Question 1

What is a warehouse receipt?

Accepted Answer

A) a receipt received by a warehouse after the bailor has retrieved the bailed goods and payment has been made 
B) a document of title issued by a warehouse company stating that the bailor has title to the bailed goods 
C) a certificate of authenticity issued by a warehouse stating that it is certified to hold bailed goods 
D) an inventory list provided to the warehouse company by the bailor of the bailed goods 
A) a receipt received by a warehouse after the bailor has retrieved the bailed goods and payment has been made 
B) a document of title issued by a warehouse company stating that the bailor has title to the bailed goods 
C) a certificate of authenticity issued by a warehouse stating that it is certified to hold bailed goods 
D) an inventory list provided to the warehouse company by the bailor of the bailed goods

Question 2

In a bailment for the sole benefit of the bailor,the bailee owes a duty of great care to protect the bailed property.

Accepted Answer

A) True 
 B)False

Question 3

Personal property that is permanently affixed to land or buildings is referred to as chattel.

Accepted Answer

A) True 
 B)False

Question 4

Give an account of the duration and termination of bailments.

Accepted Answer

A bailment generally expires at a specif

Question 5

The bill of lading is a document of title that is issued by a common carrier to the bailee when goods are received for transportation.

Accepted Answer

A) True 
 B)False

Question 6

The finder of an abandoned property holds title against the whole world except the owner.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is true of mislaid property with regard to the person who finds it?

Accepted Answer

A) The finder becomes the owner of the property. 
B) The finder has the right to share it with the original owner. 
C) The finder is not entitled to possess the property. 
D) The finder is absolved of any responsibility of the mislaid property. 
A) The finder becomes the owner of the property. 
B) The finder has the right to share it with the original owner. 
C) The finder is not entitled to possess the property. 
D) The finder is absolved of any responsibility of the mislaid property.

Question 8

A(n)________ statute permits a finder of mislaid or lost property to clear title to the property if certain prescribed legal formalities are met.

Accepted Answer

A) estate 
B) estray 
C) lading 
D) recording 
A) estate 
B) estray 
C) lading 
D) recording

Question 9

Which of the following is considered real property?

Accepted Answer

A) a plantation 
B) a car 
C) a piece of furniture 
D) a copyrighted song 
A) a plantation 
B) a car 
C) a piece of furniture 
D) a copyrighted song

Question 10

What is a warehouse receipt?

Accepted Answer

A warehouse receipt is a document of tit

Question 11

A finder who refuses to return a lost property to the loser is liable for the tort of conversion.

Accepted Answer

A) True 
 B)False

Question 12

Property that an owner voluntarily places somewhere and then inadvertently forgets is known as ________ property.

Accepted Answer

A) real 
B) abandoned 
C) mislaid 
D) lost 
A) real 
B) abandoned 
C) mislaid 
D) lost

Question 13

Which of the following is an example of intangible property?

Accepted Answer

A) copyrights 
B) fixtures 
C) minerals 
D) automobiles 
A) copyrights 
B) fixtures 
C) minerals 
D) automobiles

Question 14

Shelton Engines has built a new model of engines that can withstand more heat than the competing engines in its class.Lokin Inc.,a sports car manufacturer,________ the equipment from Shelton Engines for $1,000,000.Shelton Engines transfers title to the engine to Lokin.Lokin is now the owner of the equipment.

Accepted Answer

A) captures 
B) leases 
C) purchases 
D) produces 
A) captures 
B) leases 
C) purchases 
D) produces

Question 15

Which of the following duties is owed by the parties in a mutual benefit bailment?

Accepted Answer

A) duty of great care 
B) duty of slight care 
C) duty of ordinary care 
D) duty of utmost care 
A) duty of great care 
B) duty of slight care 
C) duty of ordinary care 
D) duty of utmost care

Question 16

Warehousers are subject to the rights,duties,and liability of an ordinary bailee.

Accepted Answer

A) True 
 B)False

Question 17

Title to goods cannot be acquired by confusion.

Accepted Answer

A) True 
 B)False

Question 18

For a tangible gift to be considered valid,the donor must make the delivery in person.

Accepted Answer

A) True 
 B)False

Question 19

Only personal property can be used in a bailment.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following methods of acquiring ownership is least used today?

Accepted Answer

A) purchase 
B) capture 
C) gift 
D) production 
A) purchase 
B) capture 
C) gift 
D) production

Exam 47: Personal Property, real Property, and Insurance

What is a warehouse receipt?

In a bailment for the sole benefit of the bailor,the bailee owes a duty of great care to protect the bailed property.

Personal property that is permanently affixed to land or buildings is referred to as chattel.

Give an account of the duration and termination of bailments.

The bill of lading is a document of title that is issued by a common carrier to the bailee when goods are received for transportation.

The finder of an abandoned property holds title against the whole world except the owner.

Which of the following is true of mislaid property with regard to the person who finds it?

A(n)________ statute permits a finder of mislaid or lost property to clear title to the property if certain prescribed legal formalities are met.

Which of the following is considered real property?

What is a warehouse receipt?

A finder who refuses to return a lost property to the loser is liable for the tort of conversion.

Property that an owner voluntarily places somewhere and then inadvertently forgets is known as ________ property.

Which of the following is an example of intangible property?

Which of the following duties is owed by the parties in a mutual benefit bailment?

Warehousers are subject to the rights,duties,and liability of an ordinary bailee.

Title to goods cannot be acquired by confusion.

For a tangible gift to be considered valid,the donor must make the delivery in person.

Only personal property can be used in a bailment.

Which of the following methods of acquiring ownership is least used today?

Legal Environment of Business and Online Commerce

Courts and Jurisdiction

Judicial, alternative, and Online Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Product and Strict Liability

Intellectual Property and Cyber Piracy

Criminal Law and Cyber Crime

Nature of Traditional and E-Contracts

Agreement

Consideration and Promissory Estoppel

Capacity and Legality

Genuineness of Assent and Undue Influence

Statute of Frauds and Equitable Exceptions

Third-Party Rights and Discharge

Remedies for Breach of Traditional and E-Contracts

Digital Law and E-Commerce

Formation of Sales and Lease Contracts

Title to Goods and Risk of Loss

Remedies for Breach of Sales and Lease Contracts

Warranties

Creation of Negotiable Instruments

Holder in Due Course and Transferability

Liability, defenses, and Discharge

Banking System and Electronic Financial Transactions

Credit, mortgages, and Debtors Rights

Secured Transactions

Bankruptcy and Reorganization

Agency Formation and Termination

Liability of Principals, agents, and Independent Contractors

Employment, worker Protection, and Immigration Law

Labor Law

Equal Opportunity in Employment

Small Business, entrepreneurship, and General Partnerships

Limited Partnerships and Special Partnerships

Corporate Formation and Financing

Corporate Governance and the Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Companies and Limited Liability Partnerships

Franchises and Special Forms of Businesses

Investor Protection, e-Securities, and Wall Street Reform

Ethics and Social Responsibility of Business

Administrative Law and Regulatory Agencies

Consumer Protection and Product Safety

Environmental Protection

Antitrust Law and Unfair Trade Practices

Real Property

Landlord-Tenant Law and Land Use Regulation

Insurance

Accountants Duties and Liability

Wills, trusts, and Estates

Family Law

International and World Trade Law

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