Click here to get all Chapters 1 - 52 Business Law Texts & Cases
Saturday, May 4, 2013
Download ALL Business Solutions Texts & Cases Chapters
Click here to get all Chapters 1 - 52 Business Law Texts & Cases
Click here to get all Chapters 1 - 52 Business Law Texts & Cases
Click here to get all Chapters 1 - 52 Business Law Texts & Cases
Monday, January 21, 2013
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
B18. In most bailments, the bailee has a right to place a lien on the bailed property until he or she is fully compensated.
ANSWER: T PAGE: 971 TYPE: =
NAT:
AACSB Analytic AICPA
Legal
A18. In an ordinary bailment, a bailee has the right to limit his or her liability.
ANSWER: T PAGE: 972 TYPE: N
NAT:
AACSB Analytic AICPA
Legal
B17. In a gratuitous bailment, a bailee has a right to be compensated for costs incurred in keeping bailed property.
ANSWER: T PAGE: 971 TYPE: =
NAT:
AACSB Analytic AICPA
Legal
A17. Constructive delivery does not satisfy the delivery requirement for an ef-fective bailment.
ANSWER: F PAGE: 969 TYPE: =
NAT:
AACSB Analytic AICPA
Legal
B16. A bailment must be in writing to be valid.
ANSWER: F PAGE: 970 TYPE: =
NAT:
AACSB Analytic AICPA
Legal
A16. For an effective bailment, the bailor must retain control, but not necessarily possession, of the bailed property.
ANSWER: F PAGE: 969 TYPE: =
NAT:
AACSB Analytic AICPA
Legal
B15. In a bailment, possession of the property is transferred to the bailee.
ANSWER: T PAGE: 969 TYPE: =
NAT:
AACSB Analytic AICPA
Legal
A15. For an effective bailment, the bailor must deliver possession of the bailed property with its title.
ANSWER: F PAGE: 969 TYPE: N
NAT:
AACSB Analytic AICPA
Legal
Click here to get all Chapters 1 - 52 Business Law Texts & Cases
Click here to get all Chapters 1 - 52 Business Law Texts & Cases
Click here to get all Chapters 1 - 52 Business Law Texts & Cases
Click here to get all Chapters 1 - 52 Business Law Texts & Cases
B14. Estray statutes determine ownership rights in fungible goods that have been com¬mingled.
ANSWER: F PAGE: 966 TYPE: =
NAT:
AACSB Analytic AICPA
Legal
A14. Property voluntarily placed by its owner with no intention of reclaiming it is abandoned property.
ANSWER: T PAGE: 968 TYPE: =
NAT:
AACSB Analytic AICPA
Legal
B13. Property voluntarily placed somewhere by its owner and inadver¬tently forgotten is lost property.
ANSWER: F PAGE: 965 TYPE: =
NAT:
AACSB Analytic AICPA
Legal
A13. A finder acquires title to lost property good against the whole world, in-cluding the original owner.
ANSWER: F PAGE: 965 TYPE: =
NAT:
AACSB Analytic AICPA
Legal
B12. A person acquires title to fungible goods by mixing them.
ANSWER: F PAGE: 965 TYPE: +
NAT:
AACSB Analytic AICPA
Legal
A12. Property voluntarily placed by its owner and inadver¬tently forgotten is mislaid property.
ANSWER: T PAGE: 965 TYPE: =
NAT:
AACSB Analytic AICPA
Legal
B11. A gift causa mor¬tis is effective only if the donor dies and the donee lives.
ANSWER: T PAGE: 964 TYPE: =
NAT:
AACSB Analytic AICPA
Legal
A11. If confusion occurs as the act of a third party, that third party acquires ownership rights in proportion to the amount confused.
ANSWER: F PAGE: 965 TYPE: N
NAT:
AACSB Analytic AICPA
Legal
B10. Constructive delivery occurs when property is physically transferred.
ANSWER: F PAGE: 963 TYPE: =
NAT:
AACSB Analytic AICPA
Legal
A10. A gift to a dying donee is a gift causa mortis.
ANSWER: F PAGE: 964 TYPE: =
NAT:
AACSB Analytic AICPA
Legal
B9. A gift is effective whether or not it is accepted.
ANSWER: F PAGE: 962 TYPE: N
NAT:
AACSB Analytic AICPA
Legal
A9. A gift inter vivos can never be revoked.
ANSWER: F PAGE: 964 TYPE: =
NAT:
AACSB Analytic AICPA
Legal
B8. Production is a means of acquiring ownership of personal property.
ANSWER: T PAGE: 962 TYPE: =
NAT:
AACSB Analytic AICPA
Legal
A8. Delivery of intangible personal property must be done by symbolic delivery.
ANSWER: T PAGE: 963 TYPE: =
NAT:
AACSB Analytic AICPA
Legal
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