Chiko Has Possession of a Ring

question 19

Multiple Choice

Chiko has possession of a ring. He is entitled to keep it if

• A) he found it on public property and the true owner cannot be located.
• B) he stole it.
• C) he found the ring while trespassing on private property.
• D) he received it as a gift, but only if the person who gave it to him had previously acquired it by purchase.
• E) he bought it from a thief in the honest belief that the thief was the true owner.

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Definitions:

Quantity Discount

A reduction in price offered by sellers to buyers who purchase large volumes, aimed at incentivizing bulk orders.

Everyday Low Pricing

A pricing strategy where companies consistently offer products at a low price rather than relying on sales or discounts.

Trade-In Allowance

The discount or amount credited to a buyer when they trade in an old item towards the purchase of a new item.

List Price

The manufacturer's suggested retail price (MSRP) of a product, before any discounts, coupons, or negotiations.