When One Person Leaves Tangible Personal Property with Another to Look

question 57

Multiple Choice

When one person leaves tangible personal property with another to look after, the resulting relationship is called:

• A)A chattel
• B)A choose in action
• C)A bailment
• D)A fiduciary relationship
• E)A fixture

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Definitions:

Consume

The use of goods and services by households or individuals, leading to the reduction or depletion of the useful life of a good or service.

Progressive

A political and social philosophy that promotes progress, change, improvement, or reform rather than maintaining the status quo.

State and Local Taxes

Taxes imposed by individual states and localities, which can include income, sales, property, and other forms of taxes.

Federal Taxation

The system by which the federal government of a country levies taxes on individuals and corporations to fund its operations.