Question

1. Which of the following is not a form of tangible, personal property?

a) a copyright

b) office furniture

c) goods under UCC Article 2

d) text books

2. Generally speaking, the common law applies to contracts involving

a) The sale of services

b) The sale of goods

c) Mutual cooperation

d) Fraud

3. The highest level of general property rights is which of the following?

Leasehold

Life estate

Fee Simple Absolute

Express Grant

Answer 1

1. a) a copyright - Copyrights are considered intellectual property, not tangible, personal property.

2. a) The sale of services - Generally, common law applies to contracts involving services while the UCC (Uniform Commercial Code) governs contracts for the sale of goods.

3. Fee Simple Absolute - This is the highest level of property rights, giving the owner complete control over the land and the right to transfer the land during life or upon death.