Exam 23: Personal Property, Bailments, and Insurance

​Refer to Fact Pattern 23-1. These facts give rise to

When there is an ambiguity in an insurance policy, the provision generally is interpreted against the insurance company.

Ester sells stock in Fast Food Franchise Inc. to Gayle. Ester does not hand the stock certificates to Gayle, but gives her the key to a safety-deposit box in Heartland Bank in which the certificates are locked. This is​

Miranda delivers her bridesmaid's dress to Nina for alterations. Nina promises that the dress will be ready within five business days. Miranda agrees to pay the charge when she picks up the dress. This is​

GR8 Vision, Inc., hires Haul-Way Company to transport fifty large-screen HDTVs from GR8's warehouse in San Diego to an Ideal Electronics retail store in Phoenix. The bailee is​

For estray statutes to apply, property must be mislaid, not merely lost.

To be effective, a gift causa mortis must meet only two requirements: intent and acceptance.

Mena applies for a homeowners' insurance policy on her house with Neighbors Insurance Company through Obie, an agent who works for Neighbors. In this transaction, Obie is​

Phil is an insurance broker. This means that Phil is​

Adrian applies for a life insurance policy that is expressly contingent on him passing a physical examination. The effective date of the policy is the date

An absolute defense against payment exists if the insurer can show that the insured lacked an insurable interest.

Gretel, an inventor, has tools in her workshop, including hammers, a table saw, and drills. She has a patent on her most recent invention, a kitchen gas grill. She licenses the patent to Housewares, Inc. Her tangible personal property includes​

Nero and Omar agree to buy natural gas to sell to Power Fuel Company and to share storage costs until Power Fuel can take delivery. The gas is commingled so that Nero's cannot be distinguished from Omar's. This is​

Earth's Bounty Farms arranges to have Fresh Express, Inc., a common carrier, transport a load of almonds from California to Delaware. Greg is Fresh Express's driver. Fresh Express will not be liable to Earth's Bounty for failing to deliver the almonds on time if​

The owner of the place where property was mislaid becomes the caretaker of the property.

Refer to Fact Pattern 23-1. Truck & Transfer can avoid liability​

A bailment agreement must be express.

Emily checks her luggage at Flyaway Airlines's ticket counter before boarding her flight to Houston. Subject to a bailment is​

An insurance company can cancel an insured's policy at any time.

The implied warranties of merchantability and fitness for a particular purpose extend to bailments that include rights to use the bailed goods.