ACCY 3601 FINAL EXAM QUESTIONS
AND ANSWERS GRADED A+ 2025/2026
Real vs. personal property - ANS real is land; personal is any tangible (moveable) or intangible
(IP) goods
7 ways to pass title to personal property - ANS 1. selling it
2. through inheritance
3. creditors seize it
4. making a gift
5. acesion
6. confusion
7. by finding it
making a gift requires: - ANS a. delivery - transfer of all control over to donee
b. intent - donor must intend to give gift and transfer title at the time
c. acceptance of gift - this is presumed if gift is beneficial not burdensome
constructive delivery - ANS Transfer of all control without physical possession.
acesion - ANS when someone adds new value (labor or material) to improve personal
property of another. This is done usually w/ consent and OG owner gets title to improvements.
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
,what happens if acension is not done w/ consent? - ANS you look to see if the improvements
are severable. if they are, the improver gets improvements.
what if the improvements are not severable? - ANS if not, were the improvements made
innocently (good faith belief) or wrongfully (intentional. negligent). if wrongful, owner keeps
and does not have to pay.
what if improvements were made innocently? - ANS if innocent, did improvement change
character of property? if yes, improver keeps and must pay. if no, whoever added more value
gets title but must pay the other the value of their contribution.
confusion - ANS mixing together fungible goods of different owners
fungible goods - ANS goods where every individual unit is distinguishable by all other units. if
mixed by agreement, all owners have proportionate share of goods
what if confusion is a result of a third party or honest mistake of one owner? - ANS each
owner will get back proportionate share or equal share if proportionate is not known
what if confusion is negligent or intentional? - ANS the wrongdoer must prove their share to
recover and bears the loss
estray statutes - ANS A statute defining finders' rights in property when the true owners are
unknown.
lost - ANS owner involuntarily lost possession and finder gets possession
mislaid - ANS voluntarily lost but then forgot, owner if place where it was found gets
possession
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, abandonded - ANS voluntarily lost w/ no intention to recover, finder gets possession & title
bailment - ANS the transfer of possession but not the title of personal property by owner
(bailor) to another (bailee)
the bailee must - ANS 1. use due care toward property
2. return property to bailor when required
mutual benefit - ANS bailee must use ordinary care and is liable if negligent
sole benefit of the bailee - ANS bailee must use extreme care, liable for even slight
negligence
sole benefit of the bailor - ANS bailee must use slight care, liable for only gross negligence
intellectual property - ANS refers to something you own that comes from intellect
4 types of IP - ANS 1. patent
2. copyright
3. trademarks
4. trade secrets
patent, copyright and trademarks are protection against... - ANS infringement
trade secrets are protection from - ANS misappropriation
infringement is - ANS rights are exclusive and protected from any non authorized use
3 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
AND ANSWERS GRADED A+ 2025/2026
Real vs. personal property - ANS real is land; personal is any tangible (moveable) or intangible
(IP) goods
7 ways to pass title to personal property - ANS 1. selling it
2. through inheritance
3. creditors seize it
4. making a gift
5. acesion
6. confusion
7. by finding it
making a gift requires: - ANS a. delivery - transfer of all control over to donee
b. intent - donor must intend to give gift and transfer title at the time
c. acceptance of gift - this is presumed if gift is beneficial not burdensome
constructive delivery - ANS Transfer of all control without physical possession.
acesion - ANS when someone adds new value (labor or material) to improve personal
property of another. This is done usually w/ consent and OG owner gets title to improvements.
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
,what happens if acension is not done w/ consent? - ANS you look to see if the improvements
are severable. if they are, the improver gets improvements.
what if the improvements are not severable? - ANS if not, were the improvements made
innocently (good faith belief) or wrongfully (intentional. negligent). if wrongful, owner keeps
and does not have to pay.
what if improvements were made innocently? - ANS if innocent, did improvement change
character of property? if yes, improver keeps and must pay. if no, whoever added more value
gets title but must pay the other the value of their contribution.
confusion - ANS mixing together fungible goods of different owners
fungible goods - ANS goods where every individual unit is distinguishable by all other units. if
mixed by agreement, all owners have proportionate share of goods
what if confusion is a result of a third party or honest mistake of one owner? - ANS each
owner will get back proportionate share or equal share if proportionate is not known
what if confusion is negligent or intentional? - ANS the wrongdoer must prove their share to
recover and bears the loss
estray statutes - ANS A statute defining finders' rights in property when the true owners are
unknown.
lost - ANS owner involuntarily lost possession and finder gets possession
mislaid - ANS voluntarily lost but then forgot, owner if place where it was found gets
possession
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, abandonded - ANS voluntarily lost w/ no intention to recover, finder gets possession & title
bailment - ANS the transfer of possession but not the title of personal property by owner
(bailor) to another (bailee)
the bailee must - ANS 1. use due care toward property
2. return property to bailor when required
mutual benefit - ANS bailee must use ordinary care and is liable if negligent
sole benefit of the bailee - ANS bailee must use extreme care, liable for even slight
negligence
sole benefit of the bailor - ANS bailee must use slight care, liable for only gross negligence
intellectual property - ANS refers to something you own that comes from intellect
4 types of IP - ANS 1. patent
2. copyright
3. trademarks
4. trade secrets
patent, copyright and trademarks are protection against... - ANS infringement
trade secrets are protection from - ANS misappropriation
infringement is - ANS rights are exclusive and protected from any non authorized use
3 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
