Test 3 LEB 320f Chapter 34 Personal Property Exam Questions and Answers
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Course
LEB 320F
Institution
LEB 320F
lease - Answer-a ________ of personal property merely creates a bailment; the lessee has temporary possession but no ownership interest in the item of personal property
gift specifics - Answer-(1) the donor must have a present intent to transfer ownership
(2) the donor must deliver possession...
Test 3 LEB 320f Chapter 34 Personal
Property Exam Questions and Answers
lease - Answer-a ________ of personal property merely creates a bailment; the lessee
has temporary possession but no ownership interest in the item of personal property
gift specifics - Answer-(1) the donor must have a present intent to transfer ownership
(2) the donor must deliver possession to the donee
retention of control - Answer-if the donor attempts to retain a degree of control over the
property, there usually is not a legally effective gift.
there must be a "competitive stripping of the donor of dominion or control over the thing
given."
constructive delivery - Answer-in most cases, delivery of actual physical possession is
required
two types of constructive delivery - Answer-impracticality
intangibles
impracticality - Answer-if it is inconvenient to deliver actual physical possession
because the item is too large or because it is located at too great a distance from the
parties, constructive delivery is allowed (delivery car keys for car)
intangibles - Answer-there is nothing physical to deliver
evidenced by written documents that either by law or business custom are accepted as
representing the intangible
invalidating gifts - Answer-not valid if the donor's action was induced by fraud, duress,
mistake, or undue influence
Inter Vivos and Causa Mortis gifts - Answer-special rules apply to causa mortis that
distinguishes it from a regular gift:
(1) the gift is revoked automatically if the donee dies before the donor, with the result
that ownership reverts back to the donor;
(2) the gift is also revoked automatically if the donor does not die from the current illness
or peril
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