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CAIB 2 - Chapter 5 Questions & Answers 100% Correct. $14.99   Add to cart

Exam (elaborations)

CAIB 2 - Chapter 5 Questions & Answers 100% Correct.

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  • Course
  • CAIB 2 -
  • Institution
  • CAIB 2 -

identify three reasons why a bailee may have temporary custody of the personal property of another - ANSWERfor repair for safekeeping or storage for delivery to others identify three examples of businesses who may be bailees for hire - ANSWERsmall engine repair shops dry cleaners tai...

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  • August 18, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • caib 2 chapter 5 stuvia
  • CAIB 2 -
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CAIB 2 - Chapter 5 Questions
& Answers 100% Correct.

identify three reasons why a bailee may have temporary custody of the personal property of another
- ANSWERfor repair



for safekeeping or storage



for delivery to others



identify three examples of businesses who may be bailees for hire - ANSWERsmall engine repair
shops



dry cleaners



tailors



briefly explain the level of 'ordinary care' to be exercised by a bailee - ANSWERthere is a legal duty on
the bailee to take the same care of goods of others as would be taken by a prudent and diligent
owner of such goods



briefly explain how the level of 'ordinary care' may vary by the type of bailee - ANSWERmay vary with
the class of property over which bailment is being exercised (ex. jewelry vs. wheat)



identify two ways a bailee may be responsible for the goods of others - ANSWER-liable for loss to
customers property when the required level OF ORDINARY CARE HAS BEEN BREACHED because of
negligence



-purchase additional liability for customers property under contract (ex. if stolen by thieves)

, valued bill of lading



released bill of lading



when the value of goods is more than what is stated on the standard tariff (tax)



identify the liability of:



1) contract carriers



2) private carriers - ANSWER1) contract carriers- will be stated on his contract with the owner of the
property



2) private carriers- are responsible for the amount of the loss of goods carried by them



identify the four ways that the owners of goods may insure them under the inland transportation
insurance - ANSWERtransportation floater - broad form

transportation floater rider - limited form

motor cargo rider

trip transit policy



[TTMT]



identify the three types of property insured on a transportation floater - broad form * (3 types of
property a broad form can cover) - ANSWERowned by the insured

how are the goods valued under a standard (ordinary) bill of lading? - ANSWERamount is established
at a certain amount per kilogram/pound or parcel



identify two reasons to use a released bill of lading - ANSWERwhen the value of goods is less than
stated on standard (ordinary) bill of lading

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