Chapter 48

Question 1

Two types of property

Answer 1

real and personal

Question 2

Real Property

Answer 2

land and anything permanently attached to the land

Question 3

Personal property

Answer 3

property that is not attached to the land, or moveable property

Question 4

Fixture

Answer 4

property is initially movable but then becomes attached to the land; are treated like real property

Question 5

Two types of personal property

Answer 5

1. Tangible Property

2. Intangible Property

Question 6

Tangible (Personal) Property

Answer 6

tangible personal property refers to property, except land or buildings, that can be seen, weighed, measured, felt touched or otherwise perceived by the senses.

Question 7

Intangible (Personal) Property

Answer 7

A type of property that has no tangible values. The value of the property is related to the rights that it provides and is legally protected

Question 8

Primary issues that arise in conjunction with personal property involve

Answer 8

1. the means of acquiring ownership of the property

2. the rights and duties arising out of a bailment

Question 9

Voluntary transfer of property

Answer 9

most common means by which property is acquired

Question 10

Title

Answer 10

ownership of property; title to property passes when the parties so intend

Question 11

Promise to make a gift is _____; gift is _______

Answer 11

unenforceable, irrevocable

Question 12

Three elements necessary for a valid gift

Answer 12

1. Delivery of the gift - physical presentation of the gift
2. Donative intent - donor makes the delivery with the purpose of turning over ownership at the time of delivery
3. Acceptance - willingness of the done to make gift from donor

Question 13

inter vivos gift

Answer 13

gifts made by a person during their lifetime

Question 14

gift causa mortis

Answer 14

gifts that are made in contemplation of one’s immediate death

Question 15

gift causa mortis can be revoked…

Answer 15

any time before the death of the donor and is automatically revoked if the donor recovers

Question 16

testamentary gifts

Answer 16

gifts made after your death through your last will and testament

Question 17

Abandoned property

Answer 17

original owner has discarded the property

anyone who finds it is now its owner by possessing it

Question 18

lost property

Answer 18

property that the true owner has unknowingly or accidentally dropped somewhere

Question 19

mislaid property

Answer 19

property placed somewhere, forgotten its location

Question 20

With mislaid property, some states require…

Answer 20

that before becoming the owner of lost or mislaid property, finder must place ad saying its been found.

Question 21

If the finder of lost property has made reasonable efforts to locate the owner without success within a period specified by statute..

Answer 21

title to the property then transfers to the finder.

Question 22

Title to personal property is the ….

Answer 22

actual ownership of property, not just the evidence of ownership, such as a certificate of title.

Question 23

The finder of lost property has ownership rights…

Answer 23

superior to everyone except the true owner

Question 24

Accession

Answer 24

the right of an owner of property such as plants or animals to any increase in the property.

ex: the owner of a cow owns the calves born to the cow

Question 25

an object has been ______, not ______, when it was _________

Answer 25

mislaid, not lost, when it was intentionally left in a certain place and then forgotten by the owner

Question 26

mislaid objects are considered ________ and placed in the custody of the person with whom the object was left and are NOT considered lost.

Answer 26

to have been transferred willingly

Question 27

an object that has not been intentionally left in the custody of someone else and then forgotten is considered __________.

Answer 27

lost, not mislaid.

Question 28

creation

Answer 28

if a person creates a piece of property, then creator owns that property

Question 29

court order

Answer 29

court determines entitlement to ownership of property

Question 30

confusion

Answer 30

involves only fungible goods - goods for which one unit of the good is essentially the same as every other unit (Wheat, oil)

Question 31

Property found in public vs. Private Places The logic behind the distinction is that an owner of property that is not open to the public is predumed to possess

Answer 31

both the place itself and whatever it contains

Question 32

if an area that is open to the public, however, the finder is more likely to gain

Answer 32

ownership of a found object than is the owner of the land

Question 33

abandoned property

Answer 33

personal property is considered abandoned when the owner disposes of it with the apparent intention of disclaiming ownership

Question 34

With abandoned property, title to such property is ___________

Answer 34

transferred to the first person who takes ownership over it.

Question 35

Bailment

Answer 35

the process of placing personal property or goods in the temporary custody or control of another

Question 36

bailee

Answer 36

custodian or holder of the property, who's responsible for the safe keeping and return of the property

Question 37

bailor

Answer 37

the person who delivers or transfers the property to the bailee

Question 38

for the bailment to be valid

Answer 38

the bailee must have actual physical control of the property with the intent to possess it.

Question 39

benefits of the bailor

Answer 39

bailee is liable for damage to property caused by bailees gross negligence

Question 40

benefits of the bailee

Answer 40

bailee responsible for damage to the property caused by even the slightest lack of due care on part of bailee

Question 41

benefits of both bailor and bailee

Answer 41

bailee is liable for harm to bailed property arising from the bailees ordinary or gross negligence

Question 42

bailor main duties

Answer 42

1. compensation 2. reimbursement 3. provide bailee with property free of hidden defects that could harm them