Bailments And Contract Law

Summary

Bailments involve the temporary transfer of possession of personal property from the bailor to the bailee. The offeror makes an offer in contract formation. Promissory estoppel is based on detrimental reliance. The mailbox rule states acceptance is effective upon dispatch. A unilateral mistake is a belief by one party about a fact that is not true. Zoning laws regulate land usage. Eviction is the judicial process of removing a tenant for reasons like failure to pay rent.

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The term for the person who makes an offer as part of a contract formation is called? A. offeree B. offeror C. lessor D. incorporator
The correct answer is B. The term for the person who makes an offer as part of contract formation is called the "offeror".
Promissory estoppel seeks relief in equity based upon Plaintiff's theory of _____. A. quasi contract B. injunction C. detrimental reliance D. restitution
The correct answer is C. Promissory estoppel seeks relief in equity based upon a Plaintiff's theory of detrimental reliance. This means the plaintiff relied on the defendant's promise to their detriment.
In general, the mailbox rule provides _____ . A. an offeree is to make a counteroffer B. acceptance is effective upon dispatch C. acceptance must be mailed D. a counteroffer must be delivered
The correct answer is B. In general, the mailbox rule provides that acceptance is effective upon dispatch. This means that a contract is considered accepted as soon as the offeree sends out the acceptance, not when the offeror receives it.
A(n) _____ is a belief by one party about a fact that is not in accordance with the truth. A. unilateral mistake B. mutual mistake C. lack of capacity D. impracticability
The correct answer is A. A unilateral mistake is a belief by one party about a fact that is not in accordance with the truth.
Zoning laws are the way in which _____. A. government controls transfers of land B. government regulates land usage C. government enforces building standards D. government prevents certain people from living in certain areasf
The correct answer is B. Zoning laws are the way in which the government regulates land usage. These laws determine what types of structures may be built on certain lands and how these lands can be used.
Which of the following describes a person who temporarily transfers to another the right to use and possess personal property? A. bailee B. bailor C. mortgagor D. tenant
The correct answer is B. A "bailor" is a person who temporarily transfers to another the right to use and possess personal property.
In a unilateral contract, a promise is exchanged for an _____. A. promise B. money C. act D. contract
The correct answer is C. In a unilateral contract, a promise is exchanged for an act. This means that one party promises something in exchange for a specific action by the other party.
A ticket to a sporting event is an example of a _____. A. warranty B. license C. lease D. profit
The correct answer is B. A ticket to a sporting event is an example of a license. It grants you the right to enter a particular location and attend the event.
A(n) _____ is a contract under which a landlord conveys to the tenant the exclusive right to possess property for a period of time. A. lease B. license C. estate D. bailment
The correct answer is A. A lease is a contract under which a landlord conveys to the tenant the exclusive right to possess property for a period of time.
Which source of law requires the acceptance to be a "mirror image" of the offer in order to form a contract? A. common law B. constitutional law C. uniform commercial code D. mercantile law
The correct answer is A. Common law requires the acceptance to be a "mirror image" of the offer in order to form a contract. This is known as the mirror image rule.
_____ is the judicial process of removing a tenant from leased property. A. Assignment B. Foreclosure C. Bailment D. Eviction
The correct answer is D. Eviction is the judicial process of removing a tenant from leased property. This process typically begins with a notice to the tenant and may require court intervention if the tenant refuses to vacate.
A transaction in which a purchaser grants a lender a security interest in real property is _____. A. a quitclaim deed B. a general warranty deed C. a special warranty deed D. a mortgage
The correct answer is D. A transaction in which a purchaser grants a lender a security interest in real property is a mortgage.
Which of the following is most likely a fixture? A. Couch B. Ceiling fan C. Lawn mower D. Poker table
The correct answer is B. A ceiling fan is most likely considered a fixture. This is because fixtures are generally attached to the property and cannot be removed without causing damage to the property.
In which of the following is an implied warranty of habitability typically applicable? A. Both residential and commercial leases B. Residential leases C. Commercial leases D. Agricultural leases
The correct answer is B. An implied warranty of habitability is typically applicable to residential leases. This warranty ensures that landlords provide a habitable living environment for their tenants.
For which of the following does a finder always have superior rights to the property? A. abandoned property B. lost property C. mislaid property D. real property
The correct answer is A. A finder always has superior rights to abandoned property. This is because the original owner has relinquished all rights, allowing the finder to claim ownership.
Which of the following contracts are agreements that create no legal obligations and for which no remedy is given? A. Void contract B. Enforceable contract C. Voidable contract D. Legal Contract
The correct answer is A. A void contract is an agreement that creates no legal obligations and for which no remedy is given. These are contracts that are not recognized by law and therefore cannot be enforced.
Which of the following is true of eviction? A. A landlord may evict a tenant for failure to pay rent. B. An eviction results when the tenant destroys the premises. C. It results from a breach of contract by a landlord. D. The tenant need not be given notice before eviction.
The correct answer is A. In Ohio, a landlord may evict a tenant for failure to pay rent. The other options may not be always true, and specific laws vary by state and individual lease agreements.
A _____ is created when a merchant offers to buy or sell goods with an explicit promise, in writing, that the offer will be held open for a specific time. A. merchant's firm offer B. offer C. contract D. acknowledgment
The correct answer is A. A merchant's firm offer is created when a merchant offers to buy or sell goods with an explicit promise, in writing, that the offer will be held open for a specific time. This is according to the Uniform Commercial Code (UCC) which Ohio has adopted.
Offers are: A. communicated to the offeree B. contain definite terms C. involve present intent to contract D. all of the above
The correct answer is D. An offer must be communicated to the offeree, contain definite terms, and involve a present intent to contract. These are basic elements of a valid offer in contract law.
A tenant's primary obligation under a lease for real estate is to _____. A. occupy the premises B. pay rent C. maintain the leased premises D. have quiet enjoyment of the premises
The correct answer is B. A tenant's primary obligation under a lease for real estate is to pay rent. This is the tenant's most fundamental responsibility. However, tenants may also have other obligations depending on their particular lease agreement.
A serviant parcel of land subject to an easement _____. A. is the property upon which the right of access or restriction is enforced B. is the property benefiting from a right of access or restriction being enforced C. serves no purpose unless recorded D. none of the above
The correct answer is A. A servient parcel of land subject to an easement is the property upon which the right of access or restriction is enforced. This means that it is the land over which the easement runs and is used for the benefit of another property.
To qualify as a contract, a set of promises must be based on a voluntary agreement, which is made up of an offer and a(n) _____ of that offer. A. understanding B. writing C. assumption D. acceptance
The correct answer is D. To qualify as a contract, a set of promises must be based on a voluntary agreement, which is made up of an offer and an acceptance of that offer. This acceptance is the unqualified agreement to the terms of the offer.
An agreement to purchase all that seller produces is called a(n) _____. A. requirements contract B. sales contract C. output contract D. shipment contract An agreement to purchase all that seller produces is called a(n) _____. A. requirements contract B. sales contract C. output contract D. shipment contract An agreement to purchase all that seller produces is called a(n) _____. A. requirements contract B. sales contract C. output contract D. shipment contract
The correct answer is C. An agreement to purchase all that seller produces is called an output contract.
Article 2A of the UCC applies to _____. A. sales B. services C. hybrid contracts D. leases
The correct answer is D. Article 2A of the UCC (Uniform Commercial Code) applies to leases. This includes leases of goods and personal property.
Which of the following is a tenancy that renews in set intervals for an indefinite period of time? A. Tenancy for a term B. Tenancy at sufferance C. Periodic tenancy D. Tenancy at will
The correct answer is C. A periodic tenancy is a type of tenancy that renews in set intervals (such as weekly, monthly, or yearly) for an indefinite period of time, until either the landlord or tenant terminates it.
Title to property is embodied by which of the following writings? A. Land sale contract B. Mortgage agreement C. Deed D. Easement
The correct answer is C. A deed is a signed legal document that grants its holder specific rights to an asset—usually real estate. It provides a written and legal description of the property and transfers the title from the seller to the buyer.
Which of the following is a right to use and access the real property of another? A. Bailment B. Tenancy C. Deed D. Easement
The correct answer is D. An easement is a right to use and access the real property of another, usually for a specific purpose, such as access to a road or utilities. It is a legal right that can be recorded and transferred with the property.
An output contract involves _____. A. buyer purchasing all buyer requires from the seller B. seller selling to buyer all buyer requires C. buyer purchasing all of seller's production D. none of the above
The correct answer is C. An output contract involves the buyer purchasing all of the seller's production. These contracts are often used in businesses where production quantities can vary, such as farming or manufacturing.
Advertisements are considered to be _____. A. offers B. invitations to offer C. invitations to negotiate D. obligations
The correct answer is B. Advertisements are generally considered invitations to offer. They are a way for a seller to indicate their willingness to negotiate the terms of a sale, but they are not binding offers in themselves.
Which of the following is not a defeasible fee? A. leasehold B. life estate C. remainder D. fee simple absolute
The correct answer is D. Fee simple absolute is not a defeasible fee. It is the most complete form of ownership one can have on a property, with no conditions or limitations on transfer, and it does not end upon the occurrence of an event or condition.
In a bilateral contract, the consideration is _____. A. a promise in exchange for an act B. an act in exchange for an act C. a promise in exchange for a promise D. none of the above
The correct answer is C. In a bilateral contract, the consideration is a promise in exchange for a promise. This means both parties involved are making a promise to each other.
____ is the ability to understand the nature of the activity in which one is engaged. A. Emancipation B. Necessity C. Capacity D. Disaffirmance
The correct answer is C. Capacity refers to a person's ability to understand the nature of the activity in which they are engaged. It is one of the key elements in contract law, indicating that a person has the mental capability to enter into a legal agreement.
UCC Article * covers contracts for the sale of goods between _____. A. consumers B. merchants and consumers C. merchants D. B and C
The correct answer is D. UCC Article * covers contracts for the sale of goods between merchants and consumers, as well as between merchants.
Which of the following is an example of tangible personal property? A. Laptop Computer B. Office Building C. Shares of Stock D. Mortgage Agreement
The correct answer is A. A Laptop Computer is an example of tangible personal property. This type of property refers to physical items that can be touched and moved, like electronics, furniture, and vehicles. The other options are not considered tangible personal property.
Which of the following is a voluntary transfer of property from a donor to a donee? A. conveyance B. trust C. gift D. title
The correct answer is C. A gift is a voluntary transfer of property from a donor (the person giving the gift) to a donee (the person receiving the gift) without consideration or compensation.
When government takes land for a public use, the owner is owed _____. A. notice of the taking B. a hearing regarding the fair market value of the property C. just compensation D. all of the above
The correct answer is D. When the government takes private land for public use, a process known as eminent domain, the owner is owed all of the above: notice of the taking, a hearing regarding the fair market value of the property, and just compensation for their loss. This is according to the Fifth Amendment of the U.S. Constitution.
he power of government to condemn private property for public use is called _____. A. eminent domain B. leasehold C. bailment D. covenant that runs with the land
The power of government to condemn private property for public use is called _____.
Answer: The correct answer is A. The power of government to condemn private property for public use is called "eminent domain". This legal principle allows the government to take or use private property for public purposes, provided that the owner is given just compensation.
Which of the following is an essential element of a bailment? A. Bailees have no responsibility for bailed property. B. A written agreement must exist between the parties. C. Bailees are allowed to make changes to the property. D. Bailors own the property and maintain the right to possess it.
The correct answer is D. In a bailment, bailors (the original owners) own the property and maintain the right to possess it. They temporarily transfer possession but not ownership of the property to the bailees.
A(n) _____ is a right to enter another person's land and remove some product or part of the land, including subsurface minerals. A. license B. profit C. easement D. negative reciprocal servitude
The correct answer is B. A "profit" is a right to enter another person's land and remove some product or part of the land, including subsurface minerals.