Acct 324- Chapter 48

Which of the following is not a commonly recognized bailor right? Multiple choice question. The right to be fairly compensated for taking care of the bailed property The right to expect that the bailee will use the bailed property only as stipulated in the bailment agreement The right to expect that the bailee will take reasonable care of the bailed property The right to expect that the bailee will not alter the bailed property in any unauthorized manner

The right to be fairly compensated for taking care of the bailed property

Which of the following is the most common means by which property is acquired? Multiple choice question. Voluntary transfer Divestiture of rights Ownership acclimation Accretion of rights

Voluntary transfer

Which of the following is a receipt issued by one who is engaged in the business of storing goods for compensation? Multiple choice question. Receipt of lading Receipt of entitlement Warehouse receipt Commercial housing receipt

Warehouse receipt

In the context of the voluntary transfer of ownership, when is the delivery of a gift considered actual? (Check all the apply.) Multiple select question. When it is abandoned and found by another person When a promise of the gift is made When it is physically presented When it is constructively presented

When it is physically presented When it is constructively presented

In the context of the voluntary transfer of ownership, when is the delivery of a gift considered actual? (Check all the apply.) Multiple select question. When it is physically presented When a promise of the gift is made When it is abandoned and found by another person When it is constructively presented

When it is physically presented When it is constructively presented

In the context of bailment, when is a bailee not liable for any harm caused to the property? Multiple choice question. When the harm is caused by the bailee's lack of due care When the harm is caused by an act of God When the harm is caused by the bailee's ordinary negligence When the harm is caused by the bailee's gross negligence

When the harm is caused by an act of God

In a mutual benefit bailment, when is the bailee is liable for harm to the bailed property? (Check all that apply.) Multiple select question. When the harm is caused by the bailee's gross negligence When the harm is caused by an act of God When the harm is caused by the bailee's ordinary negligence When the harm is caused by the bailee's lack of due care

When the harm is caused by the bailee's gross negligence When the harm is caused by the bailee's ordinary negligence

Handing over the keys to an automobile that the donor intends to give to the donee is an example of a(n) ______ delivery of the automobile. Multiple choice question. constructive confusion actual donative

constructive

In most states, the finder of lost property has title to the lost goods against all except the: _______. Multiple choice question. holder in due course holder owner government

owner

In most states, the finder of lost property has title to the lost goods against all except the: _______. Multiple choice question. owner government holder in due course holder

owner

All property that is not land (or not permanently affixed to land) is considered _______. Multiple choice question. fixtures abandoned property real property personal property

personal property

A tree could be described as ______ property, while a tractor might be described as ______ property. Multiple choice question. real, personal personal, real personal, tangible tangible, intangible

real, personal

A commonly recognized duty of the bailee includes taking ______ care of the bailed property. Multiple choice question. strict excellent bona fide reasonable

reasonable

The bailor has the right to expect that the bailee will take ______ care of the bailed property. Multiple choice question. aggressive above-average reasonable strict

reasonable

Which of the following is an example of intangible personal property? (Choose ONE correct answer) Multiple choice question. An automobile A heating, ventilation and air conditioning system A bank account A laptop computer on layaway at a retail electronics store

A bank account

What type of property has been discarded by it original owner? Multiple choice question. Misappropriated Lost Mislaid Abandoned

Abandoned

For a gift causa mortis, which of the following elements of a gift must be present before the death of the donor? (Check all that apply.) Multiple select question. Possession Acceptance Donative intent Abandonment Delivery

Acceptance Donative intent Delivery

Which type of delivery involves physical presentation of the gift itself? Multiple choice question. Ceremonial Constructive Actual Symbolic

Actual

Which of the following is not a commonly recognized duty of the bailee? Multiple choice question. Using the bailed property only as stipulated in the bailment agreement Taking reasonable care of the bailed property Assuming strict liability for damage to or destruction of the bailed property Returning the bailed property in good condition at the end of bailment

Assuming strict liability for damage to or destruction of the bailed property

Which of the following is a document issued by a person engaged in the business of transporting goods that verifies receipt of the goods for shipment? Multiple choice question. Decree of loading Bill of entitlement Bill of lading Decree of easement

Bill of lading

Identify the types of documents of title that govern bailments. (Check all that apply.) Multiple select question. Hotel receipts Property titles Bills of lading Warehouse receipts Delivery orders

Bills of lading Warehouse receipts Delivery orders

A delivery order is a written order to deliver goods directed to a party who, in the ordinary course of business, issues which of the following? Multiple choice question. Bills of lading or warehouse receipts Summary requisitions or formal rejoinders Bills of lading or formal rejoinders Summary requisitions or warehouse receipts

Bills of lading or warehouse receipts

What type of gift is made in contemplation of one's immediate death? Multiple choice question. Inter vivos Intra vivos Causa mortis Causal mortis

Causa mortis

The Uniform ______ Code defines a document of title as one that "must purport to be issued by or addressed to a bailee and purport to cover goods in the bailee's possession which are either identified or are fungible portions of an identified mass." Multiple choice question. Contract Criminal Commercial Cohabitation

Commercial

______ carriers are licensed to provide transportation services to _______. Multiple choice question. Common; the public Private; the public Private; government workers Common; select individuals

Common; the public

What kind of gift requires that a certain event happen before the donor gives property to the donee? Multiple choice question. Stipulated Formulated Prepositional Conditional

Conditional

Which of the following are most likely fungible goods? Multiple choice question. A shipment of automobiles made by the same manufacturer Legal services Grains of wheat Trade secrets

Grains of wheat

What type of personal property includes such items as bank accounts, stocks, and insurance policies? Multiple choice question. Intangible Tangible Intellectual Real

Intangible

What type of gift is made by a person during his or her lifetime? Multiple choice question. Intra vivos Inter vivos Vituperative Vivacious

Inter vivos

Which of the following is not a necessary element for a valid gift? Multiple choice question. Delivery Acceptance Ownership acclimation Donative intent

Ownership acclimation

______ carriers provide transportation services to a select group. Multiple choice question. Private Warehouse Public Innkeeper

Private

Which of the following is a commonly recognized duty of the bailor? Multiple choice question. Provide the bailee with any agreed-upon compensation for the bailment Exercise good faith in caring for the bailed property Take reasonable care of the bailed property Be strictly liable for any damage to the bailed property

Provide the bailee with any agreed-upon compensation for the bailment

Which of the following are ways of voluntary transfer of property? (Check all that apply.) Multiple select question. Possession Purchase Sale Abandonment

Purchase Sale

In the context of bailment, which of the following is a right of the bailee? Multiple choice question. Right to alter the property during the term of bailment Right to possess the bailed property during the term of the bailment Right to keep the property after the term of bailment Right to the ownership of the property during the bailment

Right to possess the bailed property during the term of the bailment

Which of the following is not a type of document of title governing bailments? Multiple choice question. Storage certificate Warehouse receipt Delivery order Bill of lading

Storage certificate

What type of personal property includes items such as furniture, cars, and other goods? Multiple choice question. Real Virtual Tangible Intangible

Tangible

If the bailment is solely for the benefit of the party that is in the possession of the property during the bailment, who is liable for damages for any harm to the property because of a lack of due care during the period of bailment? Multiple choice question. The bailee The bailor The party that endorsed the bailment The person responsible for the harm

The bailee

Which of the following is a primary issue that arises in conjunction with personal property? Multiple choice question. The proper procedure for closing on a real estate transaction The means of acquiring ownership of personal property The proper means to acquire title to a fixture The rights and duties arising out of a procurement

The means of acquiring ownership of personal property

Property that the original owner has discarded is called ______ property. Multiple choice question. abandoned lost mislaid fungible

abandoned

If the bailment is intended to benefit only the bailee, then the bailee is liable for damage to the property caused _______. Multiple choice question. by the bailee's slightest lack of due care by the bailor's gross negligence only by the bailee's gross negligence only by the bailor's slightest lack of due care

by the bailee's slightest lack of due care

Joe's promise to give Hannah his "Valentina" painting when she graduates from college would be an example of a(n) _______. Multiple choice question. actual gift fungible gift constructive gift conditional gift

conditional gift

A ____ ____ is a written order to deliver goods directed to a party who, in the ordinary course of business, issues warehouse receipts or bills of lading.

delivery order

When a bailment is ______, there is no need for a written agreement unless the statute of frauds applies to the bailment. Multiple choice question. symbolic implied constructive express

express

When a bailment is _______, there is no need for a written agreement unless the statute of ______ applies to the bailment. Multiple choice question. implied/contracts contracts/implied express/frauds frauds/express

express/frauds

With ______ goods, one unit of the good is essentially the same as every other unit. Multiple choice question. abandoned lost fungible mislaid

fungible

A commonly recognized right of the bailee includes the right to receive compensation for the bailment, unless the bailment is: _______. Multiple choice question. fortuitous equitable contractual gratuitous

gratuitous

A bailment may be ______ or for ______. Multiple choice question. gratuitous; perpetuity gratuitous; consideration temporary; perpetuity earned; entitlement

gratuitous; consideration

A(n) ______ gift is made by a person during her lifetime, without regard to her immediate death. (Choose the BEST answer) Multiple choice question. inter vivos actual constructive causa mortis

inter vivos

The true owner has no way of knowing how to retrieve ______ property. Multiple choice question. personal real lost intellectual

lost

The store at which Allan ______ his phone has the right to hold the phone, since it is likely Allan will return to the store looking for it. Multiple choice question. mislaid abandoned gifted lost

mislaid

Personal property is generally defined as ______ property. Multiple choice question. real fixture movable intellectual

movable

If the bailment is intended to benefit only the bailee, then the bailee is liable for damage to the property caused _______. Multiple choice question. by the bailee's slightest lack of due care only by the bailee's gross negligence only by the bailor's slightest lack of due care by the bailor's gross negligence

only by the bailor's slightest lack of due care

A less technical way to think about property is that it is anything you can: ______. Multiple choice question. imagine own exclude inhabit

own

At common law, an innkeeper is held to a(n) ______ standard of care for their guests' property. Multiple choice question. intent-based recklessness strict-liability negligence

strict-liability

Today, those who are regularly in the business of making lodging available to the public are held to a(n) ______ standard of care for their guests' property. Multiple choice question. negligence strict-liability intent-based recklessness

strict-liability

Property is a set of rights and interests in relation to others with reference to a(n) ______ or ______ object. Multiple choice question. express; implied lost; abandoned legal; equitable tangible; intangible

tangible; intangible

If the bailment is intended to benefit only the bailor, then the bailee is liable for damage to the property caused by: _______. Multiple choice question. the bailee's simple negligence the bailee's gross negligence the bailor's gross negligence the bailor's simple negligence

the bailee's gross negligence

One of the primary issues that arise in conjunction with personal property involve ______. Multiple choice question. the condition of the property at the time of the sale the rights and duties arising out of a bailment the legal standing of other properties owned by the seller the buyer's planned use for the property

the rights and duties arising out of a bailment

When a bailment is for the purpose of transportation or storage of goods, certain documents of ______ may be issued in conjunction with the bailment. Multiple choice question. title easement residuals subrogation

title

If the bailment is intended _______, the bailee is liable for damage to the property caused by the bailee's gross negligence Multiple choice question. as a mutual benefit bailment as a strict liability bailment to benefit only the bailee to benefit only the bailor

to benefit only the bailor

If the bailment is intended _______, the bailee is liable for damage to the property caused by the bailee's gross negligence Multiple choice question. to benefit only the bailor as a mutual benefit bailment as a strict liability bailment to benefit only the bailee

to benefit only the bailor

Which of the following is a correct statement regarding bailments? Multiple choice question. A bailment may not benefit either the bailor or the bailee. A bailment may be for the sole benefit of the bailor, but not for the sole benefit of the bailee. A bailment may be for the sole benefit of the bailee, but not for the sole benefit of the bailor. A bailment may be for the mutual benefit of the bailor and the bailee.

A bailment may be for the mutual benefit of the bailor and the bailee.

Which of the following refers to a relationship that arises when one party transfers possession of personalty to another party to be used by the recipient in a stipulated manner for a stipulated time? Multiple choice question. Easement Entitlement Procurement Bailment

Bailment

Which of the following is a means by which people acquire title to property? Multiple choice question. Confusion Effusion Dilution Diffusion

Confusion

What type of gift delivery involves an item that gives access to the gift or represents it? Multiple choice question. Antecedent Constructive Precedent Conjunctive

Constructive

Which of the following cannot result in involuntary transfer of ownership of personal property? Multiple choice question. Converse possession of personal property Lost personal property Abandoned personal property Mislaid personal property

Converse possession of personal property

Which of the following is not a means by which people acquire title to property? Multiple choice question. Court order Creation Diffusion Confusion

Diffusion

In the context of a voluntary transfer of property, what are the elements necessary for a valid gift? (Check all that apply.) Multiple select question. Donative intent Acceptance Abandonment Purchase Delivery Possession

Donative intent Acceptance delivery

______ of ownership occur when property has been abandoned, lost, or mislaid. Multiple choice question. Voluntary transfers Gifts Involuntary transfers Confusion transfers

Involuntary transfers

Which of the following is true of bailment? Multiple choice question. It involves abandoning a property. It involves finding a lost property. It involves a person transferring the possession of a property to another. It involves voluntary transfer of the ownership of a property through a sale.

It involves a person transferring the possession of a property to another.

Which of the following statements best describes a bill of lading? Multiple choice question. It is a binding document that a buyer obtains from his or her bank to guarantee that payment for goods will be made to the seller. It is a written order to deliver goods directed to a party who, in the ordinary course of business, issues warehouse receipts. It is a document issued by a person engaged in the business of transporting goods that verifies receipt of the goods for shipment. It is a receipt issued by one who is engaged in the business of storing goods for compensation.

It is a document issued by a person engaged in the business of transporting goods that verifies receipt of the goods for shipment.

Which of the following statements best describes a warehouse receipt? Multiple choice question. It is a binding document that a buyer obtains from his or her bank to guarantee that payment for goods will be made to the seller. It is a receipt issued by one who is engaged in the business of storing goods for compensation. It is a receipt issued by a person engaged in the business of transporting goods confirming the receipt of the goods. It is a written order to deliver goods directed to a party who, in the ordinary course of business, issues bill of lading.

It is a receipt issued by one who is engaged in the business of storing goods for compensation.

What type of property has the true owner unknowingly or accidentally dropped or left somewhere? Multiple choice question. Lost Abandoned Requited Relinquished

Lost

Which of the following refers to property the owner has intentionally placed somewhere, but forgotten where? Multiple choice question. Mislaid Lost Concealed Abandoned

Mislaid

What type of property is not attached to the land? Multiple choice question. Ex officio Personal Real Fixture

Personal

What are the two categories of property? Multiple choice question. Real and personal Intangible and virtual Express and implied Tangible and real

Real and personal

Identify a duty of a bailor. Multiple choice question. Reimburse the bailee for any necessary costs incurred by the bailee during the bailment. Take reasonable care of the bailed property before bailment. Transfer the title and the ownership to the bailee after the bailment period is over. Ensure that the bailed property is not altered in any unauthorized manner during bailment.

Reimburse the bailee for any necessary costs incurred by the bailee during the bailment.