Which of the Following Is a Distinguishing Characteristic of the Requirement
Which of the following is a distinguishing characteristic of the requirement to take reasonable care with respect to the obligations arising from ownership and possession of property?
A) It is non-applicable in arrangements that lack a formal contract.
B) It is applicable regardless of the absence of a contractual arrangement.
C) The damages are always payable to the owner by way of compensation.
D) It is the sole method for meeting the business needs of both parties.
Geoffrey made arrangements for storing his houseboat for the winter at BoatsRStored4U Inc. What is the most immediate legal question that Geoffrey should be clear on before he allows the storage company to take physical possession of his boat?
A) When should he provide proof of ownership and valuation?
B) What will happen if BoatsRStored4U goes out of business?
C) Who will bear the risk of loss or damage and have the obligation to purchase insurance?
D) How will BoatsRStored4U bill him for its services?
What feature distinguishes bailment from a contract of purchase and sale?
A) Most commercial contracts are bailments, requiring payment for use of property.
B) Most bailments are gratuitous, requiring no payment for use of property.
C) A bailor retains ownership upon transfer of possession to the bailee.
D) A bailment is typically short-term, while contracts cover a longer term.
What aspect would normally be described in a contract for services in circumstances involving a bailment of value?
A) the parties' remedies for failure to perform
B) the price to be paid by the bailee for bailment
C) the bailor's remedies for collecting storage charges
D) the services to be provided for the bailor