Busn 431 Final Questions and Answers with Verified Solutions |
Latest Update
QUESTION
Mark owns land in the western part of the state, and deposits of oil shale are found on his
property. Mark sells the rights to the shale to Oilers Inc. After the oil is removed it will be
considered
Answer:
Personal Property
QUESTION
Dani purchases a hunting license after which she shoots a deer and pays to have the meat
processed. Dani's acquisition of the deer is by
Answer:
Possession
QUESTION
Julie allows Andrea to store her boat on Julie's property for $100 while Andrea is away on a
business trip on behalf of her employer XYZ Inc. The bailor is
Answer:
Andrea
QUESTION
In contemplation of death during a risky emergency surgery Danny, a pianist, gifts his Steinway
grand piano to Cora. The surgery is successful and Danny does not die. The gift of the piano is
Answer:
Revoked because it was a gift causa mortis
QUESTION
Fahid owns farmland that includes a home and barn. Fahid's sister Henrietta owns everything else
on the farm such as the cattle, lumber, tools etc. With respect only to the items mentioned who
owns personal property
Answer:
Henrietta only
, QUESTION
Edna sells shares of stock in ABC Inc. to Griffin but does not deliver the stock certificates to him.
Instead, Edna gives Griffin a key to a safety deposit box at First Bank where the certificates are
located. This is an example of
Answer:
constructive delivery
QUESTION
Jamie owns a big screen tv, a video game console, and stock in the video game company Gamers
Inc. Jamie's intangible property includes
Answer:
the stock
QUESTION
Brynn finds a wallet in the park that contains $200 in cash but it does not contain information as
to it's owner. She takes the wallet to the police station and is informed that if the wallet is not
claimed within a certain statutory time period Brynn will be the rightful owner. This is acquiring
possession by
Answer:
an estray statute
QUESTION
A passenger on a commercial airline is an example of a bailment
Answer:
False
QUESTION
A gift is valid reguardless of whether it is accepte or not accepted
Answer:
False
QUESTION
Sally rents a house form Danica that floods after every heavy rain. Danica refuses to repair the
home in a manner that would fix the problem. Danica has breached
Answer:
the implied warranty of habitability
Latest Update
QUESTION
Mark owns land in the western part of the state, and deposits of oil shale are found on his
property. Mark sells the rights to the shale to Oilers Inc. After the oil is removed it will be
considered
Answer:
Personal Property
QUESTION
Dani purchases a hunting license after which she shoots a deer and pays to have the meat
processed. Dani's acquisition of the deer is by
Answer:
Possession
QUESTION
Julie allows Andrea to store her boat on Julie's property for $100 while Andrea is away on a
business trip on behalf of her employer XYZ Inc. The bailor is
Answer:
Andrea
QUESTION
In contemplation of death during a risky emergency surgery Danny, a pianist, gifts his Steinway
grand piano to Cora. The surgery is successful and Danny does not die. The gift of the piano is
Answer:
Revoked because it was a gift causa mortis
QUESTION
Fahid owns farmland that includes a home and barn. Fahid's sister Henrietta owns everything else
on the farm such as the cattle, lumber, tools etc. With respect only to the items mentioned who
owns personal property
Answer:
Henrietta only
, QUESTION
Edna sells shares of stock in ABC Inc. to Griffin but does not deliver the stock certificates to him.
Instead, Edna gives Griffin a key to a safety deposit box at First Bank where the certificates are
located. This is an example of
Answer:
constructive delivery
QUESTION
Jamie owns a big screen tv, a video game console, and stock in the video game company Gamers
Inc. Jamie's intangible property includes
Answer:
the stock
QUESTION
Brynn finds a wallet in the park that contains $200 in cash but it does not contain information as
to it's owner. She takes the wallet to the police station and is informed that if the wallet is not
claimed within a certain statutory time period Brynn will be the rightful owner. This is acquiring
possession by
Answer:
an estray statute
QUESTION
A passenger on a commercial airline is an example of a bailment
Answer:
False
QUESTION
A gift is valid reguardless of whether it is accepte or not accepted
Answer:
False
QUESTION
Sally rents a house form Danica that floods after every heavy rain. Danica refuses to repair the
home in a manner that would fix the problem. Danica has breached
Answer:
the implied warranty of habitability
