Unit 3 - Chapter 17

Question 1

____ property is land and whatever is permanently affixed to it or part of it

Answer 1

REAL

–> sometimes referred to as “immovable property”

Question 2

_____ property is portable (all property other than land and what is attached to it)

Answer 2

PERSONAL

Question 3

_____ property has physical form

Answer 3

tangible

Question 4

_____ property consists of legal rights

Answer 4

intangible

Question 5

____ would be an example of intellectual property owned as a result of being created

Answer 5

Copyright

Question 6

____ is an example of intellectual property owned as a result of being used or registered

Answer 6

Trademark

Question 7

The ______ is a collection of legal rights associated with property (right to exclude, possess and use, transfer and dispose

Answer 7

bundle of rights

Question 8

___ is the temporary transfer of possession from bailor to bailee

Answer 8

bailment

• -> lend friend your car
• -> pay storage company to store your car

Question 9

____ is a type of bailment involving payment for use of property or service

Answer 9

bailment for value

Question 10

_____ is a type of bailment that involves no payment

Answer 10

gratuitous bailment

Question 11

______ are held to a very high standard of care regarding the property they carry

Answer 11

common carriers

–> if property is lost or damaged while in their possession, it is presumed that the carrier is liable

Question 12

____ is the right to retain possession of personal property until payment for service is received

Answer 12

Lien

Question 13

_____ are those who offer lodging to the public

Answer 13

innkeepers

• -> must take great care of guests’ property and are responsible for loss or theft
• -> guests share control of their property through their occupation of rooms