Answer each question with 2 to 3 sentences 

1. What is the warranty of merchantability?

2. What is the warranty of fitness for a particular purpose?

3.  What is a disclaimer?

4.  What are the different ways in which personal property can be obtained?

5.  What is the difference between personal property and real property?

6.  What is the difference between tangible property and intangible property?

7. What is abandonment? 

8. What is a bailment?

1. What is order paper and what is bearer paper?

2. What are the main types of negotiable instruments?

3. What is the law merchant?

4. Who owns a corporation?

5. Who are the promoters of a corporation?

6. What is a de-facto corporation?

7. What is the function of the board of directors in a corporation?

8. What does it mean to pierce the corporate veil?

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