The Phrase "Nemo Dat Quod Non Habet

question 36

Multiple Choice

The phrase "nemo dat quod non habet "

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

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Definitions:

Factors of Production

Resources used in the production of goods and services, traditionally categorized as land, labor, capital, and entrepreneurship.

Circular-Flow Diagram

An illustrative depiction of the economy, highlighting the movement of currency among firms and households within different markets.

Goods and Services

Products and activities that fulfill the needs or desires of consumers, with goods being tangible objects and services being intangible activities.

Factors of Production

The inputs used to produce goods and services, typically classified into four main categories: land, labor, capital, and entrepreneurship.