Ch23-TB-BLTE-8e

Ch23-TB-BLTE-8e - Chapter23 PersonalProperty,Bailments,...

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Chapter 23 Personal Property, Bailments, and Insurance TRUE/FALSE QUESTIONS 1. An unlimited number of persons can hold property as tenants in common. ANSWER: T PAGE: 700 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 2. Only two persons can hold property as joints tenants. ANSWER: F PAGE: 700 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 3. Ownership by one person in fee simple is a tenancy by the entirety. ANSWER: F PAGE: 701 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 4. Nearly all states now allow property to be owned as community property. ANSWER: F PAGE: 701 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 5. The donee must give consideration for a gift to be effective. ANSWER: F PAGE: 702 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 6. A promise to deliver a gift is constructive delivery. 97
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98 TEST BANK TO ACCOMPANY BUSINESS LAW TODAY: THE ESSENTIALS ANSWER: F PAGE: 702 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 7. Delivery of intangible personal property must be done by symbolic delivery. ANSWER: T PAGE: 702 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 8. A gift  inter vivos  can never be revoked. ANSWER: F PAGE: 704 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 9. A gift to a dying donee is a gift  causa mortis. ANSWER: F PAGE: 704 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 10. Acquisition by accession occurs as a result of the commingling of fungible  goods. ANSWER: F PAGE: 704 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 11. Property voluntarily placed by its owner and inadvertently forgotten is  mislaid  property. ANSWER: T PAGE: 705 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 12. Estray statutes determine ownership rights in fungible goods that have  been commingled. ANSWER: F PAGE: 706 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 13. Property voluntarily placed by its owner and inadvertently forgotten is  lost  property. ANSWER: F PAGE: 706 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal
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CHAPTER 23: PERSONAL PROPERTY, BAILMENTS, AND INSURANCE 99 14. For an effective bailment, the bailor must retain possession of the bailed  property. ANSWER: F PAGE: 708 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 15. Constructive delivery does   not  satisfy the delivery requirement for an ef- fective bailment. ANSWER: F PAGE: 708 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 16. In most bailments, the bailee has a right to place a lien on the bailed  property until he or she is fully compensated. ANSWER:
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This note was uploaded on 11/03/2009 for the course ARE 18 taught by Professor Maxey during the Spring '08 term at UC Davis.

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Ch23-TB-BLTE-8e - Chapter23 PersonalProperty,Bailments,...

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