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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
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.
- The legal concept of property is limited to tangible physical objects.
- In common usage today, there is no distinction between real and personal property.
- An ordinary gift made between two living persons is an inter vivos gift.
- The intent to make a gift requires an intent to transfer title at that time.
- A gift requires intent to transfer title and delivery.
- 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.
- 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.
- Most courts consider an engagement ring to be a conditional gift.
- The Uniform Anatomical Gift Act permits persons sixteen (16) years of age or older to make gifts of their bodies or any parts thereof.
- Personal property is lost when an owner does not know where it is located but intends to retain title or ownership to it.
- 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.
- If while trespassing a hunter kills game, the game belongs to that hunter.
- Title to abandoned property may be acquired by the first person who obtains possession and control of it.
- Unclaimed property is often transferred to the government under the concept of escheat.
- A tenancy in common is a form of ownership by two or more persons.
- Joint tenancy and tenancy in common both feature the right of survivorship.
- At common law, a tenancy by entirety or a tenancy by the entireties is created when property is transferred to both husband and wife.
- In states that follow the community property tradition, property acquired after the marriage belongs solely to the party who acquired it.
- 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.
- The person who turns over the possession of bailed property is the bailor, and the person who accepts possession is the bailee.
- An ordinary bailment can arise without an agreement between the parties.
- Generally, a bailment agreement need not contain all the elements of a contract.
- With regard to a bailment, a valid delivery and acceptance need not require that the bailee be aware that goods have been placed within the bailee’s exclusive possession or control.
- In order for a bailment to be valid, the bailor must be the owner of the subject property.
- When a bailment is made to further a business interest, but no fee is involved, the bailment is a gratuitous bailment.
- When a person rents space in a locker or building under an agreement that gives the renter the exclusive right to use that space, the placing of goods by the renter in that space creates a bailment.
- Property held by a bailee may be used by the bailee without the permission of the bailor.
- The standard of care for bailments is reasonable care under the circumstances.
- A bailee’s lien gives the bailee the right to keep possession of the bailed property until reasonable charges for storage and/or repairs are paid.
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