Question 1

Mention a few instances where a bailee need not return bailed property in the same condition that it was delivered to him.

Accepted Answer

In the case of fungible goods, such as w...

Question 2

The theft of trade secrets is a federal crime.

Accepted Answer

A) True 
 B)False

Question 3

A constructive bailment is a bailment for the sole benefit of the bailor.

Accepted Answer

A) True 
 B)False

Question 4

Bailments are governed by contracts.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is most likely to happen when confusion of property belonging to two different owners occurs by accident?

Accepted Answer

A)   Each party will be deemed the owner of a proportionate part of the mass.
B)   The state takes ownership of the property until it can be clearly proven how much of the property of one was mingled with that of the other person.
C)   The title to the total mass passes to that party which owned more property prior to the confusion taking place.
D)   The ownership of the property will revert back to the government for a period of 2 years.E) A) and B)
F) A) and C) A

Question 6

A _____ provides someone with an absolute title to his/her invention for a certain period of time.

Accepted Answer

A)   trademark
B)   patent
C)   copyright
D)   logoE) B) and C)
F) B) and D)

Question 7

A copyright must be registered in order for the owner to sue for its infringement.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is true of bailments for the sole benefit of the bailee?

Accepted Answer

A)   The owner of the bailed property receives adequate benefits or compensation in these bailments.
B)   Any loss or damage to bailed property due to no fault of the bailee falls on the owner.
C)   In these bailments, the bailee renders a service and charges for the service.
D)   If the bailee is injured due to a defect in the bailed property, the bailor is not liable for damages.E) A) and C)
F) A) and B)

Question 9

Which of the following does the Uniform Disposition of Unclaimed Property Act claim?

Accepted Answer

A)   A holder of property that the law presumes is abandoned must turn the property over to the state.
B)   If an employee finds any property during the course of employment, the property belongs to the employer.
C)   A finder of lost property has the right of possession against all but the true owner as long as the finder has not committed a wrong of some kind.
D)   If property is mislaid, not lost, then the owner of the premises has first claim against all but the true owner.E) A) and B)
F) A) and C)

Question 10

A transfer of fungible goods does not constitute a bailment.

Accepted Answer

A) True 
 B)False

Question 11

Tangible property left as security is a pledge.

Accepted Answer

A) True 
 B)False

Question 12

The unauthorized exercise of ownership rights over another's property is known as a(n)  _____.

Accepted Answer

A)   accession
B)   rescission
C)   bailment
D)   conversionE) A) and B)
F) B) and D)

Question 13

A finder of abandoned goods does not hold an absolute right to its possession.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is an example of a bailment for the sole benefit of the bailor?

Accepted Answer

A)   A laundry and dry cleaning contract
B)   Sally leaving the keys of her house with her neighbor while she goes on vacation
C)   Ken borrowing a suit from his friend for his graduation ceremony
D)   Matt giving the keys of his car to a parking garage attendant after paying the parking feeE) B) and D)
F) None of the above

Question 15

Which of the following statements is true about bailments?

Accepted Answer

A)   Bailments are always governed by express contracts.
B)   Title is transferred in a bailment, along with possession of an object for a short period of time.
C)   In some cases, a bailment may exist when the recipient does not return the actual goods.
D)   A bailment cannot be established without actual delivery and acceptance of the goods.E) None of the above
F) A) and B) C

Question 16

The mere act of creation of an intellectual property lends the creator with an absolute title to the property.

Accepted Answer

A) True 
 B)False

Question 17

When a person dies intestate, the laws of the decedent's state of residence will dictate how his personal property will be divided among his heirs.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is most likely to fall in the category of intangible personal property?

Accepted Answer

A)   Knowledge
B)   Copyrights
C)   Annual growing crops
D)   LandE) C) and D)
F) All of the above

Question 19

A case of someone finding and taking possession of lost property is an example of:

Accepted Answer

A)   conversion of property.
B)   a mutual-benefit bailment.
C)   a bailment for the sole benefit of the bailee.
D)   a bailment for the sole benefit of the bailor.E) B) and C)
F) A) and B)

Question 20

When a bailment is for the sole benefit of a bailor, a bailee may receive benefits of ownership during the bailment.

Accepted Answer

A) True 
 B)False  False

Exam 14: Nature of Personal Property

Mention a few instances where a bailee need not return bailed property in the same condition that it was delivered to him.

Correct AnswerverifiedIn the case of fungible goods, such as w...View AnswerShow Answer

The theft of trade secrets is a federal crime.

Correct AnswerverifiedShow Answer

A constructive bailment is a bailment for the sole benefit of the bailor.

Correct AnswerverifiedShow Answer

Bailments are governed by contracts.

Correct AnswerverifiedShow Answer

Which of the following is most likely to happen when confusion of property belonging to two different owners occurs by accident?

Correct AnswerverifiedA

A _____ provides someone with an absolute title to his/her invention for a certain period of time.

Correct AnswerverifiedShow Answer

A copyright must be registered in order for the owner to sue for its infringement.

Correct AnswerverifiedShow Answer

Which of the following is true of bailments for the sole benefit of the bailee?

Correct AnswerverifiedShow Answer

Which of the following does the Uniform Disposition of Unclaimed Property Act claim?

Correct AnswerverifiedShow Answer

A transfer of fungible goods does not constitute a bailment.

Correct AnswerverifiedShow Answer

Tangible property left as security is a pledge.

Correct AnswerverifiedShow Answer

The unauthorized exercise of ownership rights over another's property is known as a(n) _____.

Correct AnswerverifiedShow Answer

A finder of abandoned goods does not hold an absolute right to its possession.

Correct AnswerverifiedShow Answer

Which of the following is an example of a bailment for the sole benefit of the bailor?

Correct AnswerverifiedShow Answer

Which of the following statements is true about bailments?

Correct AnswerverifiedC

The mere act of creation of an intellectual property lends the creator with an absolute title to the property.

Correct AnswerverifiedShow Answer

When a person dies intestate, the laws of the decedent's state of residence will dictate how his personal property will be divided among his heirs.

Correct AnswerverifiedShow Answer

Which of the following is most likely to fall in the category of intangible personal property?

Correct AnswerverifiedShow Answer

A case of someone finding and taking possession of lost property is an example of:

Correct AnswerverifiedShow Answer

When a bailment is for the sole benefit of a bailor, a bailee may receive benefits of ownership during the bailment.

Correct AnswerverifiedFalse

Correct Answer
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C

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