Question 1

A bill of lading is:

Accepted Answer

A)  a document of title that is issued by a carrier-bailee to the bailor when goods are received for transportation. 
B)  a bill issued by the bailor to the carrier-bailee when goods are delivered for transportation. 
C)  a bill for shipping charges issued by the bailee. 
D)  a bill for shipping charges issued by the bailor. 
E)  a bill for any incidental expenses incurred in transporting the goods. 
A)  a document of title that is issued by a carrier-bailee to the bailor when goods are received for transportation. 
B)  a bill issued by the bailor to the carrier-bailee when goods are delivered for transportation. 
C)  a bill for shipping charges issued by the bailee. 
D)  a bill for shipping charges issued by the bailor. 
E)  a bill for any incidental expenses incurred in transporting the goods.

Question 2

The most common method of acquiring title to personal property is by purchasing the property from its owner.

Accepted Answer

A) True 
 B)False

Question 3

Mona owns a home heating oil delivery business,and due to home heating costs and customer changeovers to gas and electric heating,her business is losing money.She conceives a plan in which she will go to people's homes while they are not there and fill their tanks.She will then notify the homeowner,telling them that she made a mistake,and billing them for the oil delivered.Aside from the obvious,what is she doing with regard to personal property,and do people actually have to pay for the oil?

Accepted Answer

By adding her oil to the homeowner's oil

Question 4

A bailment without a fixed term is called a(n)________.

Accepted Answer

A)  constructive bailment 
B)  quasi-bailment 
C)  bailment in perpetuity 
D)  implied bailment 
E)  bailment at will 
A)  constructive bailment 
B)  quasi-bailment 
C)  bailment in perpetuity 
D)  implied bailment 
E)  bailment at will

Question 5

Julie owns a mare named Echo.Echo gives birth to a colt.Pursuant to succession,Julie owns the newborn colt.

Accepted Answer

A) True 
 B)False

Question 6

If the person who dies has a valid will,the property is distributed to beneficiaries pursuant to the provisions of the will.

Accepted Answer

A) True 
 B)False

Question 7

For necessary charges and expenses,a carrier has a lien on goods in its possession covered by a bill of lading.

Accepted Answer

A) True 
 B)False

Question 8

What is the importance of the classification of bailments based on who benefits from the bailment?

Accepted Answer

A)  Such classification determines if compensation must be paid. 
B)  Such classification determines the degree of care that the bailee owes in terms of care for the property. 
C)  Such classification determines if the bailee is obligated to return the bailed property. 
D)  Such classification determines who must provide insurance for the bailed property. 
E)  Such classification determines under what circumstances the bailee is strictly liable for the property. 
A)  Such classification determines if compensation must be paid. 
B)  Such classification determines the degree of care that the bailee owes in terms of care for the property. 
C)  Such classification determines if the bailee is obligated to return the bailed property. 
D)  Such classification determines who must provide insurance for the bailed property. 
E)  Such classification determines under what circumstances the bailee is strictly liable for the property.

Question 9

The beneficiary of a life insurance policy is the person whose life is insured.

Accepted Answer

A) True 
 B)False

Question 10

A "common carrier" trucking company will be liable for loss or damage to goods:

Accepted Answer

A)  if the truck is hijacked by a gang of thieves. 
B)  if the truck is destroyed by a sudden tornado. 
C)  if the police impound the truck and destroy the cargo during a search. 
D)  never, because common carriers are free from bailment liability. 
E)  always, because common carriers are strictly liable for all goods in their possession and control. 
A)  if the truck is hijacked by a gang of thieves. 
B)  if the truck is destroyed by a sudden tornado. 
C)  if the police impound the truck and destroy the cargo during a search. 
D)  never, because common carriers are free from bailment liability. 
E)  always, because common carriers are strictly liable for all goods in their possession and control.

Question 11

In property law,"confusion" refers to an owner being unable to determine the extent of his property.

Accepted Answer

A) True 
 B)False

Question 12

The Uniform Transfers to Minors Act is uniform federal law,and states are required to follow it according to the Supremacy Clause of the United States Constitution.

Accepted Answer

A) True 
 B)False

Question 13

What was the court's decision in Willsmore v.Township of Oceola,Michigan,in which the plaintiff sought clarification regarding the ownership of money found within a suitcase he found while hunting?

Accepted Answer

A)  Because the suitcase was placed in a hole and the time was taken to intentionally cover it up, the suitcase was mislaid and not lost, so Willsmore as the finder had no rights. 
B)  Powell, the owner of the property where the suitcase was found, had superior rights to any finders of personal property on his real estate. 
C)  The Township's Lost Property Act was unconstitutional, because requiring finders to forfeit fifty percent of the value of any found property is excessive, and violates common law principles giving one hundred percent of the found property to the finder. 
D)  Willsmore complied with all required notice and posting provisions of the Township's Lost Property Act, so he was entitled to his share of the money. 
E)  Because $383,840 found in a watertight suitcase, buried and hidden in an unoccupied property, was obviously money from a criminal activity, Willsmore had no claim to the funds, and the money therefore goes to the Township. 
A)  Because the suitcase was placed in a hole and the time was taken to intentionally cover it up, the suitcase was mislaid and not lost, so Willsmore as the finder had no rights. 
B)  Powell, the owner of the property where the suitcase was found, had superior rights to any finders of personal property on his real estate. 
C)  The Township's Lost Property Act was unconstitutional, because requiring finders to forfeit fifty percent of the value of any found property is excessive, and violates common law principles giving one hundred percent of the found property to the finder. 
D)  Willsmore complied with all required notice and posting provisions of the Township's Lost Property Act, so he was entitled to his share of the money. 
E)  Because $383,840 found in a watertight suitcase, buried and hidden in an unoccupied property, was obviously money from a criminal activity, Willsmore had no claim to the funds, and the money therefore goes to the Township.

Question 14

In a life insurance policy,there must be an insurable interest at the time of the insured's death.

Accepted Answer

A) True 
 B)False

Question 15

If there is no direct evidence that a donee has accepted a gift,the courts will presume that the gift was not accepted.

Accepted Answer

A) True 
 B)False

Question 16

Most standard fire insurance policies limit recovery to damage caused by hostile fires.

Accepted Answer

A) True 
 B)False

Question 17

In the case of a life insurance policy on the insured's own life,it is not necessary for the named beneficiary to have an insurable interest in the insured.

Accepted Answer

A) True 
 B)False

Question 18

The finder of lost property acquires:

Accepted Answer

A)  no rights in the property. 
B)  rights that are good against everyone but the true owner. 
C)  rights that are good against everyone, including the true owner. 
D)  rights to use the property until it must be turned over to the state. 
E)  a life estate in the found property. 
A)  no rights in the property. 
B)  rights that are good against everyone but the true owner. 
C)  rights that are good against everyone, including the true owner. 
D)  rights to use the property until it must be turned over to the state. 
E)  a life estate in the found property.

Question 19

If property is owned concurrently by two (2)or more persons,there is divergent ownership.

Accepted Answer

A) True 
 B)False

Question 20

Pat is an avid mountain biker who knows a great deal about bicycle repair.Tom is also a mountain biker,but he does not know much about bicycles or their repair.The gears on Tom's bike were not working properly,so he took his bike to Pat and asked if Pat would repair it.Pat said that was possible,so Tom left his bike with Pat for the week.Pat was able to fix and adjust the gears on Tom's bike so that they worked properly.Tom's bike was a "top-of-the-line" model,and much newer than Pat's bike.When Tom called Pat on Friday to see if the bike was ready for him to pick up,Pat asked to keep the bike until Sunday.Pat said she wanted to try the bike out on Sunday on a ride with some friends,and Tom told Pat that this was acceptable.On Saturday night,the bike was stolen off Pat's third-floor apartment balcony where the bike was unlocked.Assume the historical rules are in place and that the state has not passed any specific statute covering this situation.Discuss whether Pat is liable to Tom for the loss.

Accepted Answer

The first issue is to determine who bene

Exam 37: Personal Property, Bailment, and Insurance

A bill of lading is:

The most common method of acquiring title to personal property is by purchasing the property from its owner.

A bailment without a fixed term is called a(n)________.

Julie owns a mare named Echo.Echo gives birth to a colt.Pursuant to succession,Julie owns the newborn colt.

If the person who dies has a valid will,the property is distributed to beneficiaries pursuant to the provisions of the will.

For necessary charges and expenses,a carrier has a lien on goods in its possession covered by a bill of lading.

What is the importance of the classification of bailments based on who benefits from the bailment?

The beneficiary of a life insurance policy is the person whose life is insured.

A "common carrier" trucking company will be liable for loss or damage to goods:

In property law,"confusion" refers to an owner being unable to determine the extent of his property.

The Uniform Transfers to Minors Act is uniform federal law,and states are required to follow it according to the Supremacy Clause of the United States Constitution.

What was the court's decision in Willsmore v.Township of Oceola,Michigan,in which the plaintiff sought clarification regarding the ownership of money found within a suitcase he found while hunting?

In a life insurance policy,there must be an insurable interest at the time of the insured's death.

If there is no direct evidence that a donee has accepted a gift,the courts will presume that the gift was not accepted.

Most standard fire insurance policies limit recovery to damage caused by hostile fires.

In the case of a life insurance policy on the insured's own life,it is not necessary for the named beneficiary to have an insurable interest in the insured.

The finder of lost property acquires:

If property is owned concurrently by two (2)or more persons,there is divergent ownership.

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