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Law of Contracts - #1251: FINAL EXAM Questions and Answers 2024
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Law of Contracts - #1251: FINAL EXAM
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Law of Contracts - #1251: FINAL EXAMWhich of the following are NOT included in the description of land?
A)A sewer system
B)The earth's surface extending downward to the center of the earth
C)Trees and water on the earth's surface
D)Formations such as hills and plateaus - answerA) A sewer system
A man owns 200 acres of prime hunting land. He has had a problem in the past with
people using the land without his permission. He decides to post No Trespassing signs
to prevent this in the future. The man is exercising his _______.
A)right of disposition
B)right of enjoyment
C)subsurface rights
D)right of exclusion - answerD) Right of exclusion
Fee simple ownership, shared walls, and a fractional interest in common areas are all
characteristics of _______.
A)single-family home ownership
B)cooperative ownership
C)time-share ownership
D)town-house ownership - answerD) Town-house ownership
A woman rents space in a commercial building where she operates a bookstore. In the
bookstore, she has installed large reading tables fastened to the walls and bookshelves
that create aisles from the front of the store to the back. These shelves are bolted to
both the ceiling and the floor. Which of the following best characterizes the contents of
the bookstore?
A)The shelves and tables are trade fixtures and may properly be removed by the
woman before her lease expires.
B)The shelves and tables are trade fixtures and will transfer when the property owner
sells the building.
C)Because the woman is a tenant, the shelves and tables are fixtures and may not be
removed except with the building owner's permission.
D)Because the shelves and tables are attached to the building, they are treated the
same as other fixtures. - answerA) The shelves and tables are trade fixtures and may
properly be removed by the woman before her lease expires.
, Which of the following is a physical characteristic of land?
A)Improvements
B)Area preference
C)Indestructibility
D)Scarcity - answerC) Indestructibility
Enacting zoning ordinances is an example of which government power?
A)Police power
B)Eminent domain
C)Condemnation
D)Escheat - answerA) Police power
All of the following are true about estates in real property EXCEPT:
A)freehold estates are estates of ownership
B)leasehold estates are estates of possession
C)they are created by a deed or a bill of sale
D)they are created by a deed or a lease - answerC) They are created by a deed or a bill
of sale
Which of these forms of business organization combines the most attractive features of
limited partnerships and corporations?
A)General partnership
B)Limited liability company (LLC)
C)General corporation
D)Limited corporation - answerB) Limited liability company (LLC)
A corporation is a legal entity created under the authority of ______.
A)federal laws
B)the laws of the municipality from which it receives its charter
C)the laws of the state from which it receives its charter
D)corporate laws - answerB) The laws of the municipality from which it receives its
charter
All of the following are essential elements of a valid contract EXCEPT:
A)offer and acceptance
B)consideration
C)legal purpose
D)notarization - answerD) Notarization
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