Question 1

Dick buys a fishing license and goes fishing. He catches a rainbow trout, cleans it, cooks it, and eats it. Dick's acquisition of the trout is by​

Accepted Answer

A)  ​possession. 
B)  ​accession. 
C)  ​preparation. 
D)  ​production. 
A)  ​possession. 
B)  ​accession. 
C)  ​preparation. 
D)  ​production.

Question 2

Dona owns factory machinery and the tools to service it, as well as office furniture, including computers. Emily owns patents, trademarks that identify the products made under those patents, and stock in the company that sells those products. Personal property includes items owned by​

Accepted Answer

A)  ​Dona and Emily. 
B)  ​Dona only. 
C)  ​Emily only. 
D)  ​neither Dona nor Emilio. 
A)  ​Dona and Emily. 
B)  ​Dona only. 
C)  ​Emily only. 
D)  ​neither Dona nor Emilio.

Question 3

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​

Accepted Answer

A)  ​an implied bailment. 
B)  ​an involuntary bailment. 
C)  ​an express bailment. 
D)  ​not a bailment. 
A)  ​an implied bailment. 
B)  ​an involuntary bailment. 
C)  ​an express bailment. 
D)  ​not a bailment.

Question 4

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

Accepted Answer

A)  ​not revoked because it was a gift causa mortis. 
B)  ​not revoked because it was a gift inter vivos. 
C)  ​revoked because it was a gift causa mortis. 
D)  ​revoked because it was a gift inter vivos. 
A)  ​not revoked because it was a gift causa mortis. 
B)  ​not revoked because it was a gift inter vivos. 
C)  ​revoked because it was a gift causa mortis. 
D)  ​revoked because it was a gift inter vivos.

Question 5

In a bailment of fungible goods, the bailee must return the identical goods given by the bailor.​

Accepted Answer

A) True 
 B)False

Question 6

Gina buys silver to make jewelry. The finished products are sold to Hand Crafts, a shop that sells these items and others to customers who often present them as gifts. The most common way to acquire personal property is to​

Accepted Answer

A)  ​purchase it. 
B)  ​add value to it. 
C)  ​make it. 
D)  ​receive it as a gift. 
A)  ​purchase it. 
B)  ​add value to it. 
C)  ​make it. 
D)  ​receive it as a gift.

Question 7

Gail, an inventor, has tools in her workshop. She has a patent on her most recent invention, a convection oven. She licenses the patent to Housewares, Inc. Her tangible personal property includes​

Accepted Answer

A)  ​the tools. 
B)  ​the license. 
C)  ​the patent. 
D)  ​all of the choices. 
A)  ​the tools. 
B)  ​the license. 
C)  ​the patent. 
D)  ​all of the choices.

Question 8

Property would have little value if the law did not define the rights of owners to use, sell, dispose of, and control their property.​

Accepted Answer

A) True 
 B)False

Question 9

Marcy owns land in North Dakota under which deposits of oil shale are discovered. Marcy sells the rights to the shale to Oil Mining Inc. Once the oil in the rock is removed, it will be considered​

Accepted Answer

A)  ​personal property. 
B)  ​real property. 
C)  ​intangible property. 
D)  ​none of the choices. 
A)  ​personal property. 
B)  ​real property. 
C)  ​intangible property. 
D)  ​none of the choices.

Question 10

Manufacturers acquire ownership of their work through production.​

Accepted Answer

A) True 
 B)False

Question 11

All transactions involving the delivery of property from one person to another create a bailment.​

Accepted Answer

A) True 
 B)False

Question 12

Constructive delivery confers the right to take possession of an object.​

Accepted Answer

A) True 
 B)False

Exam 48: Personal Property and Bailments

Dick buys a fishing license and goes fishing. He catches a rainbow trout, cleans it, cooks it, and eats it. Dick's acquisition of the trout is by​

Dona owns factory machinery and the tools to service it, as well as office furniture, including computers. Emily owns patents, trademarks that identify the products made under those patents, and stock in the company that sells those products. Personal property includes items owned by​

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​

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

In a bailment of fungible goods, the bailee must return the identical goods given by the bailor.​

Gina buys silver to make jewelry. The finished products are sold to Hand Crafts, a shop that sells these items and others to customers who often present them as gifts. The most common way to acquire personal property is to​

Gail, an inventor, has tools in her workshop. She has a patent on her most recent invention, a convection oven. She licenses the patent to Housewares, Inc. Her tangible personal property includes​

Property would have little value if the law did not define the rights of owners to use, sell, dispose of, and control their property.​

Marcy owns land in North Dakota under which deposits of oil shale are discovered. Marcy sells the rights to the shale to Oil Mining Inc. Once the oil in the rock is removed, it will be considered​

Manufacturers acquire ownership of their work through production.​

All transactions involving the delivery of property from one person to another create a bailment.​

Constructive delivery confers the right to take possession of an object.​

Law and Legal Reasoning

Courts and Alternative Dispute Resolution

Court Procedures

Business and the Constitution

Business Ethics

Tort Law

Strict Liability and Product Liability

Intellectual Property Rights

Internet Law, Social Media, and Privacy

Criminal Law and Cyber Crime

Nature and Terminology

Agreement in Traditional and E-Contracts

Consideration

Capacity and Legality

Mistakes, Fraud, and Voluntary Consent

The Writing Requirement in Our Digital World

Third Party Rights

Performance and Discharge

Breach of Contract and Remedies

The Formation of Sales and Lease Contracts

Title, Risk, and Insurable Interest

Performance and Breach of Sales and Lease Contracts

Warranties

International and Space Law

Negotiable Instruments

Transferability and Holder in Due Course

Liability, Defenses, and Discharge

Banking in the Digital Age

Creditors Rights and Remedies

Secured Transactions

Bankruptcy Law

Agency Formation and Duties

Agency Liability and Termination

Employment, Immigration, and Labor Law

Employment Discrimination

Small Businesses and Franchises

All Forms of Partnerships

Limited Liability Companies and Special Business Forms

Corporate Formation and Financing

Corporate Directors, Officers, and Shareholders

Mergers and Takeovers

Investor Protection, Insider Trading, and Corporate Governance

Administrative Agencies

Consumer Law

Environmental Protection

Antitrust Law

Professional Liability and Accountability

Real Property and Landlord-Tenant Law

Insurance

Wills and Trusts

The Legal Environment of Business

Torts and Crimes

Contracts and E-Contracts

Domestic and International Sales and Lease Contracts

Negotiable Instruments

Creditors Rights and Bankruptcy

Agency and Employment

Business Organizations

Government Regulation

Property and Its Protection

Filters

Dick buys a fishing license and goes fishing. He catches a rainbow trout, cleans it, cooks it, and eats it. Dick's acquisition of the trout is by

Dona owns factory machinery and the tools to service it, as well as office furniture, including computers. Emily owns patents, trademarks that identify the products made under those patents, and stock in the company that sells those products. Personal property includes items owned by

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

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

In a bailment of fungible goods, the bailee must return the identical goods given by the bailor.

Gina buys silver to make jewelry. The finished products are sold to Hand Crafts, a shop that sells these items and others to customers who often present them as gifts. The most common way to acquire personal property is to

Gail, an inventor, has tools in her workshop. She has a patent on her most recent invention, a convection oven. She licenses the patent to Housewares, Inc. Her tangible personal property includes

Property would have little value if the law did not define the rights of owners to use, sell, dispose of, and control their property.

Marcy owns land in North Dakota under which deposits of oil shale are discovered. Marcy sells the rights to the shale to Oil Mining Inc. Once the oil in the rock is removed, it will be considered

Manufacturers acquire ownership of their work through production.

All transactions involving the delivery of property from one person to another create a bailment.

Constructive delivery confers the right to take possession of an object.