Acct 324 Ch.48 Connect

When property that is initially movable becomes attached to land, it is known as:

A fixture

A property that the original owner has discarded is _____ property.

Abandoned

Richard was extremely upset and angry after his breakup with his girlfriend. In a fit of anger, he threw away the watch she gifted him out of the window. John, a passer-by, found the watch lying on the street. He liked it a lot and he took it. Here, the watch is considered

Abandoned Property

Leaving one's car in a hotel for valet parking at a price is an example of a(n):

Bailment

Which of the following is an example of tangible personal property?

Cars

Three elements necessary for a valid gift are delivery, acceptance, and:

Donative intent

In most states, when a bailor refuses to provide the agreed-on compensation to the bailee, the bailee may ultimately sell the property after proper notice and a hearing. In order to enforce the right to sell the property, the bailee is given a _____ on the property.

Possessory lien

For a gift causa mortis, it must:

be accepted before the death of the donor.

Jonathan was in his last stages of lung cancer. In contemplation of his death, he gave away his Mercedes to his best friend as a gift. The gift is an example of a(n) _____.

gift causa mortis

In case of a bailment, it is the bailor's duty to:

provide the bailee with any agreed-on compensation for the bailment.