Question 1

If the owner of lost or mislaid property ceases trying to locate it,the property can become abandoned.

Accepted Answer

According to common law, if the owner of lost or mislaid property does not make efforts to recover it, the property can become abandoned and may be claimed by whoever finds it.

Question 2

A person who dies without a will usually has his or her property distributed to his or her heirs according to the relevant state's inheritance statute.

Accepted Answer

When a person dies without a will, the distribution of his or her property is determined by the intestacy laws of the state where he or she lived. The laws generally provide that the property goes to the decedent's closest surviving relatives, such as children, spouse or parents, according to a set of predetermined rules.

Question 3

One way to acquire property is by production.

Accepted Answer

One can acquire property by producing goods or services that can be sold for profit, enabling them to save up and buy property.

Question 4

The mere giving of a key to where personal property is kept is insufficient to satisfy the delivery requirement to call it a gift.

Accepted Answer

The answer of The mere giving of a key to...

Question 5

Bailments can be express,implied,written,or oral.

Accepted Answer

Bailments may be created by express agreement, such as a written or oral contract, or they may be implied by the circumstances of the situation.

Question 6

If an improvement to property was wrongfully made by an individual other than the owner,the owner will be allowed to acquire title to the improved property without having to pay the improver for the value of the improvements.

Accepted Answer

This is the legal principle of "unjust enrichment." If someone else makes improvements on a property without the owner's permission or contract, the owner can benefit from the increased value without compensating the improver. However, if there was a valid agreement or contract between the owner and the improver, the owner may be required to compensate them for the value of the improvements.

Question 7

The Uniform Gift to Minors Act make it possible for adults to make irrevocable gifts of money and securities to minors.

Accepted Answer

The Uniform Gift to Minors Act (UGMA) does indeed make it possible for adults to make irrevocable gifts of money and securities to minors. The purpose of the act is to provide a simple and efficient way for gifts to be made to young beneficiaries without the need for a formal trust or legal arrangement. Under the UGMA, an adult (the donor) can give a gift of money or securities to a custodian, who will manage the gift on behalf of the minor until they reach the age of majority.

Question 8

The most common method of acquiring title to property is by finding it.

Accepted Answer

The most common method of acquiring title to property is through a legal transfer, such as a sale or inheritance, not by finding it.

Question 9

When a bailment terminates,the bailee is legally obligated to do as the bailor directs with the property.

Accepted Answer

When a bailment terminates, the bailee must return the property as directed by the bailor. The bailee's obligation to take care of the property ends, but they are still bound to follow any lawful instructions given by the bailor regarding the return or disposal of the property.

Question 10

Title to goods may not be acquired by confusion.

Accepted Answer

Confusion is a legal concept where the mixing of goods belonging to different owners results in a loss of individual identity, potentially leading to shared ownership or acquisition of title based on the proportion of contribution.

Question 11

If the owner of an automobile lends the automobile to a friend,a bailment has been created.

Accepted Answer

A bailment is a legal relationship in which the owner of a property (the bailor) gives possession of the property to another person (the bailee) for a specific purpose. In this case, the owner of the automobile is the bailor and their friend is the bailee, as they have been given possession of the automobile for a specific purpose, i.e. to use it. Therefore, a bailment has been created.

Question 12

An ordinary bailment occurs when the bailee is requested to care for the bailor's property as a favor.

Accepted Answer

An ordinary bailment is when the bailee is requested to take care of the bailor's property as a favor, for no compensation or benefit to either party.

Question 13

A gift inter vivos is a gift made in contemplation of death.

Accepted Answer

A gift inter vivos is a gift made during the donor's lifetime, not in contemplation of death.

Question 14

Estray statutes provide that finders of lost property will always eventually acquire title to it.

Accepted Answer

Estray statutes typically require finders to report lost property to authorities and may allow them to acquire title only if the original owner does not claim it within a certain period, not always guaranteeing eventual ownership.

Question 15

Accession that occurs naturally usually belongs to the first buyer to give notice to the seller.

Accepted Answer

Accession refers to the process by which property is increased or improved by natural means or by the addition of new materials. It does not involve a buyer giving notice to a seller.

Question 16

Generally,a finder of lost property has superior rights to that property against everyone,except the original owner.

Accepted Answer

This is known as the common law principle of "finders keepers." However, the exact implications of this principle can vary depending on the jurisdiction and the specifics of the situation. For example, some finders may be required to make reasonable efforts to locate and return the property to its original owner before they can claim ownership rights themselves.

Question 17

Bailees are allowed to commingle fungible goods.

Accepted Answer

Bailees are allowed to commingle fungible goods, which are goods that are interchangeable and indistinguishable from one another. Examples of fungible goods include grains, liquids, and gases. However, bailees must keep records of the quantities and values of the goods they have commingled.

Question 18

The distinction between lost and mislaid property is based on whether the property was tangible or intangible.

Accepted Answer

The distinction between lost and mislaid property is based on whether the property was intentionally placed by the owner (mislaid) or accidentally left behind (lost). It has nothing to do with whether the property is tangible or intangible.

Question 19

A gift causa mortis takes precedence over a prior conflicting will.

Accepted Answer

A gift causa mortis, which is a gift given in anticipation of death, takes priority over a prior conflicting will. This is because the gift takes effect immediately upon the donor's death, while a will only takes effect after the probate process.

Question 20

The finder of lost property acquires the same rights as the finder of mislaid property.

Accepted Answer

The finder of lost property does not acquire the same rights as the finder of mislaid property. Mislaid property is intentionally placed by the owner in a location where they intend to retrieve it later, while lost property is something that the owner unknowingly dropped or misplaced. The finder of lost property has a duty to try and find the true owner, and if the owner does not claim it within a certain amount of time, the property may be turned over to the finder or given to the state. On the other hand, the finder of mislaid property has a duty to turn it over to the rightful owner or the owner of the premises where it was found.

Quiz 47: Personal Property and Bailment