[Shoe Store] Larry Owns a Store That Sells a Variety

question 57

Multiple Choice

[Shoe Store] Larry owns a store that sells a variety of men's accessories, including shoes, wallets, briefcases, and belts. While shopping in Larry's store, Ed placed his wallet on a shelf so he could look at a particular pair of shoes. When Ed walked away, he forgot to pick up the wallet and left the store without it. Another customer, Susan, noticed the wallet on the shelf a few minutes later. She hadn't seen Ed leave it there, and brought the wallet to Larry at the front counter. Larry thanked her and set the wallet aside, meaning to put it in the back office for safekeeping. However, before he could secure the wallet, Larry was distracted by a phone call. Another customer, Scott, saw the wallet on the counter, took it, and left the store. Once outside, Larry opened the wallet and looked through it. When Larry realized that the wallet contained nothing but two dollars and an expired library card, he tossed the wallet on the ground in disgust and walked away. Five minutes later, Olivia, a passerby, noticed the wallet on the ground. She decided to keep it for herself, so she picked up the wallet and took it home.
-As the owner of the realty on which Ed left his wallet, what are Larry's property rights as they relate to Ed's wallet?

• A) Larry has the right to give the wallet to another person as a gift, but may not receive consideration in return for the transfer.
• B) Larry has no rights to the wallet and is obligated to either find Ed and return it or turn the wallet over to the proper authorities.
• C) Larry has the right to keep the wallet for his own personal use, as he is the owner of the realty on which Ed left the wallet.
• D) Larry has the right to sell the wallet immediately, because he is a merchant of goods of that kind.
• E) Larry has the right to hold Ed's wallet until Ed returns to the store to claim it, but may not sell it or otherwise transfer it to another person.

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Definitions:

Puncture-Proof Container

A secure, leak-proof container designed to safely store sharp items like needles to prevent injury or contamination.

Contaminated Needle

A needle that has been exposed to disease-causing agents, posing a risk of infection upon use.

Eardrops

Liquid medicine applied into the ear canal to treat infections, relieve pain, or clear earwax.

Pinna

The outer part of the ear that captures sound waves and directs them into the ear canal.