ADMS 2610 Lecture Notes - Bailment, Session 9, Fungibility

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pucewildebeest131

9 Aug 2012

School

York University

Department

Administrative Studies

Course

ADMS 2610

Professor

Robert Levine

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Document Summary

Bailor the owner of a chattel who delivers possession of the chattel to another in bailment. Bailee the person who takes possession of a chattel in a bailment. Types of bailment: for reward or gratuitous, reward (high standard of care, gratuitous (lower standard of care, determines standard of care that bailee is held to, higher for special forms of bailment such as common carriers. Bailee becomes the sub-bailor, and someone else becomes sub-bailee: requires permission of bailor, allowed under a common custom or practice of a trade. Delivery: delivery must take place before the bailor-bailee relationship comes into existence, delivery can be apparent. Possession: requirement of delivery of possession. Includes constructive possession: title retained with bailor (bailee receives possession only, bailee rights. Wrongful injury to the goods: must return goods or dispose of goods according to bailor"s instructions, same goods must be returned. Exception: fungible goods must return same quantity and same quality.

Related Questions

Zora, Heathcliff, Manuel, and Mohammad own a large commercialbuilding as joint tenants.

If Heathcliff executes a will that leaves all of his property tohis alma mater university, who owns the property when Heathcliffdies?

Zora, Manuel, and Mohammad each own a one-third interest in thebuilding.

Zora, Manuel, and Mohammad each own a life estate in thebuilding that will go to the university upon their deaths.

Zora, Manuel, Mohammad, and the university each own aone-quarter interest in the building.

It will depend on what the probate judge rules.

The university owns the entire building in fee simple.

Which of the following is NOT a way ownership of real propertycan be transferred from one person to another?

will

tax sale

gift

revocation

sale

Which of the following is NOT true about adverse possession?

The adverse possessor must occupy the property so as to put theowner on notice of the possession.

Any break in normal occupancy terminates the adversepossession.

The possessor must occupy the property with the express orimplied permission of the owner.

The time period varies from state to state, but is usuallybetween 7 and 20 years.

The adverse possessor must physically occupy the premises.

If Kiki buys a lot from Joey that is landlocked (meaning thepurchased lot has no direct access to a road ), if Kiki can driveover Joey's lot to reach the nearest road, this is known as aneasement by ________.

necessity

grant

prescription

implication

reservation

whitemouse491

Don Gray, who ran an aircraft paint shop, was hired to repaint an airplane owned by Bob Moreland. When Moreland left the plane for the paint job, a bailment was created. The price agreed on was $9,470.00. When Moreland picked up the airplane, he was disappointed in the quality of the work and pointed out numerous defects. Gray had signed the airplane log books, indicating that the work was complete. Moreland flew the plane to another paint shop, which redid the paint job and estimated the cost of repairing the damage done by Gray to be about $7,000.00. Moreland refused to pay Gray, who then sued for payment for the work he had performed on the plane. Moreland made a counter-claim. The jury awarded Moreland damages of $9,385, plus attorneysâ fees of $12,420.00.

Gray appealed, contending that when Moreland took possession of the airplane after the job was completed, he was accepting the work that had been completed. Moreland had no right to take it to another shop without giving Gray a chance to repair any defects. Based on your reading in your textbook and the instructorâs text, is Grayâs argument correct? Why or why not? Explain in detail using examples

greenferret578

For each of the items below, determine which is US GAAP guidance and which is IFRS guidance. In some instances, the answer is both US GAAP and IFRS, or neither.

	Standard	US GAAP	IFRS
A.	Allows FVO
A.	Does not allow FVO

B.	Allows recognition of day-one gains and losses
B.	Does not allow recognition of day-one gains and losses

C.	Defines fair value as the transaction price
C.	Defines fair value as the exit price

D.	Requires transfer of effective control (including establishing legal isolation, transfer of the right to pledge the assets, and no repurchase obligation) for derecognition of a transferred asset
D.	Requires transfer of risks and rewards of ownership and a control test to determine whether the transferor retains control over the assets transferred

E.	Requires that financial instruments be sorted into specific categories for classification and measurement purposes
E.	Does not require financial instruments to be sorted into specific categories for classification and measurement purposes

F.	Requires recognition of foreign exchange gains and losses in Net Income for AFS instruments with foreign exchange components
F.	Require recognition of foreign exchange gains and losses in OCI for AFS instruments with foreign exchange components

raspberrydog99

ADMS 2610 Lecture Notes - Bailment, Session 9, Fungibility

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