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Q:
Warranties can be disclaimed in writing if the parties so choose.
Q:
Thomas asks Alicia, an accountant, for professional advice about his portfolio. Thomas is not obligated to pay Alicia since he does not express a promise to pay for her advice.
Q:
Vincent keeps his bag of books and magazines at his friends storeroom, as he believes that he will not be using it for a few months. This is an example of a(n) ______.
A. bailment for the sole benefit of the bailor
B. easement by prescription
C. bailment for the sole benefit of the bailee
D. negative easement
E. easement by necessity
Q:
Which of the following statements is true about bailment?
A. In a bailment for the sole benefit of the bailee, the possessor of the object is known as the bailor.
B. In a bailment, the possessor of the object is predominantly the owner.
C. In the business world, most bailments are of mutual benefit to both parties.
D. In a mutual benefit bailment, the bailee is under a duty to use high care in taking care of the object in possession.
E. In a bailment for the sole benefit of the bailor, the bailee owes a very high duty of care while in possession of the object.
Q:
You and your roommate are driving through a residential area when you see some furniture piled on the curb to be picked up by the trash collectors the next morning. As you pick up a chair, the homeowner opens a window and yells, Get away from my stuff. Which of the following statements is true in this scenario?
A. You may claim the chair as lost property.
B. You may claim the chair as mislaid property.
C. You may claim the chair as abandoned property.
D. The homeowner retains ownership until it is picked up the next morning, so you must leave it.
E. The homeowner retains ownership of the property until you buy it from him.
Q:
Contracts are legally enforceable promises.
Q:
A written promise is necessary for the rules of contract law to be applicable to a contract.
Q:
Ruth is visiting her granddaughter Marcy and decides to give Marcy her very expensive cameo brooch. The brooch, an heirloom, has been in the family for over 100 years and is the only item in a safe in Ruths home. Ruth offers the brooch to Marcy who accepts it. Ruth then gives Marcy the only key to the safe. According to the information given, which of the following statements is true?
A. This is not a valid gift because there has been no delivery.
B. This is a valid gift because the gift is a physical entity.
C. This is a testamentary gift, and Marcy can claim the gift only after Ruths death.
D. This is a valid gift because there has been a constructive delivery.
E. This is not a valid gift because Ruth must provide a document for chain of custody.
Q:
Goods that are identical are known as a(n) ______.
A. fungible
B. accession
C. lien
D. gifts
E. collateral
Q:
Identify a correct statement regarding joint tenants.
A. Joint tenants do not have the right of survivorship.
B. Joint tenants must have equal ownership shares.
C. The property of joint tenants is owned through fee simple absolute and fee simple defeasible.
D. If one of the joint tenants dies, the remaining tenant is allowed to take ownership of only his or her share.
E. Joint tenants cannot force the separation of concurrent ownerships like the tenants in common.
Q:
Which of the following exclusively applies to real property?
A. securities
B. books
C. clothing
D. bailments
E. easements
Q:
Seth takes his laundry to Denises Dry Cleaners. When Seth gets his clothes back, he notices that two of his shirts, perfect when brought in, are ripped. In this scenario, which of the following statements is true?
A. This was a mutual benefit bailment, and Denises owed a duty of reasonable care.
B. This was a bailment for the sole benefit of the bailee, and Denises owed a duty of slight care.
C. This was a bailment for the sole benefit of the bailor, and Denises owed a duty of great care.
D. This was not a bailment.
E. This was an unintentional bailment, so Denises does not owe a duty of care.
Q:
Mike rents a car from Brandy Car Rentals at $40 per day. In this scenario, which of the following statements is true?
A. This is a bailment for the sole benefit of the bailor.
B. Brandy is the bailee.
C. Mike owes the duty of slight care.
D. Mike is under a duty to use reasonable care to take care of the car.
E. This is a bailment for the sole benefit of the bailee.
Q:
Vincent conveys his land to his friend as long as it is used for non-commercial purposes. A few months later, Vincent finds out that his friend has been using the land as a parking garage for tourists and charging unreasonable rates. In this case, Vincents friend would most likely be in violation of the ______.
A. remainder interest
B. future interest
C. fee simple absolute
D. fee simple defeasible
E. reversion interest
Q:
Solomon plans to sell his property. He intends to sell the cattle on his property to the prospective buyer but not the clothes and the household goods. Which of the following is the reason for the clothes and the household goods not being sold with the house?
A. The clothes and household goods are intangible goods.
B. The clothes and household goods are fixtures.
C. The clothes and household goods are personal property.
D. The clothes and household goods form real property.
E. The clothes and household goods are abandoned.
Q:
Simons relatives come to visit him and want him to show them around the town. Linda helps Simon by lending him her car for a week. This is an example of a(n):
A. bailment for the sole benefit of the bailor.
B. easement by prescription.
C. bailment for the sole benefit of the bailee.
D. bailment for the mutual benefit of the parties.
E. easement by necessity.
Q:
Which of the following is a similarity between joint tenancy and tenancy in common?
A. In both these forms of ownership, the property interest is divided.
B. In both these forms of ownership, the tenants can own different shares of the resource.
C. In both these forms of ownership, the tenants can exercise right of survivorship.
D. In both these forms of ownership, the tenants can have disproportionate ownership of share.
E. In both these forms of ownership, the tenants can force the separation of ownership under the doctrine of partition.
Q:
Which of the following statements is true of an easement?
A. It creates ownership of the land in question.
B. It exists for the benefit of pharmaceutical corporations.
C. It occurs when landlocked property is purchased.
D. It creates a leasehold estate.
E. It places a particular use of land behind the exclusive legal fence.
Q:
The rules of a testamentary gift require that such a gift pass ownership by
A. mere delivery.
B. transfer of interest.
C. death of the donor and proving of a valid will that specifies the gift.
D. providing evidence of the physical existence of the gift and the transferor.
E. physical transfer to the donee.
Q:
A ______ promises the grantee that the grantor has good ownership and the full power to convey it.
A. special warranty deed
B. pass title deed
C. quitclaim deed
D. freehold deed
E. warranty deed
Q:
Which of the following statements is true about adverse possession?
A. The practice of adverse possession requires that possession be interrupted to grant ownership.
B. The possessor should have the owners permission to be on the land.
C. The practice of adverse possession discourages land use.
D. The practice of adverse possession increases the possibilities of an absent owner to claim rights many years down the road.
E. The most common way to destroy a claim of adverse possession is to sue for trespass.
Q:
Which of the following is an example of intangible property?
A. cars
B. books
C. clothing
D. securities
E. land
Q:
Which of the following is an example of a bailment done for the sole benefit of the bailee?
A. borrowing a laptop
B. renting a car
C. babysitting for free
D. finding lost or misplaced property
E. using a car without permission
Q:
Which of the following statements is true about concurrent ownership?
A. The property interest is divided in joint tenancy.
B. The joint tenants can have unequal ownership of shares.
C. The tenants in common can own different shares of the resource.
D. The tenants in common can have the right of survivorship.
E. The ownership is divided such that each concurrent owner owns a specific piece of the resource.
Q:
The Homestead Act of 1862 illustrates ownership through ______.
A. possession
B. exchange
C. gifting
D. confusion
E. accession
Q:
A ______ makes no guarantees other than that the grantor surrenders all claim against the land.
A. simple warranty deed
B. trust deed
C. quitclaim deed
D. special warranty deed
E. fiduciary deed
Q:
Which of the following statements is true about property?
A. People can privately own every resource, especially every resource of use.
B. A private property in a resource can be created if you can legally exclude others from that resource.
C. The federal law has little control over the exercise of ownership or sale of any type of property across all states.
D. A property is usually infinite but has an ambiguous boundary.
E. A property includes resources but not the use of resources.
Q:
In the context of legal framework, which of the following statements is true about the property system?
A. The state takes ownership of resources directly as a result of legislation provided.
B. The citizens acquire resources primarily through taxation.
C. The state enforces rights when people legally have exclusive property rights in scarce resources.
D. The state primarily plans what people should do and allocates the resources.
E. The state limits and excludes any redistribution of resources through voluntary exchange.
Q:
Mike gives Maria a life estate in one of the homes he owns. Maria lives there for a while and then accepts a job in another state, so she gives the property to her sister Jackie as it is permissible. Jackie owns the property until
A. Mike revokes the life estate.
B. Maria dies.
C. Mike dies.
D. the life estate is taken over by the government.
E. Maria returns to the life estate.
Q:
Which of the following statements is true about the property boundaries in the physical world?
A. The physical dimension of tangible personal property is the most difficult to define.
B. Law rather than intuition should ideally provide physical boundaries for a real property.
C. The physical boundaries for real property are relatively easier to establish than for other forms of property.
D. An individual rather than the law defines and sets forth the boundaries of an intellectual property or a security.
E. The law regarding physical boundaries is fixed across all the states regardless of the type of land involved.
Q:
In the context of real property, when an object of personal property becomes an object of real property by physical annexation (attachment), it is known as a(n) ______.
A. fixture
B. gift
C. fee simple
D. lien
E. accession
Q:
Sarah has given 24 acres of land to Kent County as long as the land is used as a park. In this case, Kent County has a
A. life estate.
B. fee simple defeasible.
C. fee simple absolute.
D. tenancy in common.
E. warranty deed.
Q:
Indirect taxes, like the progressive income tax, are authorized by the Bill of Rights.
Q:
Public nuisance claims may be brought only by a public official, not private individuals, unless the latter have suffered some special damage to their property as a result of the public nuisance.
Q:
In the determination of private nuisance, a court will declare a nuisance based solely upon the plaintiffs showing that the defendants use of his or her land produces an offensive result for the community.
Q:
According to the Congressional Budget Office, poorer taxpayers pay a higher percentage of their incomes in state and local sales taxes than do wealthier taxpayers.
Q:
Exclusive right is primarily an ethical or moral end in itself.
Q:
A buyer in an ordinary course of business has priority over a perfected security interest.
Q:
Zoning ordinances apply to types and locations of physical structures but not to aesthetic characteristics such as color and exterior design.
Q:
If the federal government claims part of your field for military equipment storage, it has exercised its eminent domain powers and owes just compensation.
Q:
Zoning limits the use to which land can be put.
Q:
The women in the house next to you party and keep you up most nights. In this scenario, they are creating a public nuisance.
Q:
A purchase money security interest is perfected by attachment alone.
Q:
Generally, mortgages and deeds of trust must be registered in a recording office in the county where the land is located.
Q:
In many states, if foreclosure and auction does not produce enough money to satisfy the debt owed by the mortgagor, the creditor-mortgagee can still sue the debtor for the balance owed, called a remainder.
Q:
Foreclosure means that the court will order the land sold to satisfy the debt owed, usually by auction to the highest bidder, with any excess after payment of what is owed to the secured creditor going to the debtor.
Q:
In the context of attachment in secured transactions, collateral may include not only things currently owned by the debtor but collateral known as after-acquired property that the debtor acquires in the future.
Q:
In a number of states, courts have made merchants in mutual benefit bailments liable for any defect in a bailed object that causes personal injury.
Q:
House-sitting would be an example of a bailment because you are in temporary possession of someones house with the intention to return full possession to the owners upon their return.
Q:
Ken has to go to work and cannot find his car keys. After searching for 20 minutes, he finds them in the pocket of the jeans he wore the previous day. In this scenario, the keys would have been considered lost until he found them.
Q:
Mike repaired Rosies car, and Rosie refused to pay the bill. Mike was still in possession of the car and therefore could claim a mechanics lien on the car.
Q:
The right of redemption allows a mortgagor, before foreclosure, to get back land upon payment of the full amount of the debt.
Q:
In the making of a gift, a mutual exchange of resources occurs.
Q:
In a bailment for the sole benefit of the bailor, the bailee owes a very high duty of care.
Q:
Common carriers are responsible for acts of God or of public enemies.
Q:
Bailment arises when you store something in a warehouse or rent furniture from a rental store.
Q:
State law generally specifies that a landlord and tenant must give each other written notice of 30 days or 60 days in order to terminate a lease that does not run for a definite duration.
Q:
An easement by prescription ceases to exist when one person uses another persons land by crossing it wrongfully and using the land for a continuous period of 20 years.
Q:
If one of the joint tenants in a joint tenancy dies, the remaining tenant becomes the sole owner of the entire resource.
Q:
A fee simple absolute represents restricted, limited ownership of personal property.
Q:
The property interest is divided equally in both joint tenancy and tenancy in common.
Q:
Property helps generate prosperity by establishing the conditions necessary for capital formation.
Q:
In the property system, the state plans what people should do, and acquires and redistributes resources to them.
Q:
The physical dimensions of real property are generally easy to define.
Q:
Intangible personal property includes intellectual property.
Q:
What is a right of redemption?
Q:
What is the difference between a public and a private nuisance?
Q:
Explain the rule against perpetuities.
Q:
Explain the concept of zoning laws.
Q:
Property is the legal right to exclude others from resources that are originally possessed or are acquired without force, theft, or fraud.
Q:
Property is infinite, and its boundaries are free from any ambiguity.
Q:
Private property is a system of law under which the state recognizes and enforces an individuals rights to acquire, possess, use, and transfer scarce resources.
Q:
What are deeds of trust?
Q:
What is foreclosure?
Q:
Sidney Carton, owner of a fee simple land, makes the grant of his land to Lucie Manette for life, then at the death of Lucie Manette, to her children in equal share. At the time of the grant, Sidney Carton has no children or heirs of his own. What interests have been created by this land grant?
Q:
What property right is granted by a landlord to a tenant, and what are the three ways in which the duration of the grant is qualified?
Q:
Wallace buys a television from Dotty, but a week later, a clerk from Conduit City, an electronics store, contacts Wallace to inform him that the store will be repossessing his television. Wallace states that he bought the television free and clear from Dotty. The clerk explains that Conduit City has a purchase money security interest in the television, which permits them to repossess the TV. Who is right between Wallace and the clerk? Explain your answer.
Q:
What is attachment and perfection in secured transactions?
Q:
Kyle and Belinda have lived in their home for 25 years. For the duration of their time in that house, they have used a small cement walkway that passes through a large field to walk to the nearby beach. Gary owns the large field and had paved the cement walkway himself. Recently, Gary decided to build two condominiums on the field, with the walkway dividing them. After noticing Kyle and Belinda using the walkway, he yelled at them and told them that they can never use his walkway again. Gary promptly erected a large gate to prevent Kyle and Belinda from using the walkway. Because the condominiums are so large, there is no other way for Kyle and Belinda to get to the beach. What may allow Kyle and Belinda to continue using the walkway? Explain your answer.
Q:
Suzette leaves her purse at her favorite restaurant during lunch. Suzettes friend Mary, a waitress at the restaurant, sees the purse and takes it to the back office where she puts it with her own things, reminding herself to return it to Suzette when she gets off work. However, when Mary returns to the back office after her shift, she sees that many things have been stolen, including Suzettes purse. Is the restaurant liable to Suzette for the purse? Explain your answer.