One Way a Store Selling High-Def Televisions Might Add ________

question 101

Multiple Choice

One way a store selling high-def televisions might add ________ utility is to provide convenient delivery and setup to customers.

• A) possession
• B) distributive
• C) conditional
• D) time

Distinguish between tangible and intangible personal property.

Understand the conditions under which a person can claim ownership or possession of property.

Recognize the legalities involved in conditional gifts and their revocability.

Grasp the concept of liability in situations of negligence related to personal property.

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Definitions:

Regulation

Rules or directives made and maintained by an authority to manage or govern behavior within its jurisdiction, typically aiming at ensuring fairness, safety, or standards.

Subrogation

The substitution of parties whereby the party substituted acquires the rights at law of the other party, usually by way of contractual arrangement.

Negligence

The failure to exercise the standard of care that a reasonably prudent person would have exercised in a similar situation, resulting in harm or damage.

Salvage

The right of the insurer to the property where the insured is compensated for the loss.