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BUS-125 exam 5




Question;Question 1;A codicil is a clause in a will affirming an administrator's testamentary capacity.;True;False;1 points;Question 2;A combination that facilitates the creation of a monopoly is a restraint of trade.;True;False;1 points;Question 3;An insurance broker ordinarily works for the insurance company.;True;False;1 points;Question 4;Alpha;Communications, Inc., joins with other businesses in its industry to;exchange information, represent members' interests before Congress, and;lobby for certain regulatory standards. These joint activities are;a.;not subject to antitrust laws.;b.;per se violations of the Sherman Act.;c.;subject to evaluation under the rule of reason.;d.;violations of the Clayton Act.;1 points;Question 5;Beth;leases an apartment from Carl for one year. After two months, she;sublets the premises for six months to Dan, without obtaining Carl's;consent. Dan pays the rent for only four months. For the last two;months, Beth is;a.;liable for the rent, because Dan defaulted.;b.;liable for the rent, because the sublease lacked Carl's consent.;c.;not liable for the rent, because Beth does not own the apartment.;d.;not liable for the rent, because Beth sublet the premises to Dan.;1 points;Question 6;A will is probated to establish its validity and to carry out the administration of the estate.;True;False;1 points;Question 7;A conveyance of property for the life of a specified individual creates a fee simple absolute.;True;False;1 points;Question 8;A person has an insurable interest in property if he or she would sustain a pecuniary loss from the property's destruction.;True;False;1 points;Question 9;A subpoena ad testificandum is an order to an individual or an organization to hand over certain records, papers or books.;True;False;1 points;Question 10;North;Korea confiscates the property of foreign investors. Oman expropriates;foreign investors' property. Generally observed legal principles of;international law are violated by;a.;neither North Korea's confiscation and Oman's expropriation.;b.;North Korea's confiscation and Oman's expropriation.;c.;North Korea's confiscation only.;d.;Oman's expropriation only.;1 points;Question 11;When;a forum-selection clause is included in an international contract;legal proceedings are more complex and attended by more uncertainty.;True;False;1 points;Question 12;Ruth;executes a will in 2006 naming her nephew Stan as sole beneficiary. In;2009, Ruth executes another will, naming her niece Tammy as sole;beneficiary, but does not state in the 2009 will that she is revoking;the 2006 will. On Ruth's death;a.;Stan and Tammy will share the estate in equal shares.;b.;Stan will be the sole heir.;c.;Tammy will be the sole heir.;d.;the estate will pass as if there were no will.;1 points;Question 13;Sam;is an insurance broker. Through Sam, Midstates Manufacturing Company;applies for an insurance policy with National Insurers, Inc. In this;transaction, Sam is an agent of;a.;Midstates Manufacturing only.;b.;National Insurers only.;c.;Midstates Manufacturing and National Insurers.;d.;none of the above.;1 points;Question 14;The;National Safety Agency is created to issue regulations to govern;manufacturing. Similar to most other agencies, it may given the power to;a.;make rules only.;b.;adjudicate disputes arising from administrative rules only.;c.;make rules and adjudicate disputes arising from those rules.;d.;none of the above.;1 points;Question 15;The purpose of antitrust law is to prevent competition.;True;False;1 points;Question 16;Gary;rents an apartment to Hugh, who retains possession of the apartment;after the lease expires without making any payments on his rent. This is;a.;a periodic tenancy.;b.;a tenancy at sufferance.;c.;a tenancy at will.;d.;a tenancy for years.;1 points;Question 17;Insurance is an arrangement for transferring or allocating risk.;True;False;1 points;Question 18;Joy;and Kent each own one-half of Local Motion, a delivery service, as a;tenant in common. Kent sells his interest to Maria, who now owns;a.;no interest in the firm.;b.;the firm in fee simple.;c.;the firm with Joy as joint tenants.;d.;the firm with Joy as tenants in common.;1 points;Question 19;Most administrative agencies do not have rule-making and adjudicatory powers.;True;False;1 points;Question 20;Personal property can be tangible or intangible.;True;False


Paper#59363 | Written in 18-Jul-2015

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