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Multiple Choice Quiz
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1
A bailment is a special kind of contract that is widely used in business and in:
A)personal affairs.
B)cultural activities.
C)academic research.
D)charitable institutions.
2
A transaction in which an owner of a tangible personal property transfers the property to another party while still retaining ownership of such property is known as a:
A)bailment.
B)pledge.
C)hypothecation.
D)lease.
3
A bailment allows an owner of a personal property to transfer possession of it to another individual for any one of the following purposes, EXCEPT:
A)sale.
B)transportation.
C)storage.
D)lease.
4
An agreement reached between a bailor and a bailee is a:
A)mortgage.
B)bailout.
C)bailment.
D)codicil.
5
Anyone in possession of goods can create a bailment relationship and become a(n):
A)bailee.
B)bailor.
C)executor.
D)administrator.
6
In general, all of the following are requirements for a bailment, EXCEPT that the:
A)bailor must be in possession of goods.
B)bailee must intend to possess goods.
C)bailee must return identical goods.
D)actual ownership of goods is necessary.
7
The transfer of goods from a bailor to a________ must actually take place.
A)landlord
B)bailee
C)lessee
D)tenant
8
The law concerning bailments provides for certain rights and duties of both bailor and bailee, depending on the:
A)amount of the transactions.
B)nature of the business.
C)kind of bailment.
D)competency in the market.
9
A bailment for the sole benefit of a bailee usually results in a(n):
A)borrowing/lending transactions.
B)spring transactions.
C)declarative transactions.
D)autonomous transactions.
10
A bailment in which only the person who borrows an article (bailee) gets the benefit is known as a:
A)bailment for the sole benefit of the bailee.
B)bailment for the sole benefit of the bailor.
C)mutual-benefit bailment.
D)constructive bailment.







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