Constructive delivery does not satisfy the delivery requirement for an effective bailment. A common carrier is held to a standard of care based on strict liability in protecting bailed property. The party who pays a premium for an insurance policy is the underwriter. An insurable interest in property must when a policy is purchased. The states regulate the insurance industry. A coinsurance clause provides that two or more people will be covered by the same life insurance policy. An insurer can cancel an insurance policy if the insured appears as a witness in a case against the insurer. MULTIPLE-CHOICE QUESTIONS Don and Eve own a recreational vehicle (RV) as joint tenants. Don sells his ownership rights in the RV to Fred. Eve and Fred own the RV as co-owners in fee simple. joint tenants. tenants by the entirety. tenants in common. Ansel owns Bar-B Ranch. Ansel’s only son Cody owns Double-D Ranch in the same county. Ansel gives 90 percent of the Bar-B to Etta, a short-term employee. This gift may lack the required element of intent.” “donative may lack the required element of acknowledgement.” may lack the required element of acquiescence.” “heir’s meets all of the requirements for an effective gift. According to the court in Case 23.1, In re Estate of Piper, the elements of a legally valid inter vivos gift include all of the following except the present intention to make a gift. effective delivery of the property to the donee. acceptance by the donee. a written instrument excluding the gift property from the will. Elle, an artist, finds an old canoe in woods behind her property. Her neighbors consider it abandoned. Elle cleans it, paints scenes on it depicting Native American rituals, and displays it in her art gallery. Flo, the canoe’s original owner, claims it, but a court grants Elle title. This is a bailment.
Constructive delivery does not satisfy the delivery requirement for an effective bailment. A common carrier is held to a standard of care based on strict liability in protecting bailed property. The party who pays a premium for an insurance policy is the underwriter. An insurable interest in property must when a policy is purchased. The states regulate the insurance industry. A coinsurance clause provides that two or more people will be covered by the same life insurance policy. An insurer can cancel an insurance policy if the insured appears as a witness in a case against the insurer. MULTIPLE-CHOICE QUESTIONS Don and Eve own a recreational vehicle (RV) as joint tenants. Don sells his ownership rights in the RV to Fred. Eve and Fred own the RV as co-owners in fee simple. joint tenants. tenants by the entirety. tenants in common. Ansel owns Bar-B Ranch. Ansel’s only son Cody owns Double-D Ranch in the same county. Ansel gives 90 percent of the Bar-B to Etta, a short-term employee. This gift may lack the required element of “donative intent.” may lack the required element of acknowledgement.” may lack the required element of “heir’s acquiescence.” meets all of the requirements for an effective gift. According to the court in Case 23.1, In re Estate of Piper, the elements of a legally valid inter vivos gift include all of the following except the present intention to make a gift. effective delivery of the property to the donee. acceptance by the donee. a written instrument excluding the gift property from the will. Elle, an artist, finds an old canoe in woods behind her property. Her neighbors consider it abandoned. Elle cleans it, paints scenes on it depicting Native American rituals, and displays it in her art gallery. Flo, the canoe’s original owner, claims it, but a court grants Elle title. This is a bailment.
chapter_14_23_and_24.docx