Business Law - Chapter 48

Someone who finds ___ acquires title to it, and that title is good against the whole world, including the original owner.

abandoned property

___ occurs when someone adds value to an item of personal property by the use of either labor or materials.

accession

A ___ is formed by the delivery of personal property, without transfer of title, by one person to another.

bailment

The three types of ordinary bailments are distinguished according to which party receives the ___ from the bailment.

benefit

A gift ___ is a gift made in contemplation of imminent death.

causa mortis

Personal property is sometimes referred to as ___ in case law.

chattel

___ are publicly licensed to provide transportation services to the general public.

common carriers

___ is the commingling of goods to such an extent that one person's personal property cannot be distinguished from another's.

confusion

____ does not confer actual possession of the object in question, only the right to take actual possession.

constructive delivery

When a finder of lost property knows the true owner and fails to return the property to that person, the finder is guilty of the tort of ___.

conversion

Unlike ordinary bailees, a warehouse company can issue ___-in particular, ___- and is subject to extensive government regulation, including Article 7 of the UCC.

documents or title, warehouse receipts

An effective delivery requires that the donor give up control and ___ (ownership rights) over the subject matter of the gift.

dominion

Many states have ___, which encourage and facilitate the return of property to its true owner and reward the finder for honesty of the property remains unclaimed.

estray statutes

In bailments, especially mutual-benefit bailments, ___ clauses are often held to be illegal.

exculpatory

___ limit a person's liability for her or his wrongful acts.

exculpatory clauses

An item permanently attached to real property is a ___.

fixture

Confusion frequently occurs with ___, such as grain or oil, which consist of identical units.

fungible goods

Storing a car in a friend's garage creates a ___.

gratuitous bailment

A gift made during the donor's lifetime is called a gift ___.

inter vivos

Under the UCC a warehouse company must give the bailor the option of paying a higher storage rate for an increase in the ___.

liability limit

Property that has been voluntarily placed somewhere by the owner and then inadvertently forgotten is ___.

mislaid property

In a ___ bailment, the bailor must notify the bailee of all known defects and any hidden defects that the bailor knows of or could have discovered with reasonable diligence and proper inspection.

mutual-benefit

___ bailments involve some sort of compensation for storing items or holding property.

mutual-benefit

A warehouse receipt is ___ if its terms provide that the warehouse company will deliver the goods "to the bearer" of the receipt or "to the order of" a person named on the receipt.

negotiable

A written or electronic contract is not required for bailments for less than ___.

one year

In a commercial bailment the bailee must exercise ___ care.

ordinary

Bailments are either ___ or ___.

ordinary, special

___ property is everything other than land and what is attached to it.

personal

To enforce the right of compensation, the bailee has a right to place a ___ (claim) on the specific bailed property until he or she has been fully compensated.

possessory lien

In a bailment for the sole benefit of the bailor, the bailee need exercise only a ___ degree of care.

slight

In many states, hotel operators can avoid ____ for loss of guests' cash and valuables by notifying guests that a safe is provided for guest valuables.

strict liability

Unlike ordinary bailees, the common carrier is held to a standard of care based on ___, rather than reasonable care, in protecting the bailed personal property.

strict liability

A bailee's duties are based on a mixture of __ law and __.

tort, contract

A ___ is personal property that is installed for a commercial purpose by a tenant.

trade fixture

A ___ describes the bailed property and the terms of the bailment contract.

warehouse receipt