Nicole Has a Weekend Home on Pecan Island That She

question 77

Multiple Choice

Nicole has a weekend home on Pecan Island that she purchased in 2013 for $250,000.Recently,the home was appraised at $260,000.After the appraisal,a hurricane hit Pecan Island,severely damaging Nicole's home.An appraisal placed the value of the home at $140,000 after the hurricane.Because of its prohibitive cost,Nicole had no hurricane insurance.Before any reductions or limitations,Nicole's casualty loss amount is

• A)$0.
• B)$10,000.
• C)$120,000.
• D)$140,000.

Understand the application and differentiation of the law of finds and the law of salvage regarding abandoned property.

Comprehend the factors determining title to abandoned or unclaimed property.

Analyze legal ownership and title disputes involving stolen or found property.

Identify the conditions under which conditional gifts must be returned.

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Definitions:

Fundamental Attribution Error

The tendency to overestimate personality-based explanations for others' behaviors while underestimating situational factors.

Cognitive Dissonance

A psychological phenomenon where an individual experiences discomfort from holding two or more conflicting beliefs, values, or attitudes, often leading to a change in beliefs or behaviors.

Role

A set of expectations (norms) about a social position, defining how those in the position ought to behave.

Cognitive Dissonance

A state of conflict or discomfort experienced when holding contradictory beliefs, values, or attitudes.