Business Law – Assignment #5

Chapter 14 – Real & Personal Property

Review Questions

Question 1

What interest in land does the purchaser get when he buys a house?
The interest the purchaser gets is the one of REAL PROPERTY, where
the land and all the things permanently attached to the land are being
purchased.

Question 2

What is meant by an easement? Give examples, and explain why an

easement is called a lesser interest in land.
An easement is a right that another person who is not the owner gets
to use part of a property. For example, back in Honduras, we used to
live in an extensive property of several acres. Many neighbors would
ask for permission to use some parts of the outside unused property
to grow bananas, corn, and other fruit and vegetable plantations for
their benefit. They’d compensate with giving some of the produce to
the owner.

Question 3

Explain what is meant by a landlord’s obligation to ensure a tenant’s

“quiet enjoyment”.
This means that a landlord must assure that everything in the
property being leased has to be in useful conditions and not affect the
tenant’s normal living. For example, if a landlord also has other
tenants in the building who have small children living upstairs, or if
contractors must constantly come in to make construction projects,
etc.

Question 4

Explain what is meant by the saying “finders keepers” in terms of who

is entitled to property that has been found.
This is a simple example. If I’m walking through a mall and find a
cellphone on a bench, I have the right to keep it, but not against the
original owner’s right. The phone should hand it to the lost and found
center or the police.
It is different when I rent a place. If I find something inside the
landlord’s property, I’m not the keeper, but the landlord.

Question 5

Discuss the different ways in which a bailment may be created. What

duty is imposed on a gratuitous bailee? What duty is imposed on a
bailee for value?
Bailment happens when a person asks someone else to look after
his/her possession temporarily. Only if negligence is proven,
gratuitous bailee can be held liable, otherwise, there is no charge for
this. On the other hand, if bailee for value is considered, both parts
have benefited from the bailment, which means that the bailee is
liable for any damage or loss to the property or goods.