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Nonperformance of a covenant is not considered a breach of contract because a
covenant is an unconditional promise.
One of the services provided by the Department of Homeland Security is emergency
preparedness and response to terrorist incidents.
Statutesare written laws that establish certain courses of conduct that covered parties
can use as a form of guidance.
Intermediate appellate courts review new evidence or testimony that was not seen or
heard in the lower courts.
Appraisal rights require shareholders who object to the sale of the property of a
company to forfeit their shares.
Preexisting duty promise is unenforceable because of the introduction of a new
consideration.
When a bank pays the holder of a properly drawn check, it is said to have ________ the
check.
A) certified
B) indorsed
C) honored
D) collected
Mandy decided to sell her iPad and made an offer for $250 to her friend Shelly. Shelly
told Mandy she was willing to buy the iPad, but she would be glad if Shelly could
lower her asking price. Mandy lowered the price to $210 and Shelly bought it. Which of
the following would describe Shelly's response to Mandy for her first offer?
A) counteroffer
B) rejection
C) equivocal acceptance
D) grumbling acceptance
A verification of a company's books and records pursuant to federal securities laws,
state laws, and stock exchange rules that must be performed by an independent certified
public accountant (CPA) is known as a(n) ________.
A) probate
B) ademption
C) audit
D) deposition
A(n) ________ is an actual piece of paper, such as a warehouse receipt or bill of lading,
which is required in some transactions of pickup and delivery of sold goods.
A) destination contract
B) letter of credit
C) document of title
D) acceptance draft
Alimony that is ordered by the court to be paid by one divorcing spouse to the other
divorcing spouse for a limited period of time is known as ________.
A) rehabilitation alimony
B) lifetime alimony
C) life estate
D) intestacy allowance
A situation created when the owner of one piece of land is given an easement over an
adjacent piece of land is called a(n) ________.
A) profit--prendre
B) easement by license
C) easements in gross
D) easement appurtenant
Which of the following is a new protection provided by the Health Care Reform Act for
people seeking health coverage?
A) imposition upon the insurers to provide a lifetime limit on health benefits to all legal
citizens
B) continuation of medical insurance for people who have developed a terminal disease
C) prevention of insurance companies from providing health care insurance to
individuals with preexisting health conditions
D) provision of mandatory medical insurance for health coverage for illegal immigrants
A power stated in a mortgage or deed that permits foreclosure without court
proceedings and sale of the property through an auction is known as ________.
A) reconveyance
B) foreclosure sale
C) power of sale
D) garnishment
Which of the following is true of the International Monetary Fund (IMF)?
A) The IMF is a federal body that consists of representatives of all the states and federal
experts of the United States.
B) The IMF is funded from the Superfund created by the Comprehensive
Environmental Response, Compensation, and Liability Act.
C) The IMF is an autonomous agency of the United Nations which promotes sound
monetary, fiscal, and macroeconomic policies worldwide.
D) The IMF is responsible for providing one-time grants to needy countries with no
terms and conditions attached to the assistance.
________ refers to the purchase by a target corporation of its stock from an actual or
perceived tender offeror at a premium.
A) White knight merger
B) Appraisal
C) Share exchange
D) Greenmail
Carmen, Westbrook, and Ashton are concurrent owners of a large commercial building.
Ashton executes a will that leaves all his property to his son in the event of his death.
But after Ashton's death, his ownership interest in the building was acquired by the
remaining two tenants of the building. Which of the following kinds of concurrent
ownership would allow such a passage of title?
A) a tenancy by entirety
B) a community property
C) a joint tenancy
D) a tenancy in common
