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Homework answers / question archive / University of North Dakota ACCT 315 Chapter 41 1)With respect to property, the law defines the right to none of the choices

University of North Dakota ACCT 315 Chapter 41 1)With respect to property, the law defines the right to none of the choices

Accounting

University of North Dakota

ACCT 315

Chapter 41

1)With respect to property, the law defines the right to

    1. none of the choices.
    2. sell or dispose of it, but not prevent trespass onto it.
    3. prevent trespass onto it, but not to sell or dispose of it.
    4. sell or dispose of it, and prevent trespass onto it.

2.Leo borrows Mae’s car to drive Nina to the airport. Considering the purpose of the bailment, Leo has the right to

    1. reimbursement from Mae for any parking costs.
    2. none of the choices.
    3. use the bailed property.
    4. compensation from Nina.
  1. Sheila finds Tim’s briefcase in her office after Tim leaves following their meeting. This is
    1. an involuntary bailment.
    2. a voluntary bailment.
    3. a physical bailment.
    4. not a bailment.
  2. The legally protected rights and interests that a person has in anything of established value subject to ownership is
    1. a bailee’s lien.
    2. Accession.
    3. Property.
    4. commonwealth.
  3. In a bailment, in some circumstances, the dollar amount of liability for any loss or damage to bailed goods can be limited by
    1. ordinary bailees.
    2. all of the choices.
    3. warehouse companies.
    4. common carriers.
  4. While moving to a new apartment, Vance discards a sofa near the entrance to his old residence, with no intention of recoverin g it. The sofa is
    1. mislaid property.
    2. converted property.
    3. lost property.
    4. abandoned property.
  5. Sara owns a ring. She asks Tomas, a jeweler, to add a diamond to it. Adding the diamond will increase the value of the ring. This is
    1. Acquisition.
    2. Conversion.
    3. Accession.
    4. validation.

 

  1. Delivery Service Inc. agrees to pick up a truckload of merchandise for Exporters Corporation and store the contents to be delivered later. Delivery’s obligation to deliver the load to Exporters is excused if the contents are
    1. any of the choices.
    2. lost through no fault of Delivery.
    3. claimed by a third party with a superior claim.
    4. stolen through no fault of Delivery.
  2. Inadvertently, Brie loses her textbook during an afternoon in City Park. She eventually gives up any attempt to find it. The textbook will then most likely be considered
    1. abandoned property.
    2. converted property.
    3. lost property.
    4. mislaid property.
  3. To become a bailment, a delivery of property from one person to another must
    1. include a transfer of title.
    2. involve personal property.
    3. be subject to a written agreement.
    4. follow an exchange of consideration.
  4. Angie voluntarily transfers her prize-winning horse Beaux to Cady without consideration. Provided all of the requirements are met, this is acquisition of property by
    1. Accession
    2. Gift
    3. Conversion
    4. Possession
  5. After agreeing to rent a car from Drive-a-Round Inc, Eden is given the keys to one of the agency’s cars by Fess, a Drive-a-Round employee. WIth respect to the bailed property, this is
    1. An involuntary delivery
    2. A physical delivery
    3. A constructive delivery
    4. Not a delivery
  6. While hiking on Mountain Trail, Ness’s camera falls from his pocket. He fails to notice its loss for a mile, and is then unable to find it. Ole finds the camera. Pau tries to take it from Ole. The party who can assert the best title to the camera is
    1. Pau
    2. Ole
    3. Ness
    4. None of the choices
  7. Carrier Inc agrees to pick up two truckloads of housewares for Discount Corporation and store the contents to be delivered later. After Carrier unloads the goods at its warehouse, some of these disappear from the loading dock. A court will presume that
    1. Discount was negligent
    2. The goods were stolen through no fault of Carrier
    3. The warehouse is in a high-crime area
    4. Carrier was negligent
  8. On Demi’s authorization, Engine Work Inc. repairs her car. She refuses to pay for the job. Engine work can
    1. Undo the repair and keep the car
    2. All of the choices
    3. Keep the car and place a lien on it until Demi pays
    4. Use the car for any purpose
  9. Buto buys a bus ticket a window in the City Bus Depot before checking his backpack and boarding a bus. In this situation, the subject to a bailment is
    1. A seat on the bus
    2. None of the choices
    3. Buto
    4. The backpack
  10. Hotel operators can limit their liability for any loss or damage to their guests’ personal property
    1. Under state statutes that limit the liability for articles not kept in a safe
    2. In the absence of negligence
    3. In many states, by providing a safe for their guests’ valuables
    4. All of the choices
  11. Property would have little value if
    1. the preservation of property was the primary reason for government.
    2. the law did not define the rights of property owners.
    3. virtually all property were digital.
    4. property could be delivered to another without a transfer of title.
  12. In a bailment, strictly liable for any loss or damage to bailed goods are
    1. all of the choices.
    2. common carriers.
    3. warehouse companies.
    4. ordinary bailees.
  13. Before going on a business trip, Gina leaves the key to her apartment with Harry. She checks her suitcase at the airport, and boards the plane. A bailment is created when Gina
    1. checks her suitcase.
    2. all of the choices.
    3. boards the plane.
    4. delivers the key to Harry.
  14. Earl buys a fishing license and goes fishing. He catches a trout, cleans it, cooks it, and eats it. Earl’s acquisition of the trout is by
    1. Production.

 

    1. Accession.
    2. Confusion.
    3. possession.
  1. A large sign at the entrance to Fitness Club states in bold red letters that “the club is not responsible for any loss due to theft.” Most likely, with respect to limiting the club’s liability, this sign is
    1. not effective because an ordinary bailee cannot limit his or her liability.
    2. not effective because it is an exculpatory cause.
    3. Effective.
    4. not effective because it is against public policy.
  2. Before entering the dining room in Café Peru, Diego checks his coat in the lobby with a valet employed by the restaurant. In the coat’s pocket is an iPhone. A bailment may exist between the restaurant and its customer for
    1. neither the coat nor the phone.
    2. the phone only.
    3. the coat and the phone.
    4. the coat only.

 

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