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CAIB 2 - Chapter 5 exam 2024 with 100- correct answers.
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CAIB 2 - Chapter 5 exam 2024 with 100- correct answers.
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CAIB 2 - Chapter 5 exam 2024/2025 with100% correct answers
identify three reasons why a bailee may have temporary custody of the personal
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Mproperty of another - ANS-for repair
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for safekeeping or storage
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for delivery to others
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identify three examples of businesses who may be bailees for hire - ANS-small
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Mengine repair shops M M
dry cleaners
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tailors
briefly explain the level of 'ordinary care' to be exercised by a bailee - ANS-there is a
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Mlegal duty on the bailee to take the same care of goods of others as would be taken
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Mby a prudent and diligent owner of such goods
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briefly explain how the level of 'ordinary care' may vary by the type of bailee - ANS-
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may vary with the class of property over which bailment is being exercised (ex.
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Mjewelry vs. wheat) M M
identify two ways a bailee may be responsible for the goods of others - ANS--liable
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Mfor loss to customers property when the required level OF ORDINARY CARE HAS
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MBEEN BREACHED because of negligence
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-purchase additional liability for customers property under contract (ex. if stolen by
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Mthieves)
identify three ways bailees can insure their legal and contractual responsibility for
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Mdamages to customer goods *** (3 ways a bailee can look after a customers
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Mproperty) - ANS--include the value of customers property in the amount of stock
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Minsurance
-purchase separate policy insuring the legal liability of the bailee for loss
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, -purchase a specialized bailees customers policy (coverage can be purchased which
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Mtotally ignores the issue of the legal liability for the loss)
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identify three examples of clients who may need inland transportation insurance -
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MANS-incoming and outgoing shipments M M M
moving or storage companies
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trucking or delivery firms
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identify the two parties who may have an insurable interest in property while in the
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Mcourse of transit - ANS-the owner
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the carrier (bailee for hire)
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identify how the decision of who should purchase insurance on property in transit is
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Mdetermined - ANS-if the owner or carrier would be responsible for loss to the
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Mproperty M
and to what extent
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identify the three types of carriers which can be used to transport goods of owners or
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Mshippers * - ANS-common carrier
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contract carrier M
private carrier
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identify five excluded losses for which a common carrier would NOT be liable to the
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Mowner of the goods * - ANS-acts of god
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acts of public enemies
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acts of public authority
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neglect or default of the shipper
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inherent vice in the goods transported ( perishable goods, eggs, shelf life)
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identify the document used to establish the liabilities of common carrier * - ANS-bills
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Mof lading
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identify the three types of bills of lading normally used by common carriers - ANS-
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standard (ordinary) bill of lading
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valued bill of lading
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released bill of lading M M M
how are the goods valued under a standard (ordinary) bill of lading? - ANS-amount is
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Mestablished at a certain amount per kilogram/pound or parcel
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