PACE Exam Test With 100% Correct And Verified Answers

PACE Exam Test With 100% Correct And Verified Answers Abatement - Correct Answer-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 - Correct Answer-A brief, chronological summary of the recorded documents affecting title to a particular parcel of real property acceptance - Correct Answer-one of three requisites to a valid contract under common law (the other two being offer and consideration) accord and satisfaction - Correct Answer-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 - Correct Answer-A formal declaration before an authorized official by the person who executed an instrument that it is his/her free act and deed Ad hoc - Correct Answer-(adj.) for this specific purpose; improvised; (adv.) with respect to this Adjudication - Correct Answer-giving or pronouncing a judgment or decree; also, the judgment given Adjusted basis - Correct Answer-The basis of property used when computing gains for income tax purposes; the cost minus depreciation plus capital improvements Ad litem - Correct Answer-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 - Correct Answer-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 - Correct Answer-agencies created by the legislative branch of government to administer laws pertaining to specific areas such as taxes, transportation and labor administrative authority - Correct Answer-the rules, regulations and decision created by federal, state, and local agencies; the executive orders of the President and governors administrator - Correct Answer-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 - Correct Answer-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 - Correct Answer-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 - Correct Answer-One having opposing parties, such as a plaintiff and a defendant. Individual lawsuit(s) brought within a bankruptcy proceeding affidavit - Correct Answer-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 oaths, to the effect that the person signing the document was under oath when doing so agency decisions - Correct Answer-Opinions issued by federal and state administrative law judges as the result of disputes or controversies presented to the agency's administrative law judge or other person charged with hearing evidence and resolving issues involving matters under the agency's jurisdiction. agency regulations - Correct Answer-rules written by federal and state administrative agencies agent - Correct Answer-a person who has received the power to act on behalf of another, binding that other person as if he/she were making the decisions personally; the person being represented is called the principal aid and abet - Correct Answer-to actively, knowingly, or intentionally assist another person in the commission or attempted commission of a crime