A Transaction in Which an Owner of Tangible Personal Property

question 33

Multiple Choice

A transaction in which an owner of tangible personal property transfers the property to another party while still retaining ownership of such property is known as a:

• A) bailment.
• B) pledge.
• C) hypothecation.
• D) lease.

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Definitions:

Superfund Clean-up Costs

Expenses associated with the cleanup of contaminated sites under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), often referred to as "Superfund."

Contaminated Property

Real estate that has been polluted or has hazardous materials present, making it potentially dangerous and less valuable.

Federal Law

Legislation enacted by the national government or Congress of a country. In the United States, these laws apply to all states.

Clean Air Act

A comprehensive federal law in the United States that regulates air emissions from stationary and mobile sources to protect public health and the environment.