Final: Insurance and Answer

Topics: Insurance, Real estate, Types of insurance Pages: 34 (5689 words) Published: November 2, 2014
Final for Review

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Student:

Assignment: Final for Review

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1.
Your answer:

Fact Pattern 50-1B
Shopping Mall, Inc. (SMI), leases space to Toney Goods Company and Uneek Stuf Store. Later, Uneek begins to sell items that are similar to Toney's goods, and Toney abandons its space before the end of the lease term. Refer to Fact Pattern 50-1B. In a growing number of jurisdictions, SMI would be

a. entitled to increase other tenants' rent to cover Toney's unpaid rent. b. entitled to damages from Uneek for its business decision. c. required to mitigate its damages.
d. entitled to the unpaid rent from Toney.
2.
Your answer:

Fact Pattern 49-1B
Town Transport Company (TTC) agrees to pick up two containers for Unlimited Sales, Inc., and store their contents, to be delivered later. While TTC unloads one container, the other disappears from TTC's loading dock. Refer to Fact Pattern 49-1B. TTC can avoid liability

a. by proof that Unlimited Sales was negligent in hiring TTC. b. by proof that TTC was not negligent.
c. under any circumstances.
d. by proof that TTC's warehouse is located in a high-crime area. 3.
Your answer:
Helen owns heavy construction equipment and the tools to service it, as well as office furniture, including computers. Ilya owns a number of patents, trademarks that identify the products made under those patents, and stock in the company that sells those products. Personal property includes the items owned by

a. Ilya only.
b. Neither Helen nor Ilya.
c. Helen and Ilya.
d. Helen only.

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4.
Your answer:
Chita owns the land on which Downwind Farm is situated, plus the farmhouse, barn, and other structures permanently attached to the land. Chita's brother Elmo owns everything else on the farm—implements, seed, and so on. The real property is owned by

a. Elmo only.
b. Chita and Elmo.
c. Downwind Farm.
d. Chita only.
5.
Your answer:
Baksheesh owns a house. In the house, on a tile floor is a throw rug. Most likely to meet the definition of a fixture is

a. the throw rug.
b. the house.
c. the tile floor.
d. none of these choices.
6.
Your answer:
Fanny buys clay to throw pottery, which is glazed and fired in a kiln. The finished products are sold to Gifte Shoppe, which sells these items and others to customers who often present them as gifts. The most common way to acquire personal property is to

a. receive it as a gift.
b. produce it.
c. buy it.
d. commingle it.
7.
Your answer:
Rocco gives Sequoia a computer as a gift. Using the computer, Sequoia develops a new computer game, for which she obtains intellectual property protection, and forms Titan Games, LLC, to make and market the game. Sequoia's acquisition of the game is by

a. confusion.
b. accession.
c. production.
d. gift.
8.
Your answer:
Ansel owns Bar-B Ranch. Ansel's only son Cy owns Double-D Ranch in the same county. Ansel gives 90 percent of the Bar-B to Etta, a short-term employee. This gift

a. may lack the required element of "donative intent."
b. may lack the required element of "heir's acquiescence."
c. meets all of the requirements for an effective gift.
d. may lack the required element of "donor's acknowledgement."

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9.
Your answer:
Kade and Lila each press certain quantities of olive oil to sell to Mediterranean Products, Inc., and agree to share storage costs until Mediterranean can take delivery. The oil is commingled so that Kade's cannot be distinguished from Lila's. This is

a. confusion.
b. conversion.
c. accession.
d. dominion.
10.
Your answer:
Idaho Farms mistakenly puts its potatoes in Jackson Co-op's storage bin, which already contains Kelly Spud Farm's potatoes. It is impossible to tell which potatoes originally belonged to which party. This is

a....
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