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In: Accounting

Question 4: Lucy is trying on clothes in the dressing room of Federal Department Store. Lucy...

Question 4:

Lucy is trying on clothes in the dressing room of Federal Department Store. Lucy goes home, but leaves her purse in the dressing room. A Federal employee, Beth, finds the purse in the dressing room and gives it to the storeowner. Assuming Lucy never returns to claim the purse, who is entitled to title to the purse and its contents, assuming the purse is (a) lost, (b) mislaid, or (c) abandoned?

Solutions

Expert Solution

As per the law

If any person lost their things and those things was found by some one then the person who found the things is called as founder of lost goods :-

After finding the goods the duty of the founder of lost goods are :-

1. To search for original owner of the things.

2. If the owner of the things not found then founder of the lost thing is deemed to be owner of such goods. But the founder of lost goods has to prove that he has made sufficient effort to find the owner of things before law.

(A). Lost

1. If the owner of the thing found by founder of lost goods then original person is owner, if not found then founder of lost goods is the owner.

(B). Mislaid

If the owner of mislaid things found then original person is the owner if not founder of mislaid things is the owner of the thing

(C). Abandoned

1. In case of left things, if the of original owner came back and took things then that person is the owner, if not came then founder of lost goods is the owner.

2. In case of banned things or prohibited things the law is owner of those types of things.

These are all the information required to solve the given question.

I hope, all the above mentioned information and explanations are useful and helpful to you.

Thank you.


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