In: Economics
While eating dinner at a restaurant, Elvis placed his backpack on an empty chair located next to his table. When Elvis left the restaurant, he forgot to pick up the backpack. A few minutes later, Priscilla discovered the backpack and took possession of it. What rights to the backpack do Elvis, Priscilla, and the restaurant have?
Wilma, who thought she had a terminal disease, signed over the title to her new Cadillac to her cousin, Kenny, and told him that she wanted him to have the car "after I'm gone." Kenny took the keys and began to use the car. A week later, Wilma was told that her diagnosis had been an error and that she was not terminally ill. Wilma wants her car back. Can she recover it from Kenny? Why or why not?
Larry had an old fax machine that he was no longer using. Larry decided to take the fax machine to his bank, place it on the steps to the entrance, and leave it for anyone to take. Frank saw the fax machine and took it home. Does Frank now own the fax machine? State the legal issue, analize and reach a conclusion.
According to the given information, Elvis has the actual ownership on the backpack as it belongs to him. The given situation explains the problem of mislaid property. Under this condition, the restaurant has the right on behalf of Elis to keep the backpack and to possession of it to return it back to Elis. Priscilla has no right to the backpack, and she cannot take possession over it.
According to the given information, Wilma has right to recover her car from Kenny as Kenny will only own the car after the death of Wilma, which was not the case here as Wilma was not terminally ill.
Here, the legal owner of the fax machine is Larry, and she leaves it on the steps of the entrance for anyone who is interested in taking it. The ownership will transfer to Frank when he retrieved or took the fax machine from the doorstep as Larry willingly placed it on the entrance. It will be legally considered as the transfer of ownership because Larry dumped the fax machine which is later owned by Frank.