Chapter 48_SmithandRoberson14ed_tb

Chapter 48_SmithandRoberson14ed_tb - Chapter 48Introduction...

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Chapter 48—Introduction to Property, Property Insurance, Bailments, and Doc- uments of Title TRUE/FALSE 1. The same item may not be the object of both tangible and intangible property rights. ANS: F PTS: 1 2. The most significant practical distinction between types of property is the classification into real and personal property. ANS: T PTS: 1 3. The transfer of personal property involves formalities not required in the transfer of real property. ANS: F PTS: 1 4. Clara receives a telephone call from her Aunt Mary in which Mary says she has decided to give Clara her pet python as a gift. Clara may refuse to accept the gift. ANS: T PTS: 1 5. Barbara put her old clothes in a box in the bedroom of her roommate. The roommate now owns the clothes, because they are presumed to be a gift. ANS: F PTS: 1 6. An example of a bailment for the bailor’s sole benefit is when Sherri, without compensation, lends her Cappuccino maker to Ed for Ed’s party. ANS: F PTS: 1 7. If Harold buys a tomato plant, he owns the tomatoes produced by the plant based on "confusion." ANS: F PTS: 1 8. A thief stole Martin's car and installed a tape deck in it. Later the police caught the thief and returned the car to Martin. Martin now owns the tape deck by accession. ANS: T PTS: 1 9. Mark finds a camera on a park bench at Disneyland. Mark cannot keep the camera, because it is mis- laid property. ANS: T PTS: 1 10. A trade fixture is not intended to become part of the realty. ANS: T PTS: 1 11. A bailment may be made of either real or personal property.
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ANS: F PTS: 1 12. Rights represented by a stock certificate or a promissory note are examples of intangible property. ANS: T PTS: 1 13. Terry’s loan of his lawnmower to his neighbor cannot be a bailment if Terry receives no compensation for the use. ANS: F PTS: 1 14. The Uniform Commercial Code covers all the issues involving ownership and transfer of title to per- sonal property. ANS: F PTS: 1 15. Although Trina has paid her annual insurance premium, her insurance company sends her a written no- tification that it is cancelling her policy, which should have had four more months of coverage. The in- surer need do nothing more to effect the cancellation. ANS: F PTS: 1 16. Lessees of property and holders of security interests have insurable interests in property. ANS: T PTS: 1 17. Property insurance policies are freely assignable before, but not after, a loss occurs. ANS: F PTS: 1 18. A bailee is required to return the identical goods bailed, in the same condition as when the bailee re- ceived them. ANS: F PTS: 1 19. A bailee has the exclusive right to possess the property for the term of the bailment. ANS: T PTS: 1 20. An heir of a person who dies receives title to the property of the decedent by reason of a gift.
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This note was uploaded on 09/28/2011 for the course ACTG 355 taught by Professor Helenroe during the Fall '10 term at Conception.

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Chapter 48_SmithandRoberson14ed_tb - Chapter 48Introduction...

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