Misplaced or Lost Property
Property is lost when the owner of the property unknowingly and inadvertently let out of their possession. On the other hand, property is misplaced when the owner puts down the object unintentionally with the intention of recovering even though they will forget about its retrieval. An owner of a property has entitlement for the property’s return unless they abandoned it intentionally. The one who will find the property is then said to be the true owner’s quasi bailee, and they owe the actual property owner certain care duties. If the finder is familiar with the actual owner or can use reasonable means for the recovery of the identity of the owner will end up committing a criminal act of larceny if at all they continue holding on to the property intending to own it. The application of the rule takes place only of actually, the finder will take the property into their possession. If a finder of a property decides to return it to the actual owner, they do not have an automatic entitlement to receiving a reward, however, if the property loser offered it, then the act of returning the property is constituent of a unilateral contract performance. Also, If the finder incurs some expenses while looking for the owner to return the property to them, then the finder is entitled to a reimbursement reasonably allocated to them as a quasi-bailee. Another concept on lost or misplaced property is that if the actual owner does not make claims of their property within the allowed time by statute, or rather they have abandoned the property, then it will end up belonging to the real estate’s owner where the property was found under various conditions: The first one is that if the finder of the property was a trespasser, secondly, if the property was discovered in a private place, if the property had been buried and lastly if there was a misplacement of the property instead of loss.
Also, one can acquire personal property by the method of giftings. A gift is property transfer voluntarily. In general, the gift donor must be having the intention of gifting someone else the property, it is also a must that the donor delivers the gift, and lastly, the intended recipient of the gift must accept it. Conditional gifts are ones requiring certain conditions to be met before the transfer of the gift. For example, if parents promise a student that they will gift them something such as a car after graduating and passing in their academics, then this is a significant example of conditional gifts since if the student fails in their academic or rather does not graduate from school, then they cannot receive the car gift.
Misplaced or Lost Property