Question 1

Explain the title to goods when fungible goods are commingled.

Accepted Answer

Confusion occurs if two or more persons

Question 2

Only intangible property qualifies as personal property.

Accepted Answer

A) True 
 B)False

Question 3

The delivery of goods to a common carrier creates a bailment for the sole benefit of the bailor.

Accepted Answer

A) True 
 B)False

Question 4

A person can acquire ownership of unowned personal property by taking possession of it.

Accepted Answer

A) True 
 B)False

Question 5

A gift causa mortis is an irrevocable present transfer of ownership during the donor's lifetime.

Accepted Answer

A) True 
 B)False

Question 6

Ordinary bailments involve warehouse companies,common carriers,and innkeepers.

Accepted Answer

A) True 
 B)False

Question 7

Common carriers are held to a duty of strict liability.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is true about fixtures?

Accepted Answer

A) They are categorized as real property. 
B) They are easily portable. 
C) They are typically removed prior to a sale. 
D) They can only have one owner at a time. 
A) They are categorized as real property. 
B) They are easily portable. 
C) They are typically removed prior to a sale. 
D) They can only have one owner at a time.

Question 9

A ________ is a gratuitous bailment that arises when the bailee is requested to care for the bailor's property as a favor.

Accepted Answer

A) bailment at will 
B) mutual benefit bailment 
C) bailment for the sole benefit of the bailee 
D) bailment for the sole benefit of the bailor 
A) bailment at will 
B) mutual benefit bailment 
C) bailment for the sole benefit of the bailee 
D) bailment for the sole benefit of the bailor

Question 10

The owners share ownership in commingled goods in proportion to the amount of goods contributed by each owner.

Accepted Answer

A) True 
 B)False

Question 11

A consignee is a person to whom a common carrier makes a delivery.

Accepted Answer

A) True 
 B)False

Question 12

Real property cannot be owned by more than one person.

Accepted Answer

A) True 
 B)False

Question 13

A bailment at will can be terminated at any time by either party.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is true of a bailment?

Accepted Answer

A) Only personal property can be used in a bailment. 
B) Intangible property cannot be used in a bailment. 
C) Only physical deliveries can become a bailment. 
D) All bailments must be expressed in writing to be effective. 
A) Only personal property can be used in a bailment. 
B) Intangible property cannot be used in a bailment. 
C) Only physical deliveries can become a bailment. 
D) All bailments must be expressed in writing to be effective.

Question 15

The voluntary transfer of title to property without payment of consideration by the donee is known as a(n)________.

Accepted Answer

A) adverse possession 
B) future interest 
C) gift 
D) purchase 
A) adverse possession 
B) future interest 
C) gift 
D) purchase

Question 16

The owner of the premises where a property is mislaid is entitled to take possession of the property against all except the rightful owner.

Accepted Answer

A) True 
 B)False

Question 17

Accession that naturally occurs to a property belongs to the owner.

Accepted Answer

A) True 
 B)False

Question 18

The Rosberg family asked their neighbors,the Lowells,to feed their cat while they are away on a vacation.The Lowells fed the cat as they had been asked to but the cat ran away and never returned.What kind of bailment agreement existed between the Rosbergs and the Lowells?

Accepted Answer

A) bailment for the sole benefit of the bailee 
B) bailment for the sole benefit of the bailor 
C) mutual benefit bailment 
D) bailment at will 
A) bailment for the sole benefit of the bailee 
B) bailment for the sole benefit of the bailor 
C) mutual benefit bailment 
D) bailment at will

Question 19

A building attached to a piece of land would be considered a ________ property.

Accepted Answer

A) personal 
B) movable 
C) chattel 
D) real 
A) personal 
B) movable 
C) chattel 
D) real

Question 20

________ represent rights that cannot be reduced to physical form,such as stock certificates,certificates of deposit,bonds,and copyrights.

Accepted Answer

A) Real properties 
B) Intangible properties 
C) Fixtures 
D) Immovable properties 
A) Real properties 
B) Intangible properties 
C) Fixtures 
D) Immovable properties

Exam 47: Personal Property, real Property, and Insurance

Explain the title to goods when fungible goods are commingled.

Only intangible property qualifies as personal property.

The delivery of goods to a common carrier creates a bailment for the sole benefit of the bailor.

A person can acquire ownership of unowned personal property by taking possession of it.

A gift causa mortis is an irrevocable present transfer of ownership during the donor's lifetime.

Ordinary bailments involve warehouse companies,common carriers,and innkeepers.

Common carriers are held to a duty of strict liability.

Which of the following is true about fixtures?

A ________ is a gratuitous bailment that arises when the bailee is requested to care for the bailor's property as a favor.

The owners share ownership in commingled goods in proportion to the amount of goods contributed by each owner.

A consignee is a person to whom a common carrier makes a delivery.

Real property cannot be owned by more than one person.

A bailment at will can be terminated at any time by either party.

Which of the following is true of a bailment?

The voluntary transfer of title to property without payment of consideration by the donee is known as a(n)________.

The owner of the premises where a property is mislaid is entitled to take possession of the property against all except the rightful owner.

Accession that naturally occurs to a property belongs to the owner.

The Rosberg family asked their neighbors,the Lowells,to feed their cat while they are away on a vacation.The Lowells fed the cat as they had been asked to but the cat ran away and never returned.What kind of bailment agreement existed between the Rosbergs and the Lowells?

A building attached to a piece of land would be considered a ________ property.

________ represent rights that cannot be reduced to physical form,such as stock certificates,certificates of deposit,bonds,and copyrights.

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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