Law chapter 49(personal property and bailments)

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tmoy4565
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Law chapter 49(personal property and bailments)
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2015-02-04 00:03:52
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Law chapter 49
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Law chapter 49(personal property and bailments)
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  1. Real property
    The land and everything permanently attached to it, including structures and anything attached permanently to the structures.
  2. Personal property
    Anything that is not real property.
  3. Fixture
    A thing affixed to realty.(aka property that is so closely associated with real property to which it is attached that the law views it as real property.
  4. Trade fixture
    Personal property that is installed for a commercial purpose by a tenant.
  5. Chattel
    Another word for personal property.
  6. Gift
    A voluntary transfer of property ownership for which no consideration is given.
  7. Constructive delivery
    An act equivalent to the actual, physical delivery of property that cannot be physically delivered because of difficulty or impossibility.
  8. Dominion
    Ownership rights
  9. Gift causa mortis
    A gift made in contemplation of death. If the donor does not die of that ailment, the gift is revoked.
  10. Gift inter vivos
    A gift made during one's lifetime and not in contemplation of imminent death, in contrast to a gift causa mortis.
  11. Accession
    Occurs when an individual adds value to personal property by either labor or materials.
  12. Confusion
    The commingling of goods to such an extent that one person's personal property cannot be distinguished from another's.
  13. Mislaid property
    Property that has been voluntarily placed somewhere by the owner and then inadvertently forgotten.
  14. Lost property
    Property that is involuntarily left
  15. Estray statute
    A statute defining finders' rights in property when the true owners are unknown.
  16. Abandoned property
    Property that has been discarded by the true owner, who has no intention of reclaiming title to it.
  17. Bailee
    One to whom goods are entrusted by a bailor.
  18. Bailment
    A situation in which the personal property of one person(a bailor) is entrusted to another(a bailee), who is obligated to return the bailed property of the bailor or dispose of it as directed.
  19. Bailor
    One who entrusts goods to a bailee
  20. Bailee's lien
    A possessory lien, or claim that a bailee entitled to compensation can place on the bailed property to ensure that he or she will be paid for the services provided.
  21. Common carrier
    Publicly licensed to provide transportation services to the general public.
  22. In essence, real property is _____(1)______ whereas personal property is capable of being_____(2)_______
    • 1. Immovable
    • 2. Moved
  23. Personal property can be either_____(1)______ or _____(2)______
    • 1. tangible 
    • 2. intangible
  24. Tangible personal property, such as a flat screen tv, heavy construction equipment, or a car has________________?
    Physical substance
  25. _________ personal property represents some set of rights or interests, but it has no real physical existence.
    Intangible
  26. Stocks and bonds are examples of _______ personal property.
    intangible
  27. T/F. Both personal property and real property can be owned by either an individual person or by an entity.
    true
  28. Both personal property and real property can be owned by either a/n _____(1)______ or by a/n _____(2)______
    • 1. Individual person
    • 2. entity
  29. What exists when two or more persons own real or personal property together?
    Concurrent ownership
  30. Why is the distinction between real and personal property important?(2)
    • 1. Generally, each state assesses property taxes on real property.
    • 2.Second reason has to do with how the property is acquired or transferred(typically, real property transfer needs to be in writing)
  31. _____(1)______property can be transferred with a minimum of formality, but _____(2)______ property transfers generally involve a written sales contract and a deed that is recorded with the state
    • 1.personal
    • 2. real
  32. T/F Establishing ownership rights is simpler for real property than it is for personal property.
    False
  33. How can real property be turned into personal property?
    By detaching it from the land
  34. Are crops that are planted every year (such as corn and wheat) real or personal property?
    personal
  35. Can personal property be converted into real property?
    yuh, by attaching it to the real property.
  36. When is a thing affixed to realty?
    It is affixed to realty when it is attached to the realty by roots; embedded in it; or permanently attached by means of cement, plaster, bolts, nails, or screws.
  37. T/F A fixture can be attached real property or to another fixture.
    true
  38. A fixture can even be an item, such as a statue, that is not physically attached to the land, as long as the owner_______________?
    INTENDS for the property to be a fixture.
  39. _________ are included in the sale of the land if the sales contract does not provide otherwise.
    fixtures
  40. Items such as _________ are hard to classify as fixtures or not so the contract for selling a house should specify.
    window air conditioners
  41. Generally, when the courts need to determine whether a certain item is a fixture, they examine the___________ of the party who placed the object on real property.
    INTENTION
  42. If the facts indicate that a person intended an item to be a fixture, then it will normally___________.
    be considered a fixture
  43. When the intent of the party who placed the item on the realty is in dispute, the courts will usually deem that the item is a fixture if either or both of the following are true:(2)
    • 1. The property attached cannot be removed without causing substantial damage to the remaining realty.
    • 2. The property attached is so adapted to the rest of the realty as to become a part of it.
  44. If an item is custom made for installation on real property it is not usually considered to be a fixture.
    false
  45. _________ are an exception to the rule that fixtures are a part of real property.
    trade fixtures
  46. Trade fixtures remain the property of the tenant, unless.......?
    Unless removal would irreparably damage the building or realty.
  47. t/f a walk in cooler is an example of a trade fixture
    true
  48. What is the most common way of acquiring personal property
    purchasing it. duh.
  49. What are some additional ways in which personal property can be acquired?(7)
    • Inheritance
    • purchase
    • and acquisition by:
    • possession, production, gift, accession, and confusion.
  50. What is an example of becoming the owner of personal property by posession?
    The capture of wild animals
  51. Another way of acquiring personal property by possession is when ones personal property is________.
    abandoned
  52. T/F Production of an item is another means of acquiring ownership of personal property.
    truf
  53. A ______ is a voluntary transfer of property ownership for which no consideration is given.
    gift
  54. The presence of __________ is what distinguishes a contract from a gift.
    consideration
  55. A gift made by will.
    Testamentary gift
  56. What are the three requirements for a gift to be effective?
    • 1. Donative intent on the part of the donor
    • 2. delivery
    • 3. Acceptance by the donee
  57. When does a gift become effective
    when the three requirements for a gift to be effective are met
  58. When a gift is challenged in court, the court will determine whether________________ exists by looking at the language of the donor and the surrounding circumstances.
    donative intent
  59. What might a court look at when trying to determine donative intent?
    • The relationship of the parties
    • the size of the gift in relation to the donor's other assets
  60. T/F A gift does not have to be delivered to the done for it to be effective.
    false
  61. Delivery may be accomplished by means of a third person who is the _____ of either the donee(provided there is donative intent and acceptance)
    agent
  62. When the physical object itself cannot be delivered, a________ will be sufficient.
    constructive delivery
  63. When is a constructive delivery used?
    A constructive delivery is used when the physical object itself cannot be delivered
  64. __________ is a general term for all of those acts that the law holds to be equivalent to acts of real delivery.
    constructive delivery
  65. Delivery of intangible personal property such as stocks, bonds insurance policies, and contracts, for example-must always be accomplished by __________.
    constructive delivery
  66. An effective delivery also requires that the donor give up_______(2) over the subject matter of the gift.
    control and dominion
  67. T/F the outcome of most disputes often turns on whether control over personal property has actually been relinquished.
    true
  68. T/F Language written or spoken, expressing an intention to give, does not constitute a gift, unless the intention is executed by a complete and unconditional delivery of the subject matter, or delivery of a proper written instrument evidencing the gift.
    true
  69. What is the final requirement of a valid gift?
    acceptance by the donee.
  70. To be effective, what requirements must a gift causa mortis meet?
    the same three requirements of a gift aka intent, delivery and acceptance.
  71. When does a gift causa mortis become effective?
    It does not become absolute until the donor dies from the contemplated illness.
  72. T/F a gift causa mortis is still valid if the donor recovers from the illness.
    false, it is automatically revoked if the donor recovers from the illness.
  73. T/F a gift causa mortis is also revoked if the prospective donee dies before the donor.
    true
  74. Generally, there is no dispute about who owns the property when ___________ occurs.
    accession(especially when it is accomplished with the owners consent)
  75. It is very rare for a property to be acquired through_________.
    accession
  76. Confusion frequently occurs with________ goods such as grain or oil, which consist of identical units.
    fungible
  77. If confusion occurs as a result of an honest mistake, what do the owners do?
    they share the ownership of the commingled goods in proportion to the amount each contributed.
  78. T/F Finding something and holding on to it gives the finder legal rights to the property.
    not necessarily. Different rules apply, depending on whether the property was mislaid, lost or abandoned.
  79. A person who finds mislaid property _____________ title to the goods.
    does not obtain
  80. What happens to the person who finds mislaid property?
    They become the caretaker of the property because it is highly likely that the true owner will return.
  81. Can the finder of lost property claim title to the  property?
    Yes, to everyone in the whole world EXCEPT THE TRUE OWNER.
  82. If a third party attempts to take possession of  lost property, who has better title; the third party or the finder?
    the finder
  83. What happens when a finder of lost property knows the true owner and fails to return the property to that person?
    the finder is guilty of the tort of conversion
  84. What do most states require in regards to lost property?
    States require the finder to make a reasonably diligent search to locate the true owner of the lost property.
  85. _____________ provide an incentive for finders to report their discoveries by making it possible for them, after passage of a specified period time, to acquire legal title to the property they have found.
    estray statutes
  86. Generally, an item must be _____(1)______ property and not merely ______(2)________ property for the stray statute to apply.
    • 1. lost
    • 2. mislaid
  87. T/F estray statutes usually require the finder or the county clerk to advertise the property in an attempt to help the owner recover what has been lost.
    true

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