Jacobs Put an Old Typewriter in the Trash

question 48

Multiple Choice

Jacobs put an old typewriter in the trash.The trash collector,Land,took the typewriter,fixed it up,and sold it to Jones for $750.Jacobs contends that he is entitled to some or all of the $750 that Land received from Jones.Based on these facts:

• A)Land is entitled to the value of the improvements he made,but Jacobs is entitled to the difference between the $750 Land received and the value of the improvements Land made.
• B)Land is entitled to keep the full $750 because Jacobs abandoned the typewriter.
• C)Jacobs is entitled to the $750 because Land paid Jacobs no consideration for the typewriter.
• D)Jacobs is entitled to recover the typewriter from Jones.

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Definitions:

Partnership

A legal business arrangement where two or more individuals share ownership, profits, risks, and responsibilities.

Communist Countries

Nations that practice or claim to practice a system of government based on the communist ideology, characterized by the community or state ownership of all property and means of production, with the aim of achieving classlessness and statelessness.

Investment

The allocation of resources, such as capital or time, in the expectation of generating income or profit.

MPC

Marginal Propensity to Consume, a metric that represents the proportion of an additional unit of income that is spent on consumption.