3rd Sample Exam with Solutions

3rd Sample Exam with Solutions - Name 1 2 MGMI‘ 354 I was...

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Unformatted text preview: Name 1. 2. MGMI‘ 354 I was cutting my lawn and one of the mower’s wheels fell off. My neighbor noticed that I was having a problem with my lawnmower and let me use their lawmnower. While I was cutting the grass with my neighbors’ mower, I hit a small rock that was hidden in the grass. The small rock caused major damage to the blade, yet it still worked. Rick, 2 friend of mine from West Lafayette, dropped by and asked if he could borrow my lawnmower, since his was in the shop. I let Rick use my neighbor’s mower. That evening, while Rick was mowing his iawn, a masked intruder put a knife in his ribs and told him to give him his money, credit cards, the mower, and the keys to his truck. The masked intruder drove off, and two days later the mower, which had been badly damaged by the thief, was found by the police. What type of bailment was created between the neighbor and Cliff Fisher when Clifi let Rick use the lawnmowor? a. sole benefit of the bailee b. sole benefit of the bailor c. mutual bailment d. conversiOn e. constructive bailment Jessica intentionally threw away a Wendy’s cup that had a winning ticket on it. She later in the day, placed the garbage in a garbage can in the street next to the curb. Amy came by and was going through Jessica’s garbage looking for aluminum cans and picked up the Wendy’s cup and noticed that it had a ticket on it that had not been opened. Amy took it to a local Wendy’s and found out that it was worth $100,000. The media asked Amy where she had bought the ticket and she told them that she had not bought the ticket, but had found it in the trash at 2134 Grant Street. Jessica read the article and noticed that Amy had J eSsica’s ticket The ticket belongs to: a. Jessica unless Amy can show that Jessica gave it to her. b. Jessica because there was not an intent to make a gift. c. Amy because anything one finds always belongs to the finder. d. Amy because Jessica abandoned it and Amy took possession of it. e. None of the above Imagine that you have two parents, they are still married, and they iive in either Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Pnerto Rico, Texas, Washington, or Wisconsin, which are all Community Property states. One of your parents die and you are expecting to inherit a number of items. Since all of your parents’ property is community property, under which of the following would you inherit the items, if your deceased parent did not have a will? - a. tenancy in common b. joint tenancy with right of survivor-ship c. tenancy by the entirety d. community property e. none of these . Which type of concurrent tenancy can be given by will or pass by intestate succession? a. tenancy in common I). joint tenancy with right-of survivorship c. tenancy by the entirety d. all of these I e. none of these 5. If a firefighter takes a laptop out of a burning home, so the fire our water will damage it, and provides it to the owner, this is what type of bailment? a. mutual bailment b. sole benefit of the bailee bailment c. constructive bailment d. all of the above 6. none of the above 6. A one~month bailment-is created [or a copy machine. The machine requires a complete overhaul after the first week. Who will pay for the expenses? 9. the hailor, unless the need for repairs arose from the fault of the bailee b. the bailee in tlie absence of a contrary contract provision c. the bailee, regardless of fault d. the bailor, regardless of fault e. none of the above 7. Undercommon law, bailee is given the right to retain possession of the bailed property until the“ bailor has been paid for any charges for storage or repairs. This right is called a: a. conversion in trust b. bailor‘s bond c. bailee‘s lien d. bailor’s rescission e. bailee‘s bond 8. What type of deed is the equivalent of selling property in which all liens are promised to be paid or will be paid by the seller? a. common law b. statutory c. quitclaim d. warranty e. none of the above 9. Liability in regard to ownership of real property can relate to trespass, licensee, and invitee liability. Which of the following is the type of liability when a property owner is aware of the know danger or should have been aware of the danger? a. tresPasser liability b. licensee liability c. invitee liability d. lien liability e. none of these 10. The relatives of an individual who dies without a valid will may acquire title ' to the decedent’s property through: a. intestate succession b. the right of default 1 c. the right of acquisition ; d. interstate commerce clause i l l 11. When a testator provides for a bequest of his goid watch, which he received as a gift for working 40 years for the railroad, to his nephew, but the gold watch is not owned by the testator at the time of death: a. the nephew is entitled to an equivalent amount of cash. b. the executor must purchase a similar goid watch for the nephew if funds are available. e. the bequest to the nephew fails. d. all legacies in the estate abate to provide funds to purchase a gold watch for the nephew. e. none of the above 12. What type of deed merely transfers whatever interest, if any, the grautor may have in the property, without specifying that interest in any way? a. common law b. statutory c. quitclaim d. warranty e. none of the above 13. Warren brought his laptop computer in for repairs. After Warren left the store, a gunmen'came into the store to rob the proprietor. As the robber ran out, the robber knocked over and destroyed Warren’s laptop. Warren demanded that the proprietor of the store make good for the laptop. The i i g a l I i u . i l I i | I . bailee: a. is liable because the goods were not returned to Warren in proper condition b. is liable because the bailee did not prevent the gunman frorn damaging the laptop. c. is not liable because this was a mutuai benefit bailment and gross negligence is required. d. is not liable because the damage was caused by the act of a third i I l | | ! l i I l i l i | l I i party, and the baiiee was not negligent. I e. none of the above ! 14. A bailee’s interest in the bailed property can be characterize as: I a. ownership. b. a fractional proprietary interest. . c. possession. ! d. constructive ownership. E l i I 6. none of the above 15. Which of the following forms of co-tenancy does not have right of survivorship? - a. joint tenancy with right of survivorship b. tenancy by entirety c. tenancy in common d. community property e. none of the above 16. The legal relationship that arises when one person delivers possession of personal property to another under an express or implied agreement to return the property at a later date is called a: a. tenancy agreement b. bailment c. rental agreement (1. trust arrangement e. none of the above 17. Brian and Earl owned 75 acres as tenants in common and neither had wills. Earl died. The 75 acres is now owned: a. solely by Brian. I). jointly by Brian and the state because of eschcat. c. by Brian and Earl’s heirs. d. solely by Earl’s heirs. e.‘ none of the above 13. To establish a gift, the party claiming to be the donee must prove: a. delivery only b. intent only c. intent and a promise to deliver d. intent, delivery, and acceptance e. none of the above 19. If a maintenance employee at a motel in Lafayette finds $500 in cash, on a table, while cleaning an empty guest room, the employee: a. is entitled to keep this property because the employee has the legal status of “finder.” b. must give the property to the manager of the motel to be kept for the owner. c. must place an advertisement in a local newspaper; if the property is not claimed within a reasonable period of time, the employee is entitled to keep it. d. can retain possession of the property until the owner establishes ownership. e. none of the above 20. Property may be taken from its private owner, when the private owner doesn’t want to sell the property and the title acquired by the taking government, but the government has to pay the reasonable value for the property, under the power of: a. a restrictive covenant b. eminent domain c. an affirmative covenant d. restraint e none of these 21. What type of concurrent ownership of real property would automatically transfer owner from one spouse to the other at death and was discussed in W.W9.Wmn u-._..._.._... _._____....._.___._._..__._._._._ 22. 23. 24. the October 17, 2007 Wall Street J ournat article you read titled “Protecting Your Assets in Case You Find Yourself in Court?” a. tenancy in common b. tenancy by the entirety c. tenancy by Spouses d. tenancy by marriage e. none of these Imagine that you found a business law text book on your desk in car classroom and it was the day before this test. Under common law, the type of property will depend on who has the right to keep the text book, if the rightful owner can not be found. Which type of property most likely is it? a. lost b. mislaid c. abandoned (1. real e. none of these Imagine that you are a homeowner and you have a microwave. What type of property is the microwave? a. always personal property b. always real property c. always an intangible d. it depends on the facts e. always an easement Under common law, liability to a person entering on real property was controlled by the status of the injured person. Different duties are owed by the occupier of land depending on the status of the injured person. What is the status of the person in which an oWner has the duty to take reasonable - steps to discover any danger and a duty to warn or to correct the danger? 25. lien holder trespasser licensee invitee multiple owner Peers Susan threw away, in the garbage, an old chair that had been in her famiiy for many years by placing it on the curb with the rest of the trash. Alma came by and began to admire the chair. Although the chair was heavy, Alma picked it up and called to a friend saying that she had just found an antique chair. When Susan heard this, she demanded the return of the chair. The chair belongs to : Susan unless Alma can show Susan gave it to her. Susan because there was not intent to make a gift. Alma because anything one finds belongs to the finder. Alma because Susan abandoned it and Alma took possession of it. None of the above Peers 26. Lee and Gayle have agreed during a telephone conversation that Gayle can leave her furniture with Lee while Gayle is looking for a home. This relationship is: - governed by the statute of frauds. subject to the pare] evidence rule. a baiiment, with Lee the bailor and Gayle the bailee. none of the above new 27. Fry purchases Fisher’s home through her real estate agent, Walker. 0n the day that Frye is to move into her new home, she notices that Fisher took the following when he moved 'out: a. the furniture throughout the house b. the portable dishwasher c. built—in bookshelves d. microwave that had been on the kitchen counter c. all of the above Which items of the above should have Fisher left in the house, if he had not specified them in the contract? 28. What type of deed merely transfers whatevor interest, if any, the grantor may have in the property, without specifying that interest in any way? a. common law b. statutory c. quitclaim d. warranty e. none of the above 29. A covenant that binds a grantee and anyone acquiring the land from the grantee: a. is a covenant of sin. b. always is affirmative c. always is negative d. is said to run with the land e. all of the above 30. Property may be taken from its private owner and the title acquired by the taking government or public authority under the power of: a. a restrictive covenant - b. eminent domain c. an affirmative covenant d. restraint e. none of the above 31. A valid restrictive covenant will bind future owners of the land if it is: a. published in the Federal Register. 13. stated in a recorded deed. c. published in a newspaper of general circaiation. 3 1 l l 1 d. filed with the attorney general of the state in which the land is located. 2. all of the above 32. A zoning restriction: a. constitutes an eminent domain “taking.” 1). entitles the landowner to compensation. C. will not IOWer the value of the land it concerns. :1. can prevent the optimal profitable use of a property. e. all of the above DDEACAED Llianrlfllom C 9 A . 0. 1 11. C 12. C 13. D 14. C 15 C 16. B 17. C 18. D 19. D 20. B 21. B 22. B 23. D 24. D 25. D 26. D 27. C 28. C 29. D B O. 3 B L 3 D l 3 ...
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This note was uploaded on 03/03/2012 for the course MGMT 354 taught by Professor Staff during the Fall '08 term at Purdue.

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3rd Sample Exam with Solutions - Name 1 2 MGMI‘ 354 I was...

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