Quiz 27: Personal Property and Bailments

Business

Yes , the temporary right of possession of the bailee permits them to make up from third person for all the loss and damages made to property. The liability of any loss goes completely on the one who is responsible for the damage. Here the Speedy has full right to recover the loss from third party.

Property can be divided into two types: personal property and real property. Real property can be anything that can be affixed to, erected on and growing on like land, crops and buildings. It is also referred to the rights that are being issued from land ownership. Personal property can be any movable property. Land is not included in personal property. It includes intangible property, notes, copyrights and all the things that are subject to ownership.

Property: It refers to any item, thing or article that is owned by any person wherein the person has rights of use, enjoyment and possession. A property is divided into two types, i.e. personal property and real property. Real Property: It refers to land and that property which is permanently attached to land. For example, buildings, canals, roads, etc. Personal property: It refers to all the properties which do not come under real property. It can further be divided into, tangible personal property and intangible personal property. Tangible property is car, television, or anything which has physical substance. Intangible property refers to set of interests and rights and does not have physical substance, like, shares, and bonds.

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