Legal Terms Chapter 22 - Personal Property and Bailments

Question 1

Abandoned property

Answer 1

Personal property that the owner has intentionally discarded; the finder is the new owner.

Question 2

Assignee

Answer 2

One to whom contract rights or property is transferred.

Question 3

Assignor

Answer 3

One who transfers contract rights or property to another.

Question 4

Auction sale

Answer 4

A sale of property to the highest bidder.

Question 5

Auction without reserve

Answer 5

An auction in which the auctioneer must sell the goods to the highest bidder after one bid has been placed; offerer is the person placing the item up for bidding; also called absolute auction.

Question 6

Auction with reserve

Answer 6

An auction in which the auctioneer may withdraw the goods without accepting the highest bid, if the bids fail to reach the stated reserve price; the offerer is the bidder.

Question 7

Bailee

Answer 7

One who transfers goods to another temporarily.

Question 8

Bailment

Answer 8

The relationship that exists when possession (but not ownership) of personal property is transferred to another for a specific purpose.

Question 9

Bailment for the sole benefit of the bailor

Answer 9

A gratuitous bailment benefitting only the bailor.

Question 10

Bailment for the sole benefit of the bailee

Answer 10

A gratuitous bailment benefitting only the bailee.

Question 11

Bailor

Answer 11

One to whom goods are transferred temporarily.

Question 12

Bidder

Answer 12

Offerer.

Question 13

Causa mortis

Answer 13

Because of death.

Question 14

Chattels

Answer 14

Another word for personal property.

Question 15

Chose in action

Answer 15

A property right or a right to possess something only obtainable by a legal action.

Question 16

Consignee

Answer 16

A party to whom goods are shipped under a bill of lading.

Question 17

Consignee

Answer 17

A party shipping goods under a bill of lading.

Question 18

Donee

Answer 18

The recipient of the gift.

Question 19

Donor

Answer 19

The giver of the gift.

Question 20

Fixture

Answer 20

Personal property that is physically attached to real property and becomes part of the real property.

Question 21

Gift causa mortis

Answer 21

A gift made in contemplation of impending death; automatically revoked if the donor doesn’t die from that which was contemplated by the donative intent.

Question 22

Gratuitous bailment

Answer 22

A bailment for the sole benefit of either the bailor or bailee, in which no consideration is given by one of the parties in exchange for the benefits bestowed by the other.

Question 23

Independent contractor

Answer 23

One who performs services for others, but who is not under the others’ control.

Question 24

Intangible personal property

Answer 24

Property that is not perceptible to the senses and that cannot be touched.

Question 25

Intellectual property

Answer 25

The result of one's intellectual activities such as trademarks, patents, and copyrights.

Question 26

Inter vivos gift

Answer 26

A legal term referring to a transfer or gift made during one's lifetime as opposed to a gift that takes effect at death.

Question 27

Lost property

Answer 27

Personal property that is accidentally separated from its owner; finders own it except with respect to the original owner.

Question 28

Mislaid property

Answer 28

Personal property that is temporarily separated from its owner because of oversight or mistake; finders own it except with respect to original owner.

Question 29

Mutuum

Answer 29

A loan of goods, on the agreement that the borrower may consume them, returning to the lender an equivalent in kind and quantity.

Question 30

Mutual benefit bailment

Answer 30

A bailment in which both the bailor and the bailee receive some benefit.

Question 31

Personal property

Answer 31

Also called chattels and personalty.

Question 32

Shop right doctrine

Answer 32

A doctrine that gives an implied license or some ownership interest to the employers of those employees who invent patentable items in the course of their employment.

Question 33

Tangible personal property

Answer 33

Property that has substance and can be touched.

Question 35

Tortious bailee

Answer 35

A person who is wrongfully in possession of another's personal property.

Question 36

Trade fixture

Answer 36

Personal property, necessary to carry on a trade or business, that is physically attached to real property, but does not become part of the real property.

Question 37

Personal property

Answer 37

Anything that is the subject of ownership other than real property; also called chattels and personalty.