The Transfer of Possessions (But Not Ownership) of Chattels by a Debtor

question 56

Multiple Choice

The transfer of possessions (but not ownership) of chattels by a debtor to a creditor who is licensed to take and hold goods as security for payment of debts is known as

• A) bailment.
• B) a pledge.
• C) a pawn.
• D) carriage of goods.

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Definitions:

Conditional Probability (P(B | A))

The probability of an event B occurring given that event A has already occurred.

Mutually Exclusive

Describes events that cannot occur at the same time, meaning the occurrence of one event excludes the possibility of the other event happening.

P(A ∩ B)

The probability of the intersection of events A and B, representing the likelihood that both events occur simultaneously.

P(A ∪ B)

Represents the probability of the occurrence of at least one of two events, A or B, including the case where both events occur simultaneously.