Question 1

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

Accepted Answer

A) True 
 B)False  False

Question 2

What are the elements necessary to create a bailment?

Accepted Answer

Three elements are necessary to create a bailment:
1. Bailment of personal property: Only personal property can be bailed. The property can be tangible (e.g., automobiles, jewelry, animals) or intangible (e.g., stocks, bonds, promissory notes).
2. Delivery of possession: Delivery of possession involves two elements:
a. the bailee must have exclusive control over the personal property, and
b. the bailee must knowingly accept the personal property.
Most bailments are created by physical delivery.
3. Bailment agreement: The creation of a bailment does not require any formality. A bailment may be either express or implied. Most express bailments can be either written or oral. Under the Statute of Frauds, however, a bailment agreement must be in writing if it is for more than one year. An example of an implied bailment is the finding and safeguarding of lost property.

Question 3

Under the common law, innkeepers are not liable for lost or stolen guest property when compared to the innkeepers' statutes.

Accepted Answer

A) True 
 B)False  False

Question 4

Real property cannot be owned by more than one person.

Accepted Answer

A) True 
 B)False

Question 5

Personal property includes land and property that is permanently attached to it.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is true of a gift causa mortis?

Accepted Answer

A)  It cannot be revoked before the death of the donor. 
B)  It does not require the actual death of the donor. 
C)  It represents an irrevocable present transfer of ownership. 
D)  It takes precedence over a prior conflicting will. 
A)  It cannot be revoked before the death of the donor. 
B)  It does not require the actual death of the donor. 
C)  It represents an irrevocable present transfer of ownership. 
D)  It takes precedence over a prior conflicting will.

Question 7

A gift is a voluntary transfer of property without payment of consideration by the donee.

Accepted Answer

A) True 
 B)False

Question 8

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 9

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 10

A bailment without a fixed term is called a ________.

Accepted Answer

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

Question 11

Which of the following is true of ownership rights of an abandoned property?

Accepted Answer

A)  The finder and owner must share ownership of the property. 
B)  The finder acquires title to the property, even against its original owner. 
C)  The owner can reclaim his or her property completely from the finder. 
D)  The owner of the premises where property is mislaid is entitled to possession but does not acquire title. 
A)  The finder and owner must share ownership of the property. 
B)  The finder acquires title to the property, even against its original owner. 
C)  The owner can reclaim his or her property completely from the finder. 
D)  The owner of the premises where property is mislaid is entitled to possession but does not acquire title.

Question 12

What kind of agreement existed between Randy and Carl over the car?

Accepted Answer

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

Question 13

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 14

What does the Uniform Transfers to Minors Act establish?

Accepted Answer

A)  rights for what a minor is allowed in case of inheritances without involving custodians 
B)  rights for what a minor can accept from an adult 
C)  procedures for adults to make irrevocable gifts of money and securities to minors 
D)  procedures for minors making gifts of money and securities to minors 
A)  rights for what a minor is allowed in case of inheritances without involving custodians 
B)  rights for what a minor can accept from an adult 
C)  procedures for adults to make irrevocable gifts of money and securities to minors 
D)  procedures for minors making gifts of money and securities to minors

Question 15

What is a warehouse receipt?

Accepted Answer

A warehouse receipt is a document of tit

Question 16

________ occurs if two or more persons commingle fungible goods.

Accepted Answer

A)  Confusion 
B)  Accession 
C)  Bailment 
D)  Easement 
A)  Confusion 
B)  Accession 
C)  Bailment 
D)  Easement

Question 17

Give an account of the different types of property that can be owned.

Accepted Answer

There are two kinds of property: real pr

Question 18

Which of the following is true about real property?

Accepted Answer

A)  Real property refers to personal property permanently attached to a land. 
B)  Real property can be either tangible or intangible property. 
C)  Real property cannot become personal property under any circumstance. 
D)  Real property includes land and property permanently attached to it. 
A)  Real property refers to personal property permanently attached to a land. 
B)  Real property can be either tangible or intangible property. 
C)  Real property cannot become personal property under any circumstance. 
D)  Real property includes land and property permanently attached to it.

Question 19

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 20

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

Accepted Answer

A) True 
 B)False

Exam 47: Personal Property, Real Property, and Insurance

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

What are the elements necessary to create a bailment?

Under the common law, innkeepers are not liable for lost or stolen guest property when compared to the innkeepers' statutes.

Real property cannot be owned by more than one person.

Personal property includes land and property that is permanently attached to it.

Which of the following is true of a gift causa mortis?

A gift is a voluntary transfer of property without payment of consideration by the donee.

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

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.

A bailment without a fixed term is called a ________.

Which of the following is true of ownership rights of an abandoned property?

What kind of agreement existed between Randy and Carl over the car?

What does the Uniform Transfers to Minors Act establish?

What is a warehouse receipt?

________ occurs if two or more persons commingle fungible goods.

Give an account of the different types of property that can be owned.

Which of the following is true about real property?

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.

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