Bill was shopping at the mall. As he was walking to Tonne's Department Store, his wallet fell out of his pants. While trying on a new suit, Bill left his leather jacket in the change room. Sue found Bill's wallet. Arnie, a sales associate, found his coat. What kind of found property is Bill's wallet? What kind of property is his jacket? What rights do Sue and Arnie have in the found property?
Lost property is something accidentally given up. The wallet is lost property. Usually the finder has the superior rights to all except the true owner. Mislaid property is something the owner has intentionally placed somewhere and then forgotten. The jacket is mislaid property. Generally the finder gets no rights in property that has simply been mislaid. If the true owner cannot be located, the mislaid item belongs to the owner of the premises where the item was found-in this situation, Tonne's Department Store.
You might also like to view...
By examining the activity map of Southwest Airlines, one can identify the areas of __________ around which it has developed its business strategy. These themes include limited passenger service, high aircraft utilization, and highly productive ground and gate crews.
A. strategic intent B. core competency C. differentiation D. data analytics
Scher Co leased a machine on December 31 . 2014 . Annual payments under the lease are $110,000 (which includes $10,000 annual executory costs) and are due on December 31 each year, for a ten-year period. The first payment was made on December 31 . 2014, and the second payment was made on December 31 . 2015 . According to the agreement, the lease payments are discounted at 1 . percent over the
lease term. Assume the present value of minimum lease payments at the inception of the lease and before the first annual payment was $615,000 and Scher appropriately classified the lease as a capital lease. What is the lease liability Scher should report in its December 31 . 2015, balance sheet? a. $466,500 b. $515,000 c. $534,150 d. $576,500
After 2017, a 37% excise tax applies to compensation in excess of $1 million paid to executives of tax-exempt organizations.
Answer the following statement true (T) or false (F)
The product life cycle concept is concerned with planning for product recycling to protect the environment.
Answer the following statement true (T) or false (F)