You're Lying in Bed When a Piece of a Meteorite

question 15

Multiple Choice

You're lying in bed when a piece of a meteorite enters the Earth's atmosphere and flies through the window of your apartment, landing at your feet.

• A) Your apartment complex has a right to claim the property because it landed on their land.
• B) You may keep the property because of the rule of first possession.
• C) You and your apartment complex must share the property as equal co-owners.
• D) The government can exercise its right of eminent domain and claim the property for the good of the public.
• E) The property must be turned over to police and cannot be claimed until 60 days have passed.

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Definitions:

Cash Equivalents

Investments of a short duration that are highly liquid, easily converted into precise cash amounts, and carry a minimal risk of fluctuating in value.

Trading Securities

Financial assets bought and sold for short-term profit, often including stocks and bonds.

Fair Market Value

The price that property would sell for on the open market between an informed and willing buyer and seller.

Cost

The amount of money that is incurred in the production of goods or in providing services, which may include expenses related to materials, labor, and overhead.