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Ch23-Assignment

Ch23-Assignment

Q Please answer the following questions: 1. What is real property? What is personal property? 2. What are the three necessary elements for an effective gift? 3. What are the three elements of a bailment? 4. What are the basic duties of a bailee? 5. What is an insurable interest? When must an insurable interest exist?

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1. Real property is the land, all that is forever appended to the land, and the entirety of the privileges of proprietorship, including the option to have, sell, rent, and appreciate the land. Real property can be characterized by its overall use as private, business, rural, mechanical, or unique reason. All in all, Real property is the land, everything for all time connected to it, and the entirety of the interests, advantages, and rights natural in the responsibility for domain. In nations with individual responsibility for property, common law ensures the status of genuine property in land markets (Perzanowski & Schultz, 2014).