Explain the various ways that personal property can be acquired by means other than purchase.

Expert Solution

Solution. The term personal property encompasses movable property tangible or intangible subject to ownership, also known as chattels.

Different ways in which personal property can be acquired by means other than purchase are enlisted below:

a)A property can be transferred and owned in form of a gift. Such gift are provided without any form of consideration and encompasses a donor delivering and donee accepting such gift.

b)A property can be acquired in form of accession in addition to something previously owned. For instance, addition to property when new inputs are added enhancing output level to the same unit of production.

c)Possession of abandoned property in already owned property of the individual.

d)A property can also be added to personal property in case of foreclosure(when some other person fails to pay back the amount to the individual).

e)When there's an end to the trusteeship, the title gets entitled to the beneficiary, thereby adding to his/her personal property.

ekkarill92 answered 1 year ago

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