Ch47-TB2-WBL-10O¦êv-F to Eric

Ch47-TB2-WBL-10O¦Ã&ordf...

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Chapter 47 Personal Property and Bailments N.B.:   TYPE  indicates that a question is new, modified, or unchanged, as  follows. N A question  new  to this edition of the Test Bank. + A question  modified  from the previous edition of the Test Bank, = A question  included  in the previous edition of the Test Bank. TRUE/FALSE QUESTIONS 1. A person who holds all rights in property owns the property in fee simple. ANSWER: T PAGE: 941 TYPE: = 2. Persons who share ownership rights simultaneously are concurrent owners. ANSWER: T PAGE: 941 TYPE: = 3. When a joint tenant sells his or her interest, the buyer becomes a tenant in  common. ANSWER: T PAGE: 941 TYPE: = 4. Co-ownership in which each of two or more persons owns an undivided  fractional interest in property is a tenancy in common. ANSWER: T PAGE: 941  TYPE: N 221
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222 TEST BANK 2—UNIT TEN: PROPERTY 5. Most statutes today presume that a co-tenancy is a tenancy in common  unless there is a clear intention to establish a joint tenancy. ANSWER: T PAGE: 943 TYPE: N
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CHAPTER 47: PERSONAL PROPERTY AND BAILMENTS 223 6. In a tenancy by the entirety, a spouse can transfer separately his or her  interest during his or her lifetime. ANSWER:  F PAGE: 944 TYPE: = 7. Property acquired by gift during a marriage is community property. ANSWER: F PAGE: 945 TYPE: N 8. Production is a means of acquiring ownership of personal property. ANSWER: T PAGE: 945 TYPE: = 9. A promise constitutes an effective gift. ANSWER: F PAGE: 946 TYPE: N 10. Constructive delivery occurs when property is physically transferred. ANSWER: F PAGE: 946 TYPE: = 11. A gift  causa   mortis  is effective only if the donor dies and the donee lives. ANSWER: T PAGE: 947 TYPE: N 12. A person can acquire title to fungible goods by mixing them—”confusing”  them—to render them indistinguishable. ANSWER: F PAGE: 948 TYPE: N 13. Property voluntarily placed  somewhere  by its  owner  and inadvertently  forgotten is  lost  property. ANSWER: F PAGE: 948 TYPE: = 14. Estray statutes determine ownership rights in fungible goods that have  been commingled. ANSWER: F PAGE: 950 TYPE: = 15. In a bailment, possession of the property is transferred to the bailee.
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224 TEST BANK 2—UNIT TEN: PROPERTY ANSWER: T PAGE: 951 TYPE: + 16. A bailment must be in writing to be valid. ANSWER: F PAGE: 951 TYPE: N
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CHAPTER 47: PERSONAL PROPERTY AND BAILMENTS 225 17. In a gratuitous bailment, a bailee has a right to be compensated for costs  incurred in keeping bailed property. ANSWER:
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This note was uploaded on 10/15/2010 for the course ACCT ACCT40 taught by Professor Birnbaum during the Fall '08 term at CUNY Brooklyn.

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Ch47-TB2-WBL-10O¦Ã&ordf...

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