TJ_Comp 20_TB_Ch21

TJ_Comp 20_TB_Ch21 - Chapter 21PERSONAL PROPERTY AND...

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Chapter 21—PERSONAL PROPERTY AND BAILMENTS TRUE/FALSE 1. Property includes the rights of any person to possess, use, enjoy, and dispose of a thing or object of value. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 2. The legal concept of property is limited to tangible physical objects. ANS: F TOP: AICPA BB-Legal MSC: AACSB Analytic 3. In common usage today, there is no distinction between real and personal property. ANS: F TOP: AICPA BB-Legal MSC: AACSB Analytic 4. The ordinary gift made between two living persons is an inter vivos gift. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 5. The intent to make a gift requires an intent to transfer title at that time. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 6. A gift requires intent to transfer title and delivery. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 7. A custodian who holds money for the benefit of a minor under the Uniform Gifts to Minors Act may choose to use the money to send the minor to summer camp. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 8. After fully complying with the procedures of the Uniform Gifts to Minors Act, a donor is entitled to take back the donated property at any time before the minor donee reaches the age of 18. ANS: F TOP: AICPA BB-Legal MSC: AACSB Analytic 9. Most courts consider an engagement ring to be a conditional gift. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 10. One cannot truly make a gift of a part of one's body because it is impossible to deliver the part. ANS: F TOP: AICPA BB-Legal MSC: AACSB Analytic 11. Personal property is lost when an owner does not know where it is located but intends to retain title or ownership to it. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic
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12. A finder of lost property never is entitled to a reward or compensation for finding or caring for lost property. ANS: F TOP: AICPA BB-Legal MSC: AACSb Analytic 13. If while trespassing a hunter kills game, the game belongs to that hunter. ANS: F TOP: AICPA BB-Legal MSC: AACSB Analytic 14. Title to abandoned property may be acquired by the first person who obtains possession and control of it. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 15. Unclaimed property often is transferred to the government under the concept of escheat. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 16. A tenancy in common is a form of ownership by two or more persons. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 17. Joint tenancy and tenancy in common both feature the right of survivorship. ANS: F TOP: AICPA BB-Legal MSC: AACSB Analytic 18. At common law, a tenancy by entirety or a tenancy by the entireties is created when property is trans- ferred to both husband and wife. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 19. In states that follow the community-property tradition, property acquired after the marriage belongs solely to the party who acquired it. ANS: F
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TJ_Comp 20_TB_Ch21 - Chapter 21PERSONAL PROPERTY AND...

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