Business and Society Practice Exam
Course Introduction
Business and Society explores the dynamic relationship between businesses and the broader social context in which they operate. The course examines how ethical, legal, economic, and environmental considerations influence corporate decision-making and societal expectations. Students learn about the responsibilities of businesses to various stakeholders, including employees, customers, communities, and the environment, and analyze the impact of globalization, corporate social responsibility, and sustainable practices. Through case studies and current events, the course encourages critical thinking about the balance between profitability and social value, preparing students to navigate complex challenges at the intersection of business and society.
Recommended Textbook
Business Law Today Text and Summarized Cases E Standard 9th Edition by Roger LeRoy Miller
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Chapter 1: The Legal Environment
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Q1) Constitutional law includes only the U.S.Constitution.
A)True
B)False
Answer: False
Q2) A plaintiff is a person against whom a lawsuit is brought.
A)True
B)False Answer: False
Q3) A decision on a given issue by a court is not binding on an inferior court.
A)True
B)False
Answer: False
Q4) The title of a case appears as "Duck Sales Corp.v.Egret Supply Co." The party in whose favor the case was decided
A) could be either party.
B) must be neither party.
C) must be Duck.
D) must be Egret.
Answer: A
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Chapter 2: Constitutional Law
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Q1) Because the Constitution does not specifically a right to privacy,this right is denied to people.
A)True
B)False
Answer: False
Q2) The First Amendment requires a complete separation of church and state.
A)True
B)False
Answer: False
Q3) Melanie engages in speech that harms others' good reputations on her blog at no.lie.com.The First Amendment gives such speech
A) less protection than obscene speech.
B) more protection than symbolic speech.
C) no protection.
D) the same protection as any noncommercial speech.
Answer: C
Q4) State laws often significantly protect individuals' privacy rights.
A)True
B)False
Answer: True
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Chapter 3: Courts and Alternative Dispute Resolution
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Q1) Jo files a suit against Lara in a Missouri state court.Lara's only connection to Missouri is an ad on the Web originating in Nebraska.For Missouri to exercise jurisdiction,the issue is whether Lara,through her ad,has
A) a commercial cyber presence in Missouri.
B) conducted substantial business with Missouri residents.
C) general maximum contact with Missouri.
D) solicited virtual business in Missouri.
Answer: B
Q2) In Harley's suit against Irma,the parties meet before going to trial,and each party's attorney argues the party's case before the other party.A third party renders an opinion as to how a court would likely decide the dispute.This is
A) a mini-trial.
B) arbitration.
C) a summary jury trial.
D) early neutral case evaluation.
Answer: A
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Chapter 4: Torts and Cyber Torts
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Q1) False imprisonment occurs when a person restrains another intentionally and without justification.
A)True
B)False
Q2) Any lawful contract can form the potential basis for an action based on wrongful interference with a contractual relationship.
A)True
B)False
Q3) If it can be shown that a trespass to land was warranted,a complete defense exists.
A)True
B)False
Q4) Under a dram shop act,liability can be imposed without proof of negligence.
A)True
B)False
Q5) The public disclosure of private facts about a person is not an invasion of privacy if it is done without the person's knowledge or consent.
A)True
B)False
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Chapter 5: Intellectual Property and Internet Law
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Q1) Trademark dilution requires proof that consumers are likely to be confused by the unauthorized use of the mark.
A)True
B)False
Q2) A patent applicant must demonstrate that the invention,discovery,or design is commercially practicable to receive a patent.
A)True
B)False
Q3) A trade name cannot be registered with the federal government if it is also a trademark.
A)True
B)False
Q4) The process behind the production of "Fast Pace," a racecar video game,is protected by
A) copyright law.
B) patent law.
C) trademark law.
D) trade secrets law.
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Page 7
Chapter 6: Criminal Law
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Q1) Mae is granted immunity after she agrees to testify about a crime.Mae has an absolute privilege against self-incrimination and A) can be prosecuted only for a crime about which she agreed to testify. B) cannot be prosecuted for any crime.
C) cannot refuse to testify on Fifth Amendment grounds.
D) can refuse to testify on Fifth Amendment grounds.
Q2) Mariah takes off her ring and places it on her desk while she works.Without her knowledge or consent,her coworker Nita picks up the ring,puts it on,and walks away.Nita has likely committed A) burglary.
B) forgery.
C) larceny.
D) no crime.
Q3) Riley,a State Bank employee,deposits into his account checks that are given to him by bank customers to deposit into their accounts.This is A) embezzlement. B) larceny.
C) money laundering.
D) no crime.
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Chapter 7: Cyber Crime
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Q1) The appropriate location for a trial can be a key issue in a case involving a cyber crime.
A)True
B)False
Q2) Via the Internet,Rocky sabotages the computer system of Quik Chik'n Company,a food manufacturer,with the purpose of altering the levels of ingredients of the company's products so that consumers of the food become ill.Rocky is A) a cyberterrorist.
B) a botnet.
C) a virus.
D) a worm.
Q3) The anonymous nature of technology helps in the prosecution of cyber crime.
A)True
B)False
Q4) Impersonating a victim to make provocative comments online is vishing. A)True
B)False
Q5) Federal law allows the use of unsolicited commercial e-mail.
A)True
B)False
Page 9
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Chapter 8: Ethics and Business Decision Making
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Q1) Ethical standards based on religious teachings tend to be absolute.
A)True
B)False
Q2) Any decision by the management of Fast-Food Franchise Corporation may significantly affect its
A) operators only.
B) operators, owners, suppliers, the community, or society as a whole.
C) owners only.
D) suppliers, the community, or society as a whole only.
Q3) Peak & Vale Accountants provides other firms with accounting services.Questions of what is ethical involve the extent to which Peak & Vale has
A) a legal duty beyond those duties mandated by ethics.
B) an ethical duty beyond those duties mandated by law.
C) any duty beyond those mandated by both ethics and the law.
D) any duty when it is uncertain whether a legal duty exists.
Q4) According to utilitarianism,an action that affects the majority adversely is morally wrong.
A)True
B)False
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Chapter 9: Nature and Classification
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Q1) A reasonable,lawful,and effective meaning will normally be given to all of a contract's terms.
A)True
B)False
Q2) In negotiations with Coastal Distribution Company,Briggs Trucking,Inc.,insists that their contract be drafted according to certain plain language laws.These laws concern the phrasing of A) contracts.
B) ads.
C) product instruction manuals.
D) documents of delivery.
Q3) Cody signs and returns a letter from Dora,referring to Dora's Double-D Ranch and its price.When Cody attempts to complete the deal,Dora refuses,claiming that they have no contract.Cody claims they do.What standard determines whether these parties have a contract?
Q4) Some promises are not legally binding contracts.
A)True
B)False
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Chapter 10: Agreement in Traditional and E-Contracts
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Q1) The UETA covers only e-records and e-signatures relating to a transaction.
A)True
B)False
Q2) An auction-"we ask you to bid on this item"-is an offer.
A)True
B)False
Q3) Jaime and Kip,consumers,transact a deal over the Internet.Their contract does not mention the UETA.The UETA covers A) none of the contract.
B) only the part of the contract that involves computer data.
C) only the part of the contract that does not involve computer data. D) the entire contract.
Q4) Under the mailbox rule,no acceptance is valid until it is received.
A)True
B)False
Q5) The UETA does not create rules for e-transactions.
A)True
B)False
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Chapter 11: Consideration, capacity, and Legality
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Q1) Odell owns Payroll Company,a bookkeeping service losing market share to Quik Work,Inc.Odell pays Remy $5,000 to steal a list of Quik's clients,to whom Odell will aggressively market Payroll's services.This deal is
A) enforceable.
B) void.
C) voidable at the option of either party.
D) voidable at the option of the party having less bargaining power.
Q2) Adhesion contracts are often held to be contrary to public policy.
A)True
B)False
Q3) Refer to Fact Pattern 11-2."Adequacy" of consideration refers to A) "how much" consideration is given.
B) legally sufficient value in the eyes of the law.
C) the intangible value to a contracting party of a thing exchanged.
D) the substantiality of the consideration exchanged.
Q4) An exculpatory clause in an employment contract is not enforceable if the clause is against public policy.
A)True
B)False
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Chapter 12: Defenses to Contract Enforceability
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Q1) May is a stockbroker.Due to May's statements,Nora believes that the price of OK Goods,Inc.(OKGI),a widely traded stock,is going to increase substantially.Nora buys 500 shares of OKGI at $10 per share,but the price soon drops to $2.Nora can successfully recover
A) nothing.
B) the amount of the purchase price.
C) the amount of the purchase price plus the expected increase.
D) the amount of the purchase price plus the unexpected decrease.
Q2) To be enforceable,a contract for a sale of goods priced at $50 or more must be in writing.
A)True
B)False
Q3) Clay buys an MP3 player for $200 and a pair of stereo speakers for $600 from a Discount City store,and downloads $300 worth of digital music from eMusic.com.To be enforceable,the contract that must be in writing is the purchase of
A) the digital music, the MP3 player, and the speakers.
B) the MP3 player and the speakers only.
C) the MP3 player only.
D) the speakers only.
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Page 14
Chapter 13: Third Party Rights and Discharge
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Q1) Refer to Fact Pattern 13-1.Neil's performance is most likely
A) a material breach.
B) a minor breach.
C) Mutual's breach.
D) no breach.
Q2) The assignment of the same contract right to two different parties results in their "splitting the difference."
A)True
B)False
Q3) McCall and Teresa enter into a contract for the distribution of McCall's produce to local restaurants for which Teresa agrees to pay.McCall transfers his right to payment under the contract to Midtown Bank.This transfer is
A) a delegation.
B) an assignment.
C) a novation.
D) prohibited by law.
Q4) A promise to perform under a contract is never absolute.
A)True
B)False
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Chapter 14: Breach and Remedies
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Q1) Lava Excavators,Inc.,needs a drill to continue its operations and orders one for $3,000 from Mining Supplies Company.Lava tells Mining that it must receive the drill by Tuesday or it will lose $10,000.Mining ships the drill late.Lava can recover
A) $13,000.
B) $10,000.
C) $3,000.
D) $0.
Q2) Lou and Mira want to rescind their contract under which Lou sold an MP3 player to Mira for $50.To rescind the contract
A) Lou must return the $50 and Mira must return the player.
B) Lou must return the $50 only.
C) Mira must return the player only.
D) the parties can keep the "benefits" of their bargain.
Q3) A breach of contract may entitle the innocent party to rescind the contract.
A)True
B)False
Q4) The duty owed under the mitigation of damages doctrine depends on the situation.
A)True
B)False
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Chapter 15: The Formation of Sales and Lease Contracts
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Q1) With a bill of lading,Cartage Common Carrier Company acknowledges possession of certain goods and contracts to deliver them.Cartage is
A) a bailee.
B) a buyer in the ordinary course of business.
C) a good faith purchaser for value.
D) an F.O.B.
Q2) Expert Stitching Corporation enters into a contract to sell denim clothing to Fine Fashion Company,which in turn sells a pair of jeans to Grady,a consumer.In contrast to standards that apply to consumers,the UCC imposes on merchants
A) less strict legal standards.
B) special business standards.
C) stricter ethical standards.
D) the same overall standards.
Q3) A bailee is a buyer or lessee.
A)True
B)False
Q4) Article 2 of the UCC governs contracts for sales of goods.
A)True
B)False
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Chapter 16: Performance Breach of Sales Lease Contracts
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Q1) If goods identified to a contract are destroyed through no fault of either party,both parties are excused from performance.
A)True
B)False
Q2) Hi-Tech Company contracts to sell fiber optic cable to Internet Services,Inc.Hi-Tech may bring an action to recover the purchase price and incidental damages if Internet
A) accepts the cable and pays for it.
B) accepts the cable but does not pay for it.
C) rejects the cable.
D) revokes acceptance of the cable.
Q3) Primo Pools Company and Aquatic Recreation,Inc.,enter into a contract for a sale of prefabricated swimming pools.Under either a shipment contract or a destination contract,the seller must
A) allow the buyer to reject the goods for any reason.
B) deliver the goods to a particular destination.
C) place the goods into the hands of a carrier.
D) provide the buyer with any necessary documents of title.
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Chapter 17: Warranties and Product Liability
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Q1) A seller must warn those who buy a product of harm that could result from the foreseeable misuse of the product.
A)True
B)False
Q2) A contract cannot contain both implied and express warranties.
A)True
B)False
Q3) Universal Assembly Company makes espresso machines and sells one to Vim through a misrepresentation on the label on which Vim relies and that results in an injury to Vim.Universal is most likely liable for A) a commonly known danger.
B) fraud.
C) privity.
D) puffery.
Q4) An implied warranty of merchantability arises in every sale or lease by a merchant who deals in goods of the kind sold or leased.
A)True
B)False
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Chapter 18: Negotiable Instrument: Transferability Liability
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Q1) State Bank receives a check drawn by Tricia.The check is received after the established "cutoff" hour.Payment can be postponed without dishonor
A) indefinitely.
B) under no circumstances.
C) unless Tricia personally demands acceptance.
D) until the close of the next business day.
Q2) An instrument is not defective simply because it is overdue.
A)True
B)False
Q3) Ollie negotiates an order instrument to Phil by
A) assignment of its rights under a contract.
B) delivery with any necessary indorsement.
C) making an unconditional promise to pay.
D) presenting it in response to a demand by B.
Q4) Presentment warranties protect the person who presents an instrument for payment.
A)True
B)False
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Chapter 19: Checks and Banking in the Digital Age
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Q1) A bank that fails to detect an alteration to its customer's check is liable to the customer for the loss.
A)True
B)False
Q2) Dora writes a check for $100 drawn on Eastern Bank and presents it to Fast Cash,Inc.,for payment.If the check is not backed by sufficient funds,Dora may be prosecuted for A) forgery.
B) fraud.
C) negligence.
D) robbery.
Q3) A bank that encodes information on an item after its issue warrants to any subsequent bank that the information is correct.
A)True
B)False
Q4) A bank that has certified a check is under no obligation to accept it.
A)True
B)False
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Chapter 20: Security Interests in Personal Property
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Q1) The concept of a floating lien does not apply to a shifting stock of goods.
A)True
B)False
Q2) When a secured debt is paid,the secured party must file a termination statement regardless of the goods' classification.
A)True
B)False
Q3) Middling Credit Corporation asks Little Supply Company to agree to a security agreement that provides for coverage of the proceeds from the sale of after-acquired property.This is
A) a first-in, first-out rule.
B) a floating lien.
C) a funds guaranty.
D) in violation of secured transactions law.
Q4) A security interest is not enforceable after the creditor's rights have attached to the collateral.
A)True
B)False
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Chapter 21: Creditors Rights and Bankruptcy
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Q1) The time for repayment under an individual's Chapter 11 plan is three or five years,depending on the debtor's family income.
A)True
B)False
Q2) Lulu joins with other creditors to force Mikhail,a debtor,into bankruptcy.One of the goals of bankruptcy law with respect to creditors is to
A) ensure that creditors will continue to lend to insolvent debtors.
B) protect creditor assets from diminution in value.
C) provide equitable treatment in the competition for debtor assets.
D) make all debtor property available for creditor claims.
Q3) Ollie files a petition in bankruptcy.At the moment of filing
A) an automatic stay goes into effect.
B) Ollie's debts are discharged.
C) Ollie's petition is dismissed.
D) Ollie's property is distributed to Ollie's creditors.
Q4) An employer can dismiss an employee due to garnishment for one debt.
A)True
B)False
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Page 23
Chapter 22: International Law in a Global Economy
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Q1) The Foreign Sovereign Immunities Act spells out the particulars of what constitutes a commercial activity.
A)True
B)False
Q2) Capital Diversified Corporation (CDC)owns assets in Dagistan,a new country in Asia.The government of Dagistan wants to nationalize all assets owned by foreign firms and investors.What can CDC do Can it at least obtain payment for the assets?
Q3) Michael,a citizen of Ireland,and Nina,a citizen of the United States,enter into a contract.When Nina breaches the contract,Michael obtains an award of damages in an Irish court.He asks a U.S.court to enforce the award.The U.S.court defers to and enforces the Irish court's decree.This is
A) a travesty of justice.
B) the act of state doctrine.
C) the doctrine of sovereign immunity.
D) the principle of comity.
Q4) All nations have restrictions on imports.
A)True
B)False
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Page 24
Chapter 23: Agency Relationships in Business
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Q1) Lather Up Soap Products Company grants its agent Kathy an exclusive territory in which to sell Lather Up products.The firm cannot compete with Kathy in that territory under the principal's duty of A) avoidance.
B) cooperation.
C) indemnification.
D) reimbursement.
Q2) Oscar is Precise Service Company's chief executive officer.On Precise's behalf,Oscar solicits business,hires and fires workers,and handles the finances.Precise pays Oscar varying amounts,depending on his "needs." Oscar is most likely A) a principal.
B) an employee.
C) an employer.
D) an independent contractor.
Q3) A power of attorney is a written document.
A)True
B)False
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Chapter 24: Employment,immigration,and Labor Law
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Q1) A closed shop is a firm that rejects union membership as a condition of employment.
A)True
B)False
Q2) Employee contributions to pension plans vest immediately.
A)True
B)False
Q3) An employer may campaign among its workers against a union during a union election campaign.
A)True
B)False
Q4) Only state law governs drug tests of private-sector employees.
A)True
B)False
Q5) The basis for contributions to help pay for an employee's loss of income on retirement is the employee's annual wage base.
A)True
B)False
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Chapter 25: Employment Discrimination
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Q1) Mona files an employment discrimination suit against Nationwide Corporation (NC)under Title VII.If Mona shows that NC acted with malice or reckless indifference,she may recover
A) compensatory damages only.
B) compensatory or punitive damages.
C) neither compensatory nor punitive damages.
D) punitive damages only.
Q2) Under the Americans with Disabilities Act of 1990,a person with a mental impairment that "substantially limits" everyday activities is not disabled.
A)True
B)False
Q3) United Industrial Corporation gives preferential treatment in hiring and promotion to the members of all protected classes.This treatment results in discrimination against members of the majority.This is
A) a bona fide occupational practice.
B) a business necessity.
C) constructive discharge.
D) reverse discrimination.
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Chapter 26: Sole Proprietorships and Private Franchises
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Q1) A sole proprietorship continues in business despite the death of the owner.
A)True
B)False
Q2) Bret buys a franchise from Comida Mexicano Ltd.If their agreement is like most franchise agreements,it will specify that Comida can terminate the franchise
A) at will.
B) for any reason.
C) for cause only.
D) for no reason.
Q3) An owner's license of a formula to make a certain product to an outside party is a franchise.
A)True
B)False
Q4) A franchisee normally pays an initial lump sum for a franchise license.
A)True
B)False
Q5) A state deceptive trade practice statute may limit the actions of franchisors.
A)True
B)False
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Chapter 27: All Forms of Partnerships
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Q1) Jack and Kyra are partners in Law Firm,LLP,a limited liability partnership.Jack supervises Kyra,who negligently fails to appear in court on behalf of Milo,a client.Liability to Milo rests with
A) Jack and Kyra.
B) Jack only.
C) Kyra only.
D) neither Jack nor Kyra.
Q2) In a limited liability partnership,a partner can be exempt from personal liability for partnership obligations.
A)True
B)False
Q3) Only a limited partnership's limited partners have a fiduciary obligation to the other partners.
A)True
B)False
Q4) Joint ownership of property in and of itself creates a partnership.
A)True
B)False
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Chapter 28: Limited Liability Companies Special Business
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Q1) Fay is a member of Garden Groves LLC.Like other members of limited liability companies,Fay's liability for Garden Groves's obligations resembles the liability of
A) a member of a joint venture.
B) an owner of a sole proprietorship.
C) a partner of a partnership.
D) a shareholder of a corporation.
Q2) The beneficiaries of a business trust are personally liable for its obligations.
A)True
B)False
Q3) The members,managers,and agents of a limited liability company are liable for its obligations by virtue of their status.
A)True
B)False
Q4) A business trust is created by a written trust agreement.
A)True
B)False
Q5) A limited liability company is a legal entity apart from its owners.
A)True
B)False
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Chapter 29: Corporate Formation, merger, and Termination
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Q1) Realty Credit Company and Second Mortgage Corporation plan to consolidate.Most likely,the articles of consolidation will be filed with
A) the county recording office.
B) the Securities and Exchange Commission.
C) the state's secretary of state.
D) the U.S. Department of Justice.
Q2) A corporation cannot be formed without a profit-making purpose.
A)True
B)False
Q3) In a merger,only the surviving corporation's shareholders are entitled to appraisal rights.
A)True
B)False
Q4) In most cases,merging corporations' officers and employees do not need to approve the merger.
A)True
B)False
Q5) A close corporation cannot operate as an S corporation.
A)True
B)False
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Chapter 30: Corporate Directors, officers, Shareholders
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Q1) In all states,Sports Fitness Club Company and other corporations can pay dividends from
A) gross profits.
B) net profits.
C) retained earnings. D) surplus.
Q2) Only certain funds are legally available for paying dividends. A)True
B)False
Q3) A director is a fiduciary of a corporation. A)True
B)False
Q4) Orin is a shareholder of Pinkwater Corporation.In some states,Orin might incur personal liability for unpaid Pinkwater debts if he
A) accepts a dividend knowing that it was paid from retained earnings.
B) buys stock for less than its fair-market value.
C) fails to fulfill his fiduciary duty to the majority shareholders.
D) sells his shares.
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Chapter 31: Investor Protection, insider Trading, Corp Gov
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Q1) Generally,stock offerings that involve a small dollar amount are not exempt from the registration requirement.
A)True
B)False
Q2) Begin Anew Enterprise,Inc.,completes its registration process and issues a free-writing prospectus.This tells prospective investors
A) about investing freely.
B) how to write their own prospectus.
C) that they can "freely write their own ticket" to buy Begin's securities.
D) that they may obtain the prospectus at the SEC's Web site.
Q3) Flo-Thru Corporation is poised to issue securities that,under the Securities Act of 1933,are "exempt." This means that the securities can be sold
A) on the basis of a material omission or misrepresentation.
B) on the basis of nonpublic information.
C) within any six-month period by certain insiders.
D) without being registered.
Q4) Private parties cannot sue violators of the Securities Act of 1933.
A)True
B)False
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Chapter 32: Promoting Competition
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Q1) Charging different prices to different buyers for identical goods is price discrimination.
A)True
B)False
Q2) The possession of monopoly power constitutes the offense of monopolization.
A)True
B)False
Q3) In determining the legality of a merger,a crucial consideration is market concentration.
A)True
B)False
Q4) Excel Corporation conditions shipments of its products to Federated Stores,Inc.,on Federated's agreement not to buy products from Great Goods Company,Excel's competitor.This is
A) an exclusive-dealing contract.
B) a tying arrangement.
C) price discrimination.
D) a unilateral refusal to deal.
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Page 34
Chapter 33: Consumer and Environmental Law
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Q1) Under the Marine Protection,Research,and Sanctuaries Act (the Ocean Dumping Act),Bayside Chemical Company may dump its chemical waste into the ocean
A) after obtaining a permit.
B) before obtaining a permit.
C) without a permit.
D) not at all.
Q2) Paychex Loan Company extends credit in the ordinary course of its business.Under the Truth-in-Lending Act,Paychex must inform potential borrowers of A) credit terms offered by other lenders and its own credit terms.
B) only credit terms offered by other lenders.
C) only its own credit terms.
D) only the credit terms that will convince borrowers to "close the deal."
Q3) A person who receives unsolicited merchandise and keeps it without notifying the sender commits mail fraud.
A)True
B)False
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Chapter 34: Liability of Accountants Other Professionals
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Q1) Each state establishes rules that govern the conduct of attorneys
A)True
B)False
Q2) An accountant's violation of generally accepted accounting principles is prima facie evidence of negligence.
A)True
B)False
Q3) Boris is an accountant.Under the Sarbanes-Oxley Act of 2002,the degree of government oversight over the public accounting practices of Boris and other accountants was
A) decreased.
B) increased.
C) new.
D) unchanged.
Q4) Daisy Daycare,Inc.,files a suit against Eldon,its former accountant,alleging constructive fraud.Eldon may be held liable
A) if Daisy cannot prove actual fraud.
B) if Eldon was grossly negligent in the performance of his duties.
C) only if Eldon acted with fraudulent intent.
D) only if the court adopts the Ultramares rule.
Page 36
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Chapter 35: Personal Property and Bailments
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Q1) Mona asks Ned if she can store her furniture in his garage while she serves a tour of duty with the U.S.Marines Corps.Ned agrees.This is a bailment for A) neither party's benefit.
B) the parties' mutual benefit.
C) the sole benefit of the bailee.
D) the sole benefit of the bailor.
Q2) Klondike and Leola own 10,000 shares of stock in My-T Gro Corporation.On the death of ether owner,that owner's interest in the stock passes to the surviving owner.This is A) a joint tenancy.
B) a tenancy by the entirety.
C) a tenancy in common.
D) ownership in fee simple absolute.
Q3) Estray statutes determine ownership rights in fungible goods that have been "strayed."
A)True
B)False
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Chapter 36: Real Property and Landlord-Tenant Law
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Q1) Xavier owns a duplex that he leases to Yvon and Zack.Xavier may sell
A) the duplex at any time.
B) the duplex, but only after the lease expires and the tenants move out.
C) the duplex, but only with the tenants' permission.
D) the lease, but not the duplex.
Q2) Cow Country Corporation (CCC)sells half of its land to the Double R Ranch.On the land is a reservoir.In the deed,CCC retains the right to remove a limited amount of water per day from the reservoir.This right is
A) a leasehold estate.
B) a license.
C) an easement.
D) a profit.
Q3) Refer to Fact Pattern 36-1.Nika conveys some of her land to Reggie with the right to possess and use the property for a certain period of time.Nika has given Reggie A) a fee simple absolute.
B) a leasehold estate.
C) a life estate.
D) an easement.
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Chapter 37: Insurance, wills, and Trusts
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Q1) The words used in an insurance contract are interpreted against the party who applied for the policy.
A)True
B)False
Q2) Dhani is the beneficiary of a life insurance policy on Elmo's life obtained from Famed Insurance Company.The insured under this policy is
A) Dhani.
B) Elmo.
C) Famed.
D) the agent or broker through whom the policy was obtained.
Q3) In most states,a person must be sixteen years of age to execute a valid will.
A)True
B)False
Q4) Kerin obtains a property insurance policy for her art collection from Lawton Insurance Company.Kerin can cancel the policy
A) at any time.
B) only at the end of a period for which a premium has been paid.
C) only if Kerin no longer has an insurable interest in the property.
D) only on advance written notice.
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