Which Of The Following Requirements Must Be Met To Create A Bailment?

Multiple Choice Questions 1. Which of the following requirements must be met to create a bailment? I. Delivery of personal property to the intended bailee II. Possession by the intended bailee (I.a)I only (I.b)II only (I.c)Both I and II (I.d)None of the above Answer: C.

2. Consider the following: I. A house (value: $150,000) II. A giant HD television in the house (value: $4,999) III. The land that the house sits upon (value: $30,000) IV. An old car in the house's garage (value: $5,001) How many of these items are personal property? (a) All 4 of them (b) 3 of them (c) 2 of them (d) 1 of them (e) None of them Answer: C.

3. Holding out an envelope, Alan says, "Ben, I'm giving you these opera tickets." Without taking the envelope, Ben replies, "Why would I want opera tickets? Loser." Alan leaves, crestfallen. Later that day, a girl whom Ben has liked for some time says, "I sure wish I were going to the opera tonight." Ben scrambles, calls Alan, and says, "Alan, old buddy, I accept your gift of the opera tickets. I'm on my way over to pick them up." Does Ben have a legal right to the tickets? (a) Yes, because Alan intended to transfer ownership. (b) Yes, because offers to give gifts cannot be revoked. (c) No, because no consideration was given. (d) No, because Ben did not accept the gift when offered. Answer: D.

4. Gina has season tickets to Cardinals games. One Monday, she promises to give her tickets to Friday's game to Ed, a friend who works across town. On Tuesday, Gina hands the tickets to Al, an administrative assistant. An hour later, when Al still has the tickets and has not given them to Ed, Gina returns. "Sorry," she says, "but my cousins are coming to town this weekend. I'll need those tickets back." Gina is entitled to get the tickets back if Al works for… (a) Gina (b) Ed (c) Both A and B (d) None of the above Answer: A.

5. Craig finds a rare 1955 double-date penny, worth $4000, on a city sidewalk outside a coin collectors' convention. The penny is ______property. If the true owner cannot be found, then the penny will belong to ______. (a) lost; Craig (b) lost; the city (c) abandoned; Craig (d) abandoned; the city (e) mislaid; Craig Answer: A.