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Law of Contracts - #1251: FINAL EXAM Questions with Correct answers
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Law of Contracts - #1251: FINAL EXAM Questions with Correct answers
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Law of Contracts - #1251: FINAL EXAM Questionswith Correct answers
Which 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 Correct Answer-A) 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 Correct Answer-D) 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 Correct Answer-D) 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. Correct Answer-A) 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 Correct Answer-C) Indestructibility
Enacting zoning ordinances is an example of which government power?
A)Police power
B)Eminent domain
C)Condemnation
D)Escheat Correct Answer-A) 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 Correct Answer-C) 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
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