Mann_BLRB 9_TB_Ch48

Business Law and the Regulation of Business

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Chapter 48—Introduction to Property, Property Insurance, Bailments, and Doc- uments of Title TRUE/FALSE 1. The delivery necessary for a gift may be accomplished constructively. ANS: T MSC: AACSB Analytic 2. Accession means the right of the owner of property to any increase in it. ANS: T MSC: AACSB Analytic 3. The transfer of personal property involves formalities not required in the transfer of real property. ANS: F MSC: AACSB Analytic 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 MSC: AACSB Analytic 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 MSC: AACSB Analytic 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 MSC: AACSB Analytic 7. If Harold buys a tomato plant, he owns the tomatoes produced by the plant based on "confusion." ANS: F MSC: AACSB Analytic 8. A thief stole Harold's car and installed a tape deck in it. Later the police caught the thief and returned the car to Harold. Harold now owns the tape deck by accession. ANS: T MSC: AACSB Analytic 9. Mark finds a camera on a park bench at Disneyland. Mark can keep the camera if the true owner can- not be found, because it is lost property. ANS: T MSC: AACSB Analytic 10. A bailment may be made of either real or personal property. ANS: F MSC: AACSB Analytic 11. Claudia hires Greg to plant a tree in her yard. Greg discovers a shoebox buried in the ground. Greg owns the shoebox and its contents since he is the finder.
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ANS: F MSC: AACSB Analytic 12. The finder of lost property is entitled to possession of it, even against the true owner. ANS: F MSC: AACSB Analytic 13. Bailments for the bailee's sole benefit are usually limited to the gratuitous loan of personal property for use by the bailee. ANS: T MSC: AACSB Analytic 14. A furnace is often classified as a "fixture." ANS: T MSC: AACSB Analytic 15. To be effective, a gift requires delivery. ANS: T MSC: AACSB Analytic 16. Land and interests in land are considered "real property." ANS: T MSC: AACSB Analytic 17. The most frequently used documents of title are the warehouse receipts issued by warehousers and the bills of lading issued by carriers. ANS: T MSC: AACSB Analytic 18. Sam finds $1,000 on his way home from school one day. In many states he will become the owner of the money even as to the true owner, if he makes a fruitless search for the owner pursuant to state stat- ute. ANS: T MSC: AACSB Analytic 19. Sales of tangible personal property involve the transfer of title. ANS: T
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Mann_BLRB 9_TB_Ch48 - Chapter 48-Introduction to Property Property Insurance Bailments and Documents of Title TRUE/FALSE 1 The delivery necessary

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