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Final Case Scenario - Bus422 Uof P. Case Scenario: Mr. and Mrs. Green 1.
Is the coin collection a gift or can it be given to a coin ...
Submitted by hicks on February 29, 2008
Category: Business
Words: 1281 | Pages: 6
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Case Scenario: Mr. and Mrs. Green
1. Is the coin collection a gift or can it be given to a coin collectors club upon the death of the Greens?
2. If the liability of loss or damaged clothing is a bailment, what kind is it and what, if any are the liabilities?
3. How should the Greens take title to the land and building of the dry cleaning business? What types of real property will they encounter and what items will be considered fixtures?
How the Greens take title to the property will depend on the a few things. If they are purchasing an existing business they will need to find out how the current owner possesses the property. If the current owner holds the title to the property fee simple absolute then the Greens could choose to purchase the property along with the business, or could purchase the business alone and lease the property from the current owner. If the property is currently leased by the current business owner then the Greens would most likely be taking over the existing lease. Once this is decided, the ownership of the business and property should be set up as joint tenancy or tenancy by the entirety if the Greens’ state permits it.
The most obvious real property the Greens will encounter when starting the dry cleaning business is the building and the land that it sits on. There are other types of real property that will also be involved. There will most likely be a parking lot of some sort which will be part of the real property. The sidewalks surrounding the building and walkway leading to the entrance will also be real property. If the Greens choose to have any type of landscaping surrounding their business, the plants will be part of the real property as long as they are present year-round. The exterior of the building will have fixtures such as a business sign. The keys to the building would be fixtures, and part of the real property, since they are unique to the building. Inside the building the...
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