Exam 27: Personal Property and Bailments

Patents are not considered personal property.

Writers acquire ownership of their work through production.

A bailment must be in writing to be valid.

Constructive delivery satisfies the delivery requirement for an ef-fective bailment.

Clancy sells shares in Darling Pool & Spa Company to Eton.Clancy does not deliver the actual possession of the shares to Eton,but gives him the key to a safety-deposit box in First State Bank in which the stock certifi-cates are locked.Presenting the key is

A person who holds the entire bundle of rights in property is the owner in fee simple.

Adding value to a piece of personal property by labor or materials is accession.

Edna and Flavia buy a boat that they dock in a marina near Gulfport,Mississippi.On the death of either owner,that owner's interest in the boat passes to her heirs.This is

A gift is effective whether or not it is accepted.

Early one morning,Tab agrees to lend his bike to Sheila,who promises to return it in the evening.Because there is no consideration,there is no contract.This is

Nero and Olav each buy certain quantities of oil to sell to Petro Refinery,and agree to share storage costs until Petro can take delivery.The oil is commingled so that Nero's oil cannot be distinguished from Olav's.This is

A copyright is tangible personal property.