CH. 48 T/F – Flashcards
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Property consists of the legally protected rights and interest of a person in anything with an ascertainable value that is subject to ownership.
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T
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How property is taxed and what is required to transfer or acquire property is determined by whether the property is classified as tangible or intangible.
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F
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A fixture is normally included in a sale of land unless the sales contract specifies otherwise.
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T
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Trade fixtures belong to the owner of the property on which they are installed regardless of the purpose of their installation or who installed them.
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F
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The most common way to acquire personal property is to produce it.
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F
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Constructive delivery is a general term for all of those acts that the law holds to be equivalent to acts of real delivery.
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T
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Constructive delivery occurs when property is physically transferred.
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F
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To be effective, a gift causa mortis must meet only two requirements: intent and acceptance.
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F
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Confusion of fungible goods results in the owners' loss of their rights in the property.
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F
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Simply finding something and holding onto it gives the finder legal rights in the property.
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F
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A finder of mislaid property becomes the caretaker of the property.
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T
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Someone who finds abandoned property acquires title to it and that title is good against the whole world, including the original owner.
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T
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All transactions involving the delivery of property from one person to another create a bailment.
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F
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Intangible personal property may be bailed.
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T
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A bailment must be in writing to be valid.
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F
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A bailee must exercise reasonable care in preserving the bailed property.
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T
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In most bailments, the bailee can retain the goods given by the bailor and return equivalent property.
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F
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The implied warranties of merchantability and fitness for a particular purpose extend to bailments that include rights to use the bailed goods.
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T
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Common carriers can contract away their liability for damaged goods.
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F
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Warehouse companies are not liable for loss or damage to property resulting from negligence.
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F
