AIC 301 RECENT NEW EXAMS TEST PAPER
QUESTIONS AND ANSWERS SURE A+
✔✔anonymous & pseudonymous works extend ______ years after publication or _____
years after creation- whichever is shorter - ✔✔95; 120
✔✔the right granted by a government entity to an inventor or applicant for a limited time
period to exclusively own and control a new, useful, and nonobvious invention -
✔✔patent
✔✔patents are NOT _______________ - ✔✔renewable
✔✔ex. over-the-counter and prescription drugs - ✔✔patent
✔✔an increase or addition to property - ✔✔accession
✔✔the intermingling of goods belonging to different owners - ✔✔confusion
✔✔in confusion, ________________ & __________________ of goods are impossible
- ✔✔identification; separation
,✔✔if confusion is ______________/_______________, the wrongdoes loses title to
goods and other owner obtains title for the wrongdoer's portion - ✔✔willful/fraudulent
✔✔if confusion is ______________/_______________, the parties who jointly own the
entire mass in proportion to their respective interests - ✔✔innocent/accidental
✔✔in confusion, if determination is impossible, then the loss falls on the party who
______________ ________ _________________. - ✔✔caused the mixture
✔✔the voluntary and gratuitous transfer of property without consideration - ✔✔gift
✔✔3 elements of a gift - ✔✔1) donative intent
2) delivery
3) acceptance
✔✔when someone takes temporary possession of another person's property for a
specific reason - ✔✔bailment
✔✔ex. dry cleaner, car at auto shop - ✔✔bailment
✔✔the owner of personal property in bailment - ✔✔bailor
✔✔the party temporarily possessing the personal property in a bailment - ✔✔bailee
✔✔3 elements of baliment - ✔✔1) transfer of personal property possession without
transfer of title
2) bailee's acceptance of the bailed property
3) bailee's expressed or implied agreement to redeliver the property to the bailor or a
designated third person
✔✔the principal consideration in determining rights and duties is whom the bailment is
_______________ ______ __________________. - ✔✔intended to benefit
✔✔a bailee has a duty to take _______________ _______________ of bailed property
- ✔✔reasonable care
✔✔____________'s sole benefit- bailee can be liable for losses (ex. borrowing a car for
personal use) - ✔✔bailee
✔✔_____________'s sole benefit- bailee may use/handle property only to the extent
necessary to preserve or protect it (ex. storing a fur coat) - ✔✔bailor
,✔✔______________ benefit- bailee can use property as specified within the agreement
or contract (ex. person leasing car according to lease agreement terms) - ✔✔mutual
✔✔bailees can assert ____________ or ________________ _____________ when
expressed or implied compensation is not paid - ✔✔liens; possessory liens
✔✔a creditor's legal right or interest in another's property, usually lasting until
satisfaction of the specific debt or duty that the lien secures - ✔✔lien
✔✔a bailee's right to retain possession of a bailor's property as security for the payment
of a debt or performance of some other act - ✔✔possessory lien
✔✔if due car is taken in bailment, any loss or damage to the bailed property falls on the
____________ because they have the ____________ to it. - ✔✔bailor; title
✔✔degree of care required by bailee when it is for bailee's sole benefit -
✔✔extraordinary
✔✔degree of care required by bailee when it is for bailor's sole benefit - ✔✔slight
✔✔degree of care required by bailee when it is for mutual benefit - ✔✔reasonable
✔✔bailees cannot transfer ____________ to a third party - ✔✔titles
✔✔in bailments for ______________'s sole benefit, bailor is not entitled to
compensation - ✔✔bailor
✔✔in bailments for ____________'s sole benefit and mutual benefit, the bailor is
entitled to compensation - ✔✔bailee
✔✔leaving a dangerous article with a person who the lender knows or should know is
likely to use it in an unreasonably risky manner - ✔✔negligent entrustment
✔✔ex. a car owner permitting an unlicensed driver to operate their car can be liable to a
third party who is injured in an accident caused by the minor - ✔✔negligent entrustment
✔✔the surface of land and everything on it - ✔✔real property
✔✔the sum total of all types of property owned by a person at the time of death -
✔✔estate
✔✔2 types of real property - ✔✔1) fee simple estate
, 2) life estate
✔✔6 forms of concurrent ownership - ✔✔1) joint tenancy
2) tenancy by the entirety
3) tenancy in common
4) community property
5) cooperative ownership
6) condominium ownership
✔✔a full ownership interest in property with the unconditional right to dispose of it -
✔✔fee simple estate
✔✔most single family homeowners have _____________________ estates - ✔✔fee
simple
✔✔an interest in which a life tenant is entitled to possession of real property and to all
income the land produces for the duration of that person's or someone else's life -
✔✔life estate
✔✔property owners have tenancy interest they can insure even though they share the
property with at least one other person - ✔✔concurrent estates
✔✔a right to possession or ownership or both, of property - ✔✔tenancy
✔✔a concurrently owned and undivided interest in an estate that transfers to a surviving
joint tenant upon the death of the other - ✔✔joint tenancy
✔✔the oldest form of concurrent ownership - ✔✔joint tenancy
✔✔joint tenancy is created at ________ time, from __________ grantor, in __________
shares. - ✔✔one; one; equal
✔✔a joint tenancy between husband and wife - ✔✔tenancy by the entirety
✔✔normally severs tenancy by the entirety - ✔✔divorce
✔✔a concurrent ownership of property, in equal or unequal shares, by two or more joint
tenants who lack survivorship rights - ✔✔tenancy in common
✔✔3 differences between Tenancy in Common and Tenancy by the Entirety - ✔✔1) TIC
involves no survivorship
2) parties can own unequal shares in TIC
3) parties need not derive their interests in the same deed from the same grantor in TIC
QUESTIONS AND ANSWERS SURE A+
✔✔anonymous & pseudonymous works extend ______ years after publication or _____
years after creation- whichever is shorter - ✔✔95; 120
✔✔the right granted by a government entity to an inventor or applicant for a limited time
period to exclusively own and control a new, useful, and nonobvious invention -
✔✔patent
✔✔patents are NOT _______________ - ✔✔renewable
✔✔ex. over-the-counter and prescription drugs - ✔✔patent
✔✔an increase or addition to property - ✔✔accession
✔✔the intermingling of goods belonging to different owners - ✔✔confusion
✔✔in confusion, ________________ & __________________ of goods are impossible
- ✔✔identification; separation
,✔✔if confusion is ______________/_______________, the wrongdoes loses title to
goods and other owner obtains title for the wrongdoer's portion - ✔✔willful/fraudulent
✔✔if confusion is ______________/_______________, the parties who jointly own the
entire mass in proportion to their respective interests - ✔✔innocent/accidental
✔✔in confusion, if determination is impossible, then the loss falls on the party who
______________ ________ _________________. - ✔✔caused the mixture
✔✔the voluntary and gratuitous transfer of property without consideration - ✔✔gift
✔✔3 elements of a gift - ✔✔1) donative intent
2) delivery
3) acceptance
✔✔when someone takes temporary possession of another person's property for a
specific reason - ✔✔bailment
✔✔ex. dry cleaner, car at auto shop - ✔✔bailment
✔✔the owner of personal property in bailment - ✔✔bailor
✔✔the party temporarily possessing the personal property in a bailment - ✔✔bailee
✔✔3 elements of baliment - ✔✔1) transfer of personal property possession without
transfer of title
2) bailee's acceptance of the bailed property
3) bailee's expressed or implied agreement to redeliver the property to the bailor or a
designated third person
✔✔the principal consideration in determining rights and duties is whom the bailment is
_______________ ______ __________________. - ✔✔intended to benefit
✔✔a bailee has a duty to take _______________ _______________ of bailed property
- ✔✔reasonable care
✔✔____________'s sole benefit- bailee can be liable for losses (ex. borrowing a car for
personal use) - ✔✔bailee
✔✔_____________'s sole benefit- bailee may use/handle property only to the extent
necessary to preserve or protect it (ex. storing a fur coat) - ✔✔bailor
,✔✔______________ benefit- bailee can use property as specified within the agreement
or contract (ex. person leasing car according to lease agreement terms) - ✔✔mutual
✔✔bailees can assert ____________ or ________________ _____________ when
expressed or implied compensation is not paid - ✔✔liens; possessory liens
✔✔a creditor's legal right or interest in another's property, usually lasting until
satisfaction of the specific debt or duty that the lien secures - ✔✔lien
✔✔a bailee's right to retain possession of a bailor's property as security for the payment
of a debt or performance of some other act - ✔✔possessory lien
✔✔if due car is taken in bailment, any loss or damage to the bailed property falls on the
____________ because they have the ____________ to it. - ✔✔bailor; title
✔✔degree of care required by bailee when it is for bailee's sole benefit -
✔✔extraordinary
✔✔degree of care required by bailee when it is for bailor's sole benefit - ✔✔slight
✔✔degree of care required by bailee when it is for mutual benefit - ✔✔reasonable
✔✔bailees cannot transfer ____________ to a third party - ✔✔titles
✔✔in bailments for ______________'s sole benefit, bailor is not entitled to
compensation - ✔✔bailor
✔✔in bailments for ____________'s sole benefit and mutual benefit, the bailor is
entitled to compensation - ✔✔bailee
✔✔leaving a dangerous article with a person who the lender knows or should know is
likely to use it in an unreasonably risky manner - ✔✔negligent entrustment
✔✔ex. a car owner permitting an unlicensed driver to operate their car can be liable to a
third party who is injured in an accident caused by the minor - ✔✔negligent entrustment
✔✔the surface of land and everything on it - ✔✔real property
✔✔the sum total of all types of property owned by a person at the time of death -
✔✔estate
✔✔2 types of real property - ✔✔1) fee simple estate
, 2) life estate
✔✔6 forms of concurrent ownership - ✔✔1) joint tenancy
2) tenancy by the entirety
3) tenancy in common
4) community property
5) cooperative ownership
6) condominium ownership
✔✔a full ownership interest in property with the unconditional right to dispose of it -
✔✔fee simple estate
✔✔most single family homeowners have _____________________ estates - ✔✔fee
simple
✔✔an interest in which a life tenant is entitled to possession of real property and to all
income the land produces for the duration of that person's or someone else's life -
✔✔life estate
✔✔property owners have tenancy interest they can insure even though they share the
property with at least one other person - ✔✔concurrent estates
✔✔a right to possession or ownership or both, of property - ✔✔tenancy
✔✔a concurrently owned and undivided interest in an estate that transfers to a surviving
joint tenant upon the death of the other - ✔✔joint tenancy
✔✔the oldest form of concurrent ownership - ✔✔joint tenancy
✔✔joint tenancy is created at ________ time, from __________ grantor, in __________
shares. - ✔✔one; one; equal
✔✔a joint tenancy between husband and wife - ✔✔tenancy by the entirety
✔✔normally severs tenancy by the entirety - ✔✔divorce
✔✔a concurrent ownership of property, in equal or unequal shares, by two or more joint
tenants who lack survivorship rights - ✔✔tenancy in common
✔✔3 differences between Tenancy in Common and Tenancy by the Entirety - ✔✔1) TIC
involves no survivorship
2) parties can own unequal shares in TIC
3) parties need not derive their interests in the same deed from the same grantor in TIC
