Question

True or false

2. A person can acquire ownership of unowned personal property by taking possession of it.

3. Sally dies without having made a will. Sally died testate.

4. For an order paper to be negotiated, there must be delivery and indorsement.

5. Able finds a leather jacket that had been abandoned by Baker. Able is now the owner of that jacket unless Baker comes back to claim it.

6. Jack and Jill are married and they are purchasing their first home. They will most likely take the deed to the property as tenancy by the entity

7. Ted and Ginger are friends and they decide to buy real estate together. Ted owns 60% of the property and Ginger owns 40%. They are tenants in common.

8. A will can be created to come into effect during one's lifetime.

9. In a sublease, there is no legal relationship between the landlord and the sublessee.

10. Mandy signs her name with the symbol . Mandy can use this symbol to sign a negotiable instrument and it is legal.

11. Sally writes a check "Bill and Tom". Both Bill and Tom must indorse that check for it to be negotiable.

Answer 1

2.True. if personal property is not owned by anyone you can simply acquire ownership by taking possession .even if it is owned by someone you can still acquire some form of ownership by taking possession

3. False. Sally didn't prepare a will so she died intestate . Her property will be passed on according to the succession laws of the region

4. True. in case the above 2 requirements are not satisfied it becomes a bearer instrument

5. True. The law in this case may differ from various countries but in this case after having made reasonable efforts to find the owner and after a reasonable amount of time has passed .if no one claims it still,the finder may keep it

6. True. Assuming it is Tenancy by entirety of a spouse passed away full ownership passed to the remaining spouse. So they will most likely opt for it

7. True .this ensures that even if one co-owner passed the respective share will go to his heir instead of his co-owner

8. False. A Will can be made at any time in the life of a person. There is no restriction on how many times a Will can be made by a testator. However, only the last Will made before his death is enforceable.therefore a will will not be enforceable when a person is still alive

9. True .in a sublease No legal relationship exists between landlord and subtenant. A sublease therefore does not transfer any of the original tenant's rights or obligations under the lease to the subtenant.

10. True. according to accepted laws a person who signs his name is legally bound by it according to provisions

11. True. If the check is issued to two people, such as John and Jane Doe, the bank or credit union generally can require that the check be signed by both of them before it can be cashed or deposited. If the check is issued to John or Jane Doe, generally either person can cash or deposit the check