Question 1

What is subrogation? What is indemnification? How are these two concepts related?

Accepted Answer

The answer of What is subrogation? What is indemnification? How...

Question 2

Pavel found a ring that Jacinta had lost.Does a true bailment exist while the ring is in Pavel's possession? Explain your answer.

Accepted Answer

The answer of Pavel found a ring that Jacinta had...

Question 3

As a result of a bailment, Mitsu has possession of widget that belongs to Chuck.What factors will a court consider in deciding the content of the standard of care that Mitsu must meet while she has possession of the widget?

Accepted Answer

The answer of As a result of a bailment, Mitsu...

Question 4

Eleni owns and operates a restaurant.During the winter months, it is inappropriate for diners to bring their coats with them to their table.Eleni therefore provides a place for coats to be placed or hung.Does that arrangement necessarily involve a bailment? Is some other arrangement possible? What is the significance of classifying the arrangement as a bailment, rather than something else? Explain your answer, and identify any additional facts that are required before the question can be conclusively answered.

Accepted Answer

The answer of Eleni owns and operates a restaurant.During the...

Question 5

"The acquisition of personal property always involves the intention of at least two people." Is this statement true? Explain your answer by using examples.

Accepted Answer

The answer of "The acquisition of personal property always involves...

Question 6

Raja gave a widget to Northwest Storage.Under the terms of the parties' contract, Northwest Storage was required to safely store the widget from October to April, and to then return it to Raja.The widget was in excellent condition when Raja delivered it to Northwest Storage, but it was badly damaged upon its return.A court has held that, on the facts, the burden of proof will be shifted.What does that mean? Which party will the court's decision favour? What is the policy justification for shifting the burden of proof?

Accepted Answer

The answer of Raja gave a widget to Northwest Storage.Under...

Question 7

Katarina is interested in the possibility of establishing a business that delivers goods.She has heard, however, that as a matter of risk management, she should avoid becoming a "common carrier." What is a common carrier? What special risks are associated with being a common carrier? What is the policy justification for those risks?

Accepted Answer

The answer of Katarina is interested in the possibility of...

Question 8

Erin owns and operates a computer design business that employs 20 people.She recently purchased business interruption insurance and key person insurance.What was her likely purpose in doing so?

Accepted Answer

The answer of Erin owns and operates a computer design...

Question 9

Surinder rented a boat from Aqua Inc.Is the parties' relationship better described as a sale or as a bailment? Explain your answer.

Accepted Answer

The answer of Surinder rented a boat from Aqua Inc.Is...

Question 10

Explain the meaning and relevance of "inherent vice."

Accepted Answer

The answer of Explain the meaning and relevance of "inherent...

Question 11

Bonzi found a necklace while staying in a hotel that is owned by Alpha Corp.To whom does the necklace belong? Explain your answer, and identify any additional facts that are required before the issue can be fully resolved.

Accepted Answer

The answer of Bonzi found a necklace while staying in...

Question 12

Identify and briefly explain three reasons why property insurance very often does not provide full indemnification, in the sense that it does not provide the insured with enough money to buy a replacement for a lost or destroyed piece of property.

Accepted Answer

The answer of Identify and briefly explain three reasons why...

Question 13

Thomas owns a manufacturing system worth $200 000.He purchased $90 000 worth of property insurance from Prairie Insurance Co.That policy contains a co-insurance clause that requires 90 percent coverage.A fire recently damaged Thomas's manufacturing system.How much is Prairie Insurance Co required to pay to him if the fire damage is assessed at $100 000? What if it is assessed at $200 000?

Accepted Answer

The answer of Thomas owns a manufacturing system worth $200...

Question 14

"Property law, like nature, abhors a vacuum.Consequently, property rights that are lost by one party are always acquired by another party." Is this statement true? Explain your answer by using examples.

Accepted Answer

The answer of "Property law, like nature, abhors a vacuum.Consequently,...

Question 15

Honoria recently tried to buy first party insurance with respect to a diamond ring she did not own.The insurance company refused to sell a policy to her on the basis that she did not have an insurable interest.Explain the insurance company's decision in more detail and identify the policy reason why a person who does not have an insurable interest cannot buy a insurance policy.

Accepted Answer

The answer of Honoria recently tried to buy first party...

Quiz 16: Personal Property: Bailment and Insurance