Examlex
Identify the correct statement.
Goods-In-Bailment Contract
A legal agreement where personal property is transferred into the possession of another for a specific purpose, but ownership is not transferred.
Negotiable Document
A legal document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the property it represents being transferable from one person to another.
Nonnegotiable Document
A legal document that cannot be transferred or assigned to another party through endorsement or delivery.
Good-faith Purchaser
An individual who buys property without knowledge of any existing claims or faults of the property, thereby gaining full legal rights.
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