The Phrase Nemo Dat Quod Non Habet

question 8

Multiple Choice

The phrase nemo dat quod non habet

• A) means that a person who has possession of property under a bailment must use reasonable care.
• B) applies only in equity.
• C) applies to real property, but not to personal property.
• D) is a concept that arises only in insurance law.
• E) is generally ineffective with respect to money.

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Definitions:

Absolute Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service.

Productive Advantage

Occurs when a country, business, or individual produces a good or service at a lower opportunity cost than competitors, leading to more efficient production.

Comparative Advantage

The capacity of a person, business, or nation to create a product or offer a service with a lesser opportunity cost compared to its rivals.

Production

The process of creating goods and services through the combination of labor, materials, and technology.