Personal Property - Chapter 8 (BUSLAW)

When goods are sold on approval, they become the property of the buyer as soon as the seller approves.

• True

• False

Items attached to a house, such as kitchen cabinets and fixtures, are considered real property.

• True

• False

A registered trademark continues for 20 years, and it may be renewed for additional 20-year periods.

• True

• False

If two people own property as joint tenants, each owner's share passes to his or her heirs upon death, not to the surviving joint tenant

• True

• False

Most property is acquired by purchase, gift, or inheritance.

• True

• False

Misplaced property must be returned to the owner if the owner can be found.

• True

• False

it is important to distinguish between real property and personal property because the laws that apply to each could be different.

• True

• False

When you take your clothes to the consignment shop to be sold, you are trusting that the goods will be sold by the shop and you will receive the proceeds, minus a fee.

• True

• False

A bailee is always liable for any damages to goods in his or her possession.

• True

• False

Patents, copyrights, and trademarks refer to:

• tangible personal property

• intangible personal property

• bailments

• intellectual property