Correct AnswerverifiedShow Answer

Carl gave his car to be serviced and washed at Harold's carwash.Unknown to either of them,Danny replaces the engine in the car with a new four-speed transmission.Danny now claims that the car belongs to him.Which of the following is true?

Correct AnswerverifiedShow Answer

The distinction between tangible and intangible property is important for tax purposes because:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Sarah is hiking in the Clearwater National Forest and her wristwatch falls off her wrist.Sarah does not notice this,and the watch falls onto the trail.Later,Hans finds the watch.How may this watch best be described?

Correct AnswerverifiedShow Answer

Which of the following statements is false?

Correct AnswerverifiedShow Answer

Under tariff rules,a common carrier may limit her liability to a shipper's declaration of value,provided that the rates are:

Correct AnswerverifiedShow Answer

Which of the following is not an example of real property?

Correct AnswerverifiedShow Answer

Which of the following statements about a state's police power is false?

Correct AnswerverifiedShow Answer

Real property cannot be turned into personal property.

Correct AnswerverifiedShow Answer

Which of these is an essential element of a bailment?

Correct AnswerverifiedShow Answer

Which of the following characterizes the Uniform Transfers to Minors Act?

Correct AnswerverifiedShow Answer

Property means something that can be owned.

Correct AnswerverifiedShow Answer

Title to personal property may be obtained by accession,which is the intermixing of goods that belong to different owners.

Correct AnswerverifiedShow Answer

Dan leased a site from Mark for a term of two years.Bob is interested in purchasing the site and makes a great offer to Dan for it.In this case:

Correct AnswerverifiedShow Answer

Amber gave her boyfriend,Hunter,an expensive set of stereo speakers for his birthday.Two days later,Hunter broke up with Amber and began dating Kelly.Amber is both heartbroken and furious.Is she entitled to get the speakers back from Hunter?

Correct AnswerverifiedShow Answer

Which of the following statements about safety-deposit boxes is false?

Correct AnswerverifiedShow Answer

In which of the following circumstances would a hotelkeeper be liable for lost or damaged property?

Correct AnswerverifiedShow Answer

Correct Answer
verified
This question involves mislaid property....
View Answer

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