Exam 23: Personal Property, Bailments, and Insurance

One morning, Rochelle agrees to lend her bike to Steve, who promises to return it in the evening. This is​

Yogi loans his laptop to Zoey under an agreement to return the laptop in a week. This is

​Estelle owns and operates a commercial dairy farm with her son Gabe. Estelle applies to obtain an insurance policy from Farm & Ranch Insurance Company to pay $1 million to Gabe on Estelle's death. This is​

Manufacturers acquire ownership of their work through production.

Accession occurs when someone adds value to an item of personal property by the use of labor or materials.

A gift is essentially a voluntary transfer of property ownership for which no consideration is given.

Energy Industries, Inc., obtains insurance policies with Fidelity Insurance, Inc., and Goodworth Insurance Company against the risk of loss of Energy's property. Each policy includes a multiple insurance clause. A fire partially destroys one of Energy's buildings. Energy can collect from Fidelity​

Nagel allows O'Neill to store his trailer on Nagel's property for $50 a month while O'Neill is out of town on a job for Plain States Construction, his employer. The bailor is​

In contemplation of death during risky surgery, Donnelly, a guitarist, gives his guitars to Cathy. The surgery is successful, and Donnelly does not die. The gift of the guitars is

Under an antilapse clause, an insurance policy will not lapse under any circumstances.

Portia is the beneficiary of a life insurance policy on Quentin's life that Quentin obtained from Renewall Insurance Company through Stan, an insurance broker. The insured of this policy is

The delivery of goods to a common carrier creates a bailment relationship between the shipper and the carrier.

Donovan obtains from Equity Insurance Company a policy that provides that if the parties cannot agree on the amount of a loss covered by the policy, an estimate of the value by an impartial third party can be de-manded. This is​

Commerce & Business Insurance, Inc., has a valid reason to cancel a policy issued to DIY Auto & Truck Parts Company. In most states, Commerce & Business could cancel the policy on​

U-Rents Company wants to insure the equipment that it rents to consumers. To obtain insurance, U-Rents must have an insurable interest in the property​

A hotel owner may be strictly liable for any loss or damage to their guests' personal property.

A business organization cannot obtain insurance on the life of a person, even on the life of an individual who is important to that organization.

EquipLease Company leases a thresher to Farm Harvest, Inc., a firm that contracts with farm owners to harvest their crops. The machine is seriously damaged through Farm Harvest's neglect. Most likely liable for the damage is​

​Nancy asks Octavio if she can store her car in his garage while she serves in the U.S. Peace Corps. Octavio agrees. This is

A person who obtains insurance from an insurance company's agent is not usually protected until a formal written policy is issued.