ACCY 3601 Final 2026 Exam
Questions and Correct Answers |
New Update
real vs. personal property - 🧠 ANSWER ✔✔real is land; personal is any
tangible (moveable) or intangible (IP) goods
7 ways to pass title to personal property - 🧠 ANSWER ✔✔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: - 🧠 ANSWER ✔✔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 - 🧠 ANSWER ✔✔Transfer of all control without
physical possession.
acesion - 🧠 ANSWER ✔✔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.
what happens if acension is not done w/ consent? - 🧠 ANSWER ✔✔you
look to see if the improvements are severable. if they are, the improver gets
improvements.
, what if the improvements are not severable? - 🧠 ANSWER ✔✔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? - 🧠 ANSWER ✔✔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 - 🧠 ANSWER ✔✔mixing together fungible goods of different
owners
fungible goods - 🧠 ANSWER ✔✔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? - 🧠 ANSWER ✔✔each owner will get back proportionate share or
equal share if proportionate is not known
what if confusion is negligent or intentional? - 🧠 ANSWER ✔✔the
wrongdoer must prove their share to recover and bears the loss
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
Questions and Correct Answers |
New Update
real vs. personal property - 🧠 ANSWER ✔✔real is land; personal is any
tangible (moveable) or intangible (IP) goods
7 ways to pass title to personal property - 🧠 ANSWER ✔✔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: - 🧠 ANSWER ✔✔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 - 🧠 ANSWER ✔✔Transfer of all control without
physical possession.
acesion - 🧠 ANSWER ✔✔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.
what happens if acension is not done w/ consent? - 🧠 ANSWER ✔✔you
look to see if the improvements are severable. if they are, the improver gets
improvements.
, what if the improvements are not severable? - 🧠 ANSWER ✔✔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? - 🧠 ANSWER ✔✔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 - 🧠 ANSWER ✔✔mixing together fungible goods of different
owners
fungible goods - 🧠 ANSWER ✔✔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? - 🧠 ANSWER ✔✔each owner will get back proportionate share or
equal share if proportionate is not known
what if confusion is negligent or intentional? - 🧠 ANSWER ✔✔the
wrongdoer must prove their share to recover and bears the loss
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
