When One Person Leaves Tangible Personal Property with Another to Look

question 108

Multiple Choice

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

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

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Definitions:

Inferior Good

A type of good whose demand decreases when consumers' income increases, opposite to normal goods.

Demand Elastic

A measure of how sensitive the quantity demanded of a good or service is to a change in its price.

Supply Inelastic

A situation where the quantity supplied of a good is not significantly affected by changes in its price.

Cross Elasticity

A gauge for the reaction in the demand for one item when there's a price alteration in another item.