Business Law II BA 304-01: N/A
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Chapter 21 - Personal Property and Bailments - Review

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1) Property includes the rights of any person to possess, use, enjoy, and dispose of a thing or object of value.

2) Real property is land and all rights in land.

3) Personal property is property that is moveable (like furniture or books), or intangible (like trademarks, patents or copyrights, or rights in such things. 4) A gift is title of an owner's personal property voluntarily transferred by a party not receiving anything in exchange.

5) A doner is the person making a gift.

6) The donee isthe recipent of the gift.

7) To establish a gift, the party claiming to be the donee must prove intent and delivery.

8) The ordinary gift made between two living persons is an inter vivos gift.

9) The intent to make a gift requires an intent to transfer title at that time.

10) A gift requires intent to transfer title and delivery. 11) A custodian who holds money for the benefit of a minor under the Uniform Gifts to Minors Act may choose to use the money to send the minor to summer camp.

12) Most courts consider an engagement ring to be a conditional gift.

13) Ordinarily, the delivery required to make a gift will be an actual handing over to the donee.

16) Personal property is lost when an owner does not know where it is located but intends to retain title or ownership to it.

17) Title to abandoned property may be acquired by the first person who obtains possession and control of it. 20) If a maintenance employee at a hotel finds a pocketbook with $500 in cash while cleaning an empty guest room, the employee must give the property to the manager of the hotel to be kept for the owner.

21) A third person to whom a joint tenant's interest is transferred becomes a tenant in common.

22) A tenancy in common is a form of ownership by two or more persons.

23) At common law, a tenancy by entirety or a tenancy by the entireties is created when property is transferred to both husband and wife.

24) Joint tenancy is estate held jointly by two or more persons with the right of surviorship as between them, unless modified by statute.

25) The person who turns over the possession of bailed property is the bailor, and the person who accepts possession is the bailee.

26) The standard of care for bailments is reasonable care under the circumstances.

27) Ordinarily the bailor is not liable to a third person injured by the bailee using the bailed goods. 29) Bailments may be created orally or through a writing.

30) A bailment transfers possession to the bailee.

31) A finder of lost property is a constructive bailee who is bound to take reasonable care of the property under the circumstances.

32) When a bailor sues the bailee for damages to the bailed property, the bailor has the burden of proving fault and of proving such fault was the proximate cause of the loss.

33) Once the bailment is established and the goods are returned damaged the bailor has established liability on the part of the bailee.

34) Joan brought her car into Ace Service Station for a tune-up. Ace, the owner, after tuning up the car, decided to ride over to see his mother. Ace drove Joan's car. Ace was following all safety precautions when a negligent driver without insurance struck Joan's car. Joan sued Ace for the damages to her car. The probable result is Joan will win for the harm was sustained during the unauthorized use of the property by the bailee.

35) Warren brought his television in for repairs. After Warren left the store, gunmen came in to rob the proprietor. As they ran out, Warren's television was knocked over and destroyed. Warren demanded that the proprietor of the store make good for the television. The bailee is not liable because the damage was caused by the act of a third party.

36) Severalty is the ownership of property by one person.

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