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Click here to get all Chapters 1 - 52 Business Law Texts & Cases

B1. Faye owns the land on which Golden Spurs Ranch is situated, plus the ranch house, barn, and other structures permanently attached to the land. Faye’s brother Huey owns everything else in the ranch’s opera¬tion—livestock, feed, and so on. The personal property is owned by

a.         Faye and Huey.

b.         Faye only.

c.         Golden Spurs Ranch.

d.         Huey only.

ANSWER:    D                              PAGE:     960                          TYPE:      N

                        NAT: AACSB Reflective                  AICPA Legal

A1. Helen owns heavy construction equipment and the tools to service it, as well as office furniture, including computers. Ilya owns a number of pat¬ents, trademarks that identify the products made under those patents, and stock in the company that sells those products. Personal property in¬cludes the items owned by

a.         Helen and Ilya.

b.         Helen only.

c.         Ilya only.

d.         neither Helen nor Ilya.

ANSWER:    A                              PAGE:     960                          TYPE:      N

                        NAT: AACSB Reflective                   AICPA Legal

B20. Common carriers are held to a standard of care based on strict liability in protecting bailed property in their possession.

ANSWER:    T         PAGE:                    973           TYPE:                     =

                        NAT: AACSB Analytic                     AICPA Legal

A20. Unlike an ordinary bailee, a warehouse company cannot limit its liability.

ANSWER:    F         PAGE:                    975           TYPE:                     +

                        NAT: AACSB Analytic                     AICPA Legal

B19. All bailments include a bailee’s right to use the bailed property.

ANSWER:    F         PAGE:                    971           TYPE:                     N

                        NAT: AACSB Analytic                     AICPA Legal

A19. In most bailments, the bailor must notify the bailee of hidden defects of which the bailor knows or could have discovered with reasonable dili¬gence.

            ANSWER:    T                              PAGE:     973                          TYPE:      =

                        NAT: AACSB Analytic                     AICPA Legal