Question 1

Dan leased a site from Mark for a term of two years.Bob is interested in purchasing the site and makes a great offer to Dan for it.In this case:

Accepted Answer

A) Dan cannot sell the land because he does not have ownership. 
B) Dan cannot sell the land,unless he stays on it for more than five years. 
C) Dan can sell the land because he has leased it from Mark. 
D) Dan can sell the land if the amount offered is equal to the value of the site. 
A) Dan cannot sell the land because he does not have ownership. 
B) Dan cannot sell the land,unless he stays on it for more than five years. 
C) Dan can sell the land because he has leased it from Mark. 
D) Dan can sell the land if the amount offered is equal to the value of the site.

Question 2

Carl gave his car to be serviced and washed at Harold's carwash.Unknown to either of them,Danny replaces the engine in the car with a new four-speed transmission.Danny now claims that the car belongs to him.Which of the following is true?

Accepted Answer

A) Carl remains the actual owner,as he always was. 
B) Danny has rights over the car since he improved it. 
C) The car belongs to Harold because he is the owner of the carwash. 
D) Danny can sue both Harold and Carl if they do not pay him. 
A) Carl remains the actual owner,as he always was. 
B) Danny has rights over the car since he improved it. 
C) The car belongs to Harold because he is the owner of the carwash. 
D) Danny can sue both Harold and Carl if they do not pay him.

Question 3

Which of the following statements is false?

Accepted Answer

A) When marble is quarried,it is still real property. 
B) Perennial vegetation is usually treated as part of the real property on which it is growing. 
C) When trees and shrubs are severed from the land,they become personal property. 
D) Crops that have to be planted each year are treated as personal property. 
A) When marble is quarried,it is still real property. 
B) Perennial vegetation is usually treated as part of the real property on which it is growing. 
C) When trees and shrubs are severed from the land,they become personal property. 
D) Crops that have to be planted each year are treated as personal property.

Question 4

Property means something that can be owned.

Accepted Answer

A) True 
 B)False

Question 5

Personal property is defined by a process of ________.

Accepted Answer

A) exclusion 
B) tangibility 
C) consideration 
D) inheritance 
A) exclusion 
B) tangibility 
C) consideration 
D) inheritance

Question 6

Which of these is an essential element of a bailment?

Accepted Answer

A) The bailee has no responsibility for the bailed property. 
B) There has to be a written agreement between the two parties. 
C) The bailee is allowed to make changes to the bailed property. 
D) The bailor owns personal property or holds the right to possess it. 
A) The bailee has no responsibility for the bailed property. 
B) There has to be a written agreement between the two parties. 
C) The bailee is allowed to make changes to the bailed property. 
D) The bailor owns personal property or holds the right to possess it.

Question 7

Which of the following characterizes the Uniform Transfers to Minors Act?

Accepted Answer

A) The custodian must be the transferor himself. 
B) It defines a minor as anyone under the age of 21. 
C) It only covers the transfer of real property to a minor. 
D) It has been adopted in a few states. 
A) The custodian must be the transferor himself. 
B) It defines a minor as anyone under the age of 21. 
C) It only covers the transfer of real property to a minor. 
D) It has been adopted in a few states.

Question 8

Which of the following is defined as all objects and rights,other than real property,that can be owned?

Accepted Answer

A) Tangible property 
B) Personal property 
C) Intangible property 
D) Public property 
A) Tangible property 
B) Personal property 
C) Intangible property 
D) Public property

Question 9

While eating dinner at a restaurant,Elvis placed his backpack on an empty chair located next to his table.When Elvis left the restaurant,he forgot to pick up the backpack.A few minutes later,Priscilla discovered the backpack and took possession of it.What rights to the backpack do Elvis,Priscilla,and the restaurant have?

Accepted Answer

This question involves mislaid property.

Question 10

Under tariff rules,a common carrier may limit her liability to a shipper's declaration of value,provided that the rates are:

Accepted Answer

A) not on a take-it-or-leave-it basis. 
B) in writing. 
C) are determined by what is reasonable in the trade. 
D) dependent on value. 
A) not on a take-it-or-leave-it basis. 
B) in writing. 
C) are determined by what is reasonable in the trade. 
D) dependent on value.

Question 11

Which of the following is not an example of real property?

Accepted Answer

A) Land 
B) Office building 
C) Stock 
D) House 
A) Land 
B) Office building 
C) Stock 
D) House

Question 12

Which of the following statements about safety-deposit boxes is false?

Accepted Answer

A) Most courts have concluded that the renter of the box is a bailor and the bank is a bailee. 
B) The bank is not the insurer of the contents of the box. 
C) The bank is obligated to use due care. 
D) The bank is not required to explain loss of or damage to the property entrusted to it. 
A) Most courts have concluded that the renter of the box is a bailor and the bank is a bailee. 
B) The bank is not the insurer of the contents of the box. 
C) The bank is obligated to use due care. 
D) The bank is not required to explain loss of or damage to the property entrusted to it.

Question 13

Amber gave her boyfriend,Hunter,an expensive set of stereo speakers for his birthday.Two days later,Hunter broke up with Amber and began dating Kelly.Amber is both heartbroken and furious.Is she entitled to get the speakers back from Hunter?

Accepted Answer

A) Yes,because Hunter provided Amber no consideration. 
B) No,because she intended to make a gift of the speakers and actually delivered them to Hunter. 
C) No,because this was a gift causa mortis. 
D) Yes,because a donor is entitled to revoke her gift within a reasonable time. 
A) Yes,because Hunter provided Amber no consideration. 
B) No,because she intended to make a gift of the speakers and actually delivered them to Hunter. 
C) No,because this was a gift causa mortis. 
D) Yes,because a donor is entitled to revoke her gift within a reasonable time.

Question 14

Anya leaves her expensive handbag in the washroom of a restaurant.Melissa follows her inside,quietly hides the handbag inside her coat,and leaves the washroom.She refuses to tell Anya the truth,even when Anya frantically starts searching for her handbag as soon as she discovers its loss.Melissa is guilty of:

Accepted Answer

A) conversion. 
B) bailment. 
C) confusion. 
D) fixture. 
A) conversion. 
B) bailment. 
C) confusion. 
D) fixture.

Question 15

Real property cannot be turned into personal property.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following statements about a state's police power is false?

Accepted Answer

A) The state can impose reasonable regulations on the use of property. 
B) The state can tax property. 
C) The state can take property for public use. 
D) The state does not have to pay the owner compensation for any property it takes. 
A) The state can impose reasonable regulations on the use of property. 
B) The state can tax property. 
C) The state can take property for public use. 
D) The state does not have to pay the owner compensation for any property it takes.

Question 17

The distinction between tangible and intangible property is important for tax purposes because:

Accepted Answer

A) tangible property is subject to a state's tax,but intangible property is not. 
B) tangible property is subject to tax in the state where its owner lives,whereas intangible property is usually taxable in the state where it was created. 
C) tangible property is subject to tax in the state where it is located,whereas intangible property is usually taxable in the state where it was created. 
D) tangible property is subject to tax in the state where it is located,whereas intangible property is usually taxable in the state where its owner lives. 
A) tangible property is subject to a state's tax,but intangible property is not. 
B) tangible property is subject to tax in the state where its owner lives,whereas intangible property is usually taxable in the state where it was created. 
C) tangible property is subject to tax in the state where it is located,whereas intangible property is usually taxable in the state where it was created. 
D) tangible property is subject to tax in the state where it is located,whereas intangible property is usually taxable in the state where its owner lives.

Question 18

Title to personal property may be obtained by accession,which is the intermixing of goods that belong to different owners.

Accepted Answer

A) True 
 B)False

Question 19

Sarah is hiking in the Clearwater National Forest and her wristwatch falls off her wrist.Sarah does not notice this,and the watch falls onto the trail.Later,Hans finds the watch.How may this watch best be described?

Accepted Answer

A) Lost property 
B) Mislaid property 
C) Abandoned property 
D) Bailment property 
A) Lost property 
B) Mislaid property 
C) Abandoned property 
D) Bailment property

Question 20

In which of the following circumstances would a hotelkeeper be liable for lost or damaged property?

Accepted Answer

A) The hotel owner fails to advise guests to put their valuables in the hotel vault. 
B) An act of a governmental authority damaged the goods. 
C) An act by a member of the guest's party damaged the goods. 
D) The nature of the goods caused them to be damaged. 
A) The hotel owner fails to advise guests to put their valuables in the hotel vault. 
B) An act of a governmental authority damaged the goods. 
C) An act by a member of the guest's party damaged the goods. 
D) The nature of the goods caused them to be damaged.

Exam 23: Personal Property and Bailments

Dan leased a site from Mark for a term of two years.Bob is interested in purchasing the site and makes a great offer to Dan for it.In this case:

Carl gave his car to be serviced and washed at Harold's carwash.Unknown to either of them,Danny replaces the engine in the car with a new four-speed transmission.Danny now claims that the car belongs to him.Which of the following is true?

Which of the following statements is false?

Property means something that can be owned.

Personal property is defined by a process of ________.

Which of these is an essential element of a bailment?

Which of the following characterizes the Uniform Transfers to Minors Act?

Which of the following is defined as all objects and rights,other than real property,that can be owned?

Under tariff rules,a common carrier may limit her liability to a shipper's declaration of value,provided that the rates are:

Which of the following is not an example of real property?

Which of the following statements about safety-deposit boxes is false?

Amber gave her boyfriend,Hunter,an expensive set of stereo speakers for his birthday.Two days later,Hunter broke up with Amber and began dating Kelly.Amber is both heartbroken and furious.Is she entitled to get the speakers back from Hunter?

Real property cannot be turned into personal property.

Which of the following statements about a state's police power is false?

The distinction between tangible and intangible property is important for tax purposes because:

Title to personal property may be obtained by accession,which is the intermixing of goods that belong to different owners.

Sarah is hiking in the Clearwater National Forest and her wristwatch falls off her wrist.Sarah does not notice this,and the watch falls onto the trail.Later,Hans finds the watch.How may this watch best be described?

In which of the following circumstances would a hotelkeeper be liable for lost or damaged property?

The Nature of Law

The Resolution of Private Disputes

Business and the Constitution

Business Ethics, Corporate Social Responsibility, Corporate Governance, and Critical Thinking

Criminal Law and Procedure

Intentional Torts

Negligence and Strict Liability

Intellectual Property and Unfair Competition

Introduction to Contracts

The Agreement: Offer

The Agreement: Acceptance

Consideration

Reality of Consent

Capacity to Contract

Illegality

Writing

Rights of Third Parties

Performance and Remedies

Formation and Terms of Sales Contracts

Product Liability

Performance of Sales Contracts

Remedies for Breach of Sales Contracts

Real Property

Landlord and Tenant

Estates and Trusts

Insurance Law

Introduction to Credit and Secured Transactions

Security Interests in Personal Property

Bankruptcy

Negotiable Instruments

Negotiation and Holder in Due Course

Liability of Parties

Checks and Electronic Transfers

The Agency Relationship

Third-Party Relations of the Principal and the Agent

Introduction to Forms of Business and Formation of Partnerships

Operation of Partnerships and Related Forms

Partners Dissociation and Partnerships Dissolution and Winding up

Limited Liability Companies, limited Partnerships, and Limited Liability Limited Partnerships

History and Nature of Corporations

Organization and Financial Structure of Corporations

Management of Corporations

Shareholders Rights and Liabilities

Securities Regulation

Legal and Professional Responsibilities of Auditors, Consultants, and Securities Professionals

Administrative Law

The Federal Trade Commission Act and Consumer Protection Laws

Antitrust: the Sherman Act

The Clayton Act, the Robinsonpatman Act, and Antitrust Exemptions and Immunities

Employment Law

Environmental Regulation

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