BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Mislaid property refers to items that were intentionally left in a place by the owner but are accidentally left behind. Any property that is intentionally set down by the owner to use later that is challenging to find is considered mislaid property.

Detailed explanation-2: -Abandoned property is defined as personal property left by an owner who intentionally relinquishes all rights to its control. Real property may not be abandoned; see adverse possession.

Detailed explanation-3: -Thus, possession tends to be regarded as prima facie evidence of the right of ownership; it gives this right against everyone except the rightful owner. Mere possession by a finder is sufficient to provide grounds for an action against one who deprives him of the object with no better right than his own.

Detailed explanation-4: -Common law defines lost property as personal property that was unintentionally left by its true owner. For example, a wallet that falls out of someone’s pocket is lost. At common law, a person who found lost personal property could keep it until and unless the original owner comes forward.