Business Law Chapter 48 1 the earnest money will apply toward the purchase price

subject Type Homework Help
subject Pages 14
subject Words 1486
subject Authors Carrie Williamson, Daniel Herron, Linda Barkacs, Lucien Dhooge, M. Neil Browne, Nancy Kubasek

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page-pf1
1.
(p. 1065)
Ownership of property is referred to as "title."
2.
(p. 1065)
A promise to make a gift is generally enforceable.
page-pf2
3.
(p. 1071)
A person who finds abandoned property becomes its owner.
4.
(p. 1073)
Lost property legally has the same status as mislaid property.
page-pf3
5.
(p. 1074)
Parties to a bailment contract can limit or expand the liability of the bailee by contract.
6.
(p. 1076)
Unless a bailment is gratuitous, the bailee has the right to be compensated in accordance
with the terms of the bailment.
page-pf4
7.
(p. 1076)
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.
8.
(p. 1076)
The statute of frauds requires a writing for a bailment that will not be completed within 6
months.
page-pf5
9.
(p. 1077)
By law, a document of title may not be negotiable.
10.
(p. 1078)
Some states allow innkeepers to avoid strict liability for their guests' personal property by
providing them with a safe in which they may keep their valuables.
page-pf6
11.
(p. 1070)
Which of the following was the result in
Campbell v. Robinson
, the case in the text in
which the plaintiff claimed that the defendant wrongfully refused to return an engagement ring
when the marriage was cancelled?
page-pf7
12.
(p. 1072)
Which of the following was the result in
Omni Holding and Development Corp. v. C.A.G.
Investments Inc.
, the case in the text involving whether the plaintiff abandoned personal property
following the court's order that it remove itself from the property?
page-pf8
13.
(p. 1079)
What was the result in the Case Opener in which the prisoner was required to move to a
new cell and the guard did not lock the old cell as agreed resulting in the theft of some items that
had not yet been moved?
page-pf9
14.
(p. 1064)
Which of the following is a set of rights and interests in relation to others with reference
to a tangible or intangible object?
page-pfa
15.
(p. 1078)
Which of the following was the result in
GNOC Corp. v. Powers
, the case in the text
involving the application of New Jersey's State Innkeeper's Act to Powers' claim involving a thief
who obtained a second key from the hotel and stole $75,000 in gambling winnings and chips that
the plaintiff had not placed in the hotel's safe?
page-pfb
16.
(p. 1064)
Which of the following types of property is land and anything attached to it?
17.
(p. 1065)
Which of the following is movable property that is not attached to land?
page-pfc
18.
(p. 1064)
Which of the following is property that is initially movable but then becomes attached to
land?
19.
(p. 1064)
Fixtures are treated like ______ property.
page-pfd
20.
(p. 1065)
Which of the following is a type of property that can be touched?
21.
(p. 1065)
Bank accounts, stocks, and insurance policies are examples of which of the following
types of property?
page-pfe
22.
(p. 1066)
Which of the following is
false
under Italian Property Law?
page-pff
23.
(p. 1067)
Which of the following is a term for gifts made during someone's lifetime, not in
contemplation of death?
24.
(p. 1067)
Which of the following is a term for gifts made in contemplation of death?
page-pf10
25.
(p. 1065)
When does title to property pass?
page-pf11
26.
(p. 1065)
Which of the following is a way in which a gift differs from a purchase as a way of
transferring ownership?
page-pf12
27.
(p. 1069)
Which of the following is true regarding gifts and the imposition of conditions?
page-pf13
28.
(p. 1073)
Which of the following is
false
regarding ways in which people may acquire title to
property?
page-pf14
29.
(p. 1069)
Contracts that are drafted so that one person's obligations under the contract do not
arise until the happening of a certain event are called ______ contracts.

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