Question 1

When property is sold pursuant to a bailee's lien,the proceeds are first used to pay the bailee and to cover the costs of the sale,and then remaining proceeds go to the bailor.

Accepted Answer

A) True 
 B)False

Question 2

What is a "fungible good?"

Accepted Answer

A)  A good for which one unit of the good is essentially the same as every other unit of the good.
B)  A good that is given as the subject of an inter vivos gift.
C)  A good that has value but not actual,physical form,such as a stock or a bond.
D)  A good that was once classified as mislaid property,but which was later transferred to the owner of the realty on which it was mislaid by operation of law.
E)  A good which was once moveable but is now permanently attached to real property.F) B) and E)
G) B) and D)

Question 3

A promise to make a gift is generally enforceable.

Accepted Answer

A) True 
 B)False

Question 4

[Shoe Store] Larry owns a store that sells a variety of men's accessories,including shoes,wallets,briefcases,and belts.While shopping in Larry's store,Ed placed his wallet on a shelf so he could look at a particular pair of shoes.When Ed walked away,he forgot to pick up the wallet and left the store without it.Another customer,Susan,noticed the wallet on the shelf a few minutes later.She hadn't seen Ed leave it there,and brought the wallet to Larry at the front counter.Larry thanked her and set the wallet aside,meaning to put it in the back office for safekeeping.However,before he could secure the wallet,Larry was distracted by a phone call.Another customer,Scott,saw the wallet on the counter,took it,and left the store.Once outside,Larry opened the wallet and looked through it.When Larry realized that the wallet contained nothing but two dollars and an expired library card,he tossed the wallet on the ground in disgust and walked away.Five minutes later,Olivia,a passerby,noticed the wallet on the ground.She decided to keep it for herself,so she picked up the wallet and took it home.
-Which of the following is the most accurate classification of the wallet in the above scenario?

Accepted Answer

A)  Mislaid property
B)  Abandoned property
C)  Missing property
D)  Lost property
E)  Stolen propertyF) C) and D)
G) D) and E)

Question 5

Which of the following terms best describes gifts made in contemplation of death?

Accepted Answer

A)  Sustainable gifts
B)  Terminal gifts
C)  Causa mortis gifts
D)  In rem gifts
E)  Inter vivos giftsF) All of the above
G) A) and B)

Question 6

Which of the following statements is true regarding gifts and the imposition of conditions?

Accepted Answer

A)  Gifts may be conditional only if one of the parties is related by blood or marriage.
B)  Gifts may be conditional only if a condition precedent is involved.
C)  Gifts may be conditional only if consideration is present.
D)  Gifts may be conditional.
E)  Gifts may not be conditional.F) A) and D)
G) A) and C)

Question 7

Which of the following terms best describes property that can be touched?

Accepted Answer

A)  Tangible
B)  Manifest
C)  Discernible
D)  Substantive
E)  PhysicalF) All of the above
G) A) and E)

Question 8

Property intentionally placed somewhere by its true owner,who then forgets its location,is best classified as which type of property?

Accepted Answer

A)  Terminated
B)  Abandoned
C)  Discarded
D)  Lost
E)  MislaidF) B) and E)
G) A) and B)

Exam 48: The Nature of Property, personal Property, and Bailments

A promise to make a gift is generally enforceable.

Correct Answer
verified

What is a "fungible good?"

Correct Answer
verified

Which of the following terms best describes gifts made in contemplation of death?

Correct Answer
verified

Which of the following terms best describes property that can be touched?

Correct Answer
verified

Correct Answer
verified

Property intentionally placed somewhere by its true owner,who then forgets its location,is best classified as which type of property?

Correct Answer
verified

Which of the following statements is true regarding gifts and the imposition of conditions?

Correct Answer
verified

When property is sold pursuant to a bailee's lien,the proceeds are first used to pay the bailee and to cover the costs of the sale,and then remaining proceeds go to the bailor.

Correct Answer
verified

Exam 48: The Nature of Property, personal Property, and Bailments

A promise to make a gift is generally enforceable.

Correct AnswerverifiedShow Answer

What is a "fungible good?"

Correct AnswerverifiedShow Answer

Which of the following terms best describes gifts made in contemplation of death?

Correct AnswerverifiedShow Answer

Which of the following terms best describes property that can be touched?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Property intentionally placed somewhere by its true owner,who then forgets its location,is best classified as which type of property?

Correct AnswerverifiedShow Answer

Which of the following statements is true regarding gifts and the imposition of conditions?

Correct AnswerverifiedShow Answer

When property is sold pursuant to a bailee's lien,the proceeds are first used to pay the bailee and to cover the costs of the sale,and then remaining proceeds go to the bailor.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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