East Mississippi Community College

ECON 2123

Chapter 21-PERSONAL PROPERTY AND BAILMENTS

TRUE/FALSE

1)Property includes the rights of any person to possess, use, enjoy, and dispose of a thing or object of value.

2. The legal concept of property is limited to tangible physical objects.

3. In common usage today, there is no distinction between real and personal property.

4. An ordinary gift made between two living persons is an inter vivos gift.

5. The intent to make a gift requires an intent to transfer title at that time.

6. A gift requires intent to transfer title and delivery.

7. A custodian who holds money for the benefit of a minor under the Uniform Gifts to Minors Act may choose to use the money to send the minor to summer camp.

8. After fully complying with the procedures of the Uniform Gifts to Minors Act, a donor is entitled to take back the donated property at any time before the minor donee reaches the age of 18.

9. Most courts consider an engagement ring to be a conditional gift.

10. The Uniform Anatomical Gift Act permits persons sixteen (16) years of age or older to make gifts of their bodies or any parts thereof.

11. Personal property is lost when an owner does not know where it is located but intends to retain title or ownership to it.

12. The finder of lost property is usually entitled to a judicially-determined reward for finding and caring for the property until the rightful owner reclaims it.

13. If while trespassing a hunter kills game, the game belongs to that hunter.

14. Title to abandoned property may be acquired by the first person who obtains possession and control of it.

15. Unclaimed property is often transferred to the government under the concept of escheat.

16. A tenancy in common is a form of ownership by two or more persons.

17. Joint tenancy and tenancy in common both feature the right of survivorship.

18. At common law, a tenancy by entirety or a tenancy by the entireties is created when property is transferred to both husband and wife.

19. In states that follow the community property tradition, property acquired after the marriage belongs solely to the party who acquired it.

20. An incorporeal hereditament is the relationship that arises when one person delivers possession of personal property to another under an agreement, express or implied, by which the latter is under a duty to return the property or to deliver it or dispose of it as agreed.

21. The person who turns over the possession of bailed property is the bailor, and the person who accepts possession is the bailee.

22. An ordinary bailment can arise without an agreement between the parties.