Part 1.) Answer 1. What is real property? What is personal property? 2. What is the difference between a joint tenancy and a tenancy in common? 3. What are the three elements necessary for an effective gift? 4. What are the three elements of a bailment? 5. What are the basic rights and duties of a bailee? What are the rights and duties of a bailor? Part 2.) the textbook discussions regarding “gifts”. Then answer the following: Gifts Question: Jaspal has a severe heart attack and is taken to the hospital. He is aware that he is not expected to live. Because he is a bachelor with no close relatives nearby, Jaspal gives his car keys to his close friend, Friedrich, telling Friedrich that he is expected to die and that the car is his. Jaspal survives the heart attack, but two months later dies from pneumonia. Sam, Jaspal’s uncle and the executor of his estate, wants Friedrich to return the car. Friedrich refuses, claiming that the car was given to him by Jaspar as a gift. Discuss whether Friedrich will be required to return the car to Jaspal’s estate.