A drive-other coverage protects an insured for damages to a rental car caused by the
insured.
Once an accord has been reached, the original contract cannot be enforced under any
circumstance.
Common law of contracts refers to contract law developed primarily by state courts.
Regulation A offerings can be sold without registration with the SEC only if an offering
statement is provided prior to the purchase of the securities.
There is no right to a jury trial in an equitable action.
The Sixth Amendment guarantees that a criminal defendant has the right to a public
jury trial.
A master limited partnership is a type of limited partnership that is listed on a stock
exchange and is publicly traded to provide liquidity to investors.
Common law places the risk of loss of goods on the party who held title.
A check is a type of promissory note.
Amendments to the articles of incorporation must be filed with the secretary of state of
the state of incorporation.
If an instrument is payable jointly using the word “and,” both persons’ indorsements are
necessary to negotiate the instrument.
A prenuptial agreement is a legal document issued by a state which certifies that two
people are married.
Equityis a doctrine that permits judges to make decisions based on fairness, equality,
moral rights, and natural law.
Rent-control ordinances fix the rent at a specific amount and provide for minor annual
increases.
If a stated time has lapsed, an agency will terminate because of an unusual change in
circumstances.
What is a decree of divorce?
A) a petition filed by the spouse seeking divorce
B) a court order that terminates a marriage
C) a set of rules on how assets are to be divided after divorce
D) a court order placing limitations on the ability of a dangerous partner to go near the
other partner
Which of the following forms of co-ownership of real property applies only to married
couples?
A) joint tenancy
B) community property
C) tenancy in common
D) condominiums
Future interest in real property refers to an interest in ________.
A) real property that involves actual and current possession
B) real estate that represents the highest form of ownership
C) real property that has been sold or permanently transferred to a third party
D) real property that a grantor retains for himself or herself or a third party
Which of the following statements is true of a negotiable instrument?
A) It should be signed by the payee.
B) It need not state a fixed amount of money.
C) It should not require any undertaking other than the payment of money.
D) It can be either written or oral.
On the advice of her colleague, Stacey hires Harold, a lawyer and an independent
contractor, to represent her in a court case. While driving to the courthouse to represent
Stacey at trial, Harold negligently causes an automobile accident in which Mildred, a
bystander, is severely injured. Who is liable to Mildred?
A) Stacey
B) Harold
C) Stacey’s colleague
D) the firm that represents Harold
Who is an assignor of a lease?
A) a tenant who partially transfers his or her rights under a lease
B) a tenant who transfers all of his or her rights under a lease
C) a landlord whose property has been assigned
D) a landlord who sells property that has already been leased
What kind of insurance provides such coverage?
A) product liability insurance
B) key-person life insurance
C) workers’ compensation insurance
D) business interruption insurance
Which of the following statements is true about appeals?
A) Only the plaintiff can appeal the court’s decision in a civil case.
B) Only the defendant can appeal the court’s decision in a criminal case.
C) An appeal can be made before the trial court gives its final judgment.
D) An appellate court cannot reverse a lower court’s decision.
The party borrowing money is usually called a ________.
A) creditor
B) mortgagee
C) debtor
D) beneficiary
Which of the following is an example of an autonomous agency of the United Nations?
A) the North Atlantic Treaty Organization
B) the Security Council
C) the World Trade Organization
D) the International Monetary Fund
A ________ is an exception that permits a type of building or use in an area that would
not otherwise be allowed by a zoning ordinance.
A) variance
B) fixture
C) dominant estate
D) servient estate
Which of the following is true of financing statements?
A) They cannot be electronically filed.
B) They are effective for one year from the date of filing.
C) They cannot be extended once they expire.
D) They are available for review by the public.
Which of the following is a perceived disadvantage of Kantian ethics?
A) It treats morality as if it were an impersonal mathematical calculation.
B) It does not allow people to have subjective notions of right and wrong.
C) It is based on universal rules that have no common consensus.
D) It distinguishes between the morality one uses to judge others and the morality one
uses on oneself.
A life estate that is measured by the life of a third party is referred to as ________.
A) estate pour autre vie
B) servient estate
C) community property
D) future interest
The ________ established by Congress have limited jurisdiction.
A) state supreme courts
B) state appeals courts
C) special federal courts
D) courts of records
The ________ is a federal statute, enacted by the Congress in 2010, that reorganizes
federal government supervision of the banking system, regulates previous unregulated
financial products and institutions, and adds a new consumer protection agency to
protect consumers from abusive lending and banking practices.
A) Dodd-Frank Wall Street Reform and Consumer Protection Act
B) Depository Institutions Deregulation and Monetary Control Act
C) Financial Institutions Reform, Recovery, and Enforcement Act
D) Riegle-Neal Interstate Banking and Branching Efficiency Act
Treaties are considered to be part of the supreme law of the United States of America.
Standards for the preparation and presentation of financial statements are known as
________.
A) engagements and agreements
B) auditor’s opinions
C) generally accepted accounting principles
D) generally accepted auditing standards