Reference no: EM133216008

Question: Frank owned a pet store. One day, he spotted a colorful parrot resting in a tree in the backyard of his home. He netted the parrot, named it "Peter," and took it to his store to sell; he kept Peter in a special cage in a back room where he could be seen by customers. Checking his bird book, Frank learned that Peter belonged to a species that primarily lives in Central America, but sometimes migrates to Northern Mexico. He assumed that Peter had migrated farther north than the book reflected, though he was disconcerted by Peter's frequent habit of squawking "Go Dodgers!" He also noticed that whenever he let Peter out of the cage, it would fly right up and land on his arm. Three months later, Olivia entered Frank's store and said that she was looking for her lost parrot Zeke. Olivia's description of Zeke matched Peter exactly, including Peter's habit of squawking "Go Dodgers!" Olivia explained that she had purchased Zeke in Guatemala, legally imported him into the United States, and taught him to root for her favorite baseball team. Who owns Peter? Why?

The responses must clearly identify each IRAC component. in property law