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PACE Test Exam Questions and Answers 100% Solved | Graded A+
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PACE Test Exam Questions and Answers 100% Solved | Graded A+ Abatement - the process of determining the distribution of bequests as directed by the decedent in his/her will when there are not assets sufficient to satisfy the bequests abstract of title - A brief, chronological summary of the re...

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  • December 9, 2024
  • 26
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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PACE Test Exam Questions and

Answers 100% Solved | Graded A+


Abatement - ✔✔the process of determining the distribution of bequests as

directed by the decedent in his/her will when there are not assets sufficient

to satisfy the bequests

abstract of title - ✔✔A brief, chronological summary of the recorded

documents affecting title to a particular parcel of real property

acceptance - ✔✔one of three requisites to a valid contract under common

law (the other two being offer and consideration)

accord and satisfaction - ✔✔A term of contract law by which one party,

having complied with its obligation under a contract, accepts some type of

compensation from the other party (usually money of a lesser amount) in

lieu of enforcing the contract and holding the other party to its obligation.

This discharges the contract.

acknowledgment - ✔✔A formal declaration before an authorized official by

the person who executed an instrument that it is his/her free act and deed



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,Ad hoc - ✔✔(adj.) for this specific purpose; improvised; (adv.) with respect

to this

Adjudication - ✔✔giving or pronouncing a judgment or decree; also, the

judgment given

Adjusted basis - ✔✔The basis of property used when computing gains for

income tax purposes; the cost minus depreciation plus capital

improvements

Ad litem - ✔✔person appointed to act, during the pendency of a matter, as

guardian for a minor child. Person may also bring action on behalf of the

child

administration of estate - ✔✔the management of a decedent's estate. An

administrator is appointed to collect all assets and debts of the decedent so

that administrative expenses and taxes are paid and the remaining assets

are distributed to the heirs or beneficiaries

administrative agencies - ✔✔agencies created by the legislative branch of

government to administer laws pertaining to specific areas such as taxes,

transportation and labor




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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

, administrative authority - ✔✔the rules, regulations and decision created by

federal, state, and local agencies; the executive orders of the President and

governors

administrator - ✔✔person who administers the estate of person deceased;

they are appointed by the court and is the person who would then have

power to deal with the debts and assets of a person who died intestate

advance directive - ✔✔may also be referred to as a "living will"; document

that expresses a person's wishes about his/her medical care in the event

they are unable to communicate their desires or have a terminal illness

advance sheets - ✔✔Paperback pamphlets published by law book

publishers weekly or monthly that contain reporter cases, including correct

volume number and page number. When there are sufficient cases, they

are replaced by a bound volume.

adversary proceeding - ✔✔One having opposing parties, such as a plaintiff

and a defendant. Individual lawsuit(s) brought within a bankruptcy

proceeding

affidavit - ✔✔a statement that, before being signed, the person signing

takes an oath that the content are, to the best of his/her knowledge, true. it

is also signed by a notary or some other judicial officer who can administer

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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

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