Freely hanging fabric that actually reacts to collision?

I’ve been trying to figure this out for awhile, but I’m getting nowhere fast. I’d like to create a piece of hanging cloth that actually reacts accordingly when objects interact with it. All I’m finding are tutorials for how to integrate cloth physics into skeletal meshes like clothing and hair, but that’s not what I want. The cloth examples found in the Content Example tutorials look nice and all until you actually try to touch them… Then you realize they’re just collision-less assets there to flutter in the breeze and not much else. How do I make these cloth objects interactive and able to be bumped and pushed by foreign objects?

To clarify, I do not wish to make a cloak, or cape for a character. I want a sheet that is freely hanging, on its own, to be able to react to collisions and physics objects.

Any idea how it’s done?