Question: Barney files a tort suit against Courtney, who fails to respond. Courtney is served with the complaint and believes that Barney would not win the case against her. So Courtney ignores the complaint and does not file an answer. What is the likely consequential outcome?
Answer Options:
Courtney has no obligation to respond to a case she believes she would win.
Barney can win the case by filing a motion for a default judgment that is granted by the court.
To prevail, Barney must re-file the case against Courtney.
The judge will consider the case and decide whether Barney is entitled to damages.
Answer: Barney can win the case by filing a motion for a default judgment that is granted by the court.
Question: Walking down the street, Peter finds a gas can and tosses it onto Paul’s property. Paul’s dog knocks the can over causing it to ignite and burn Paul’s lawn. What is the likely outcome of Paul’s lawsuit against Peter?
Answer Options:
Paul recovers all of his damages because Peter placing the gas can on his property is trespass.
Paul recovers nothing from Peter because Paul should have removed the can from his property.
Peter will be able to assert the affirmative defense of contributory negligence because Paul’s dog should not have been unleashed.
Paul recovers nothing from Peter because the dog knocking over the gas can was a superseding intervening event.
Answer: Paul recovers all of his damages because Peter placing the gas can on his property is trespass.
Question: After executing and signing a will, Asher’s attorney requests two individuals to affirm that Asher told them that he signed his will. Which of the following is true?
Answer Options:
The will is valid provided Asher reads the will to the witnesses in its entirety.
Since witnesses to a will is optional, the will is valid under any circumstances.
The will is valid assuming the witnesses are related to Asher.
The will is valid assuming in the state in which Asher lives permits witnesses to affirm the testator’s signature without actually seeing the testator sign the will.
Answer: The will is valid assuming in the state in which Asher lives permits witnesses to affirm the testator’s signature without actually seeing the testator sign the will.
Question: The difference or similarity of a Chapter 13 and a Chapter 11 bankruptcy is which of the following?
Answer Options:
A Chapter 13 bankruptcy is a total liquidation of the debtor’s non-exempt property and a Chapter 11 bankruptcy involves the partial payment of debt.
A Chapter 11 bankruptcy is a total liquidation of the debtor’s non-exempt property and a Chapter 13 bankruptcy involves the partial payment of debt.
In a Chapter 13 bankruptcy, there is a trustee, whereas in a Chapter 11 bankruptcy there is not.
Both types of bankruptcy are exactly the same except that a Chapter 13 bankruptcy involves more paper, and a Chapter 11 bankruptcy involves more in-person business.
Answer: In a Chapter 13 bankruptcy, there is a trustee, whereas in a Chapter 11 bankruptcy there is not.
Question: Which of the following statements is CORRECT?
A. Assume that two bonds have equal maturities and are of equal risk, but one bond sells at par while the other sells at a premium above par. The premium bond must have a lower current yield and a higher capital gains yield than the par bond.
B. A bond’s current yield must always be either equal to its yield to maturity or between its yield to maturity and its coupon rate.
C. If a bond sells at par, then its current yield will be less than its yield to maturity.
D. If a bond sells for less than par, then its yield to maturity is less than its coupon rate.
Answer:
Question: The only way out of Best Buy to the street is through the parking lot of AT&T. In order for the customers and employees of Best Buy to have access to enter and exit through the AT&T parking lot is to acquire from AT&T which of the following?
A permit.
Easement in growth – also known as a profit in gross.
A license.
Easement.
Answer: Easement.
Question: At a fancy smancy party, you are asked which of the following is true with respect to bankruptcy?
Although generally a debtor is discharged of debt, not all debt is dischargeable.
All a debtor’s debt is dischargeable.
No debt is dischargeable as in all circumstances the debtor is required to repay the debt.
All tax debt is dischargeable.
Answer: Although generally a debtor is discharged of debt, not all debt is dischargeable.
Question: Miranda has a slam dunk case against Mollie for battery. Criminally charged, Mollie pleads to a deal with little jail time after the trial for battery sees a jury finds Mollie guilty. If so, Miranda intends to bring a civil tort action against Mollie. Which of the following is true?
Answer Options:
If the crime Mollie committed is serious, the standard of proof in a civil case will be the same as it is in a criminal case.
If the jury finds Mollie not guilty, Miranda cannot bring a civil suit against Mollie.
Whether or not a jury finds Mollie guilty and or not guilty, Miranda can pursue a civil case against Mollie because criminal cases and civil cases are separate.
Answer: Whether or not a jury finds Mollie guilty and or not guilty, Miranda can pursue a civil case against Mollie because criminal cases and civil cases are separate.
Question: If a defendant is prosecuted for a crime after being prosecuted in a criminal action that resulted in a mistrial, which of the following is true?
None of the alternatives are correct
The court has the discretion in determining whether the defendant could be prosecuted a second time.
The second prosecution is impermissible double jeopardy.
The second prosecution is not impermissible double jeopardy because the case was dismissed without a finding for or against the defendant.
Answer: The second prosecution is not impermissible double jeopardy because the case was dismissed without a finding for or against the defendant.
Question: Which of the following is true with respect to a franchisee?
The franchisee is a partner of the franchisor.
Regardless of a franchisee’s business entity of choice, it is an entity independent of the franchisor.
The franchisee is a shareholder of the franchisor.
The franchisee is a member of the franchisor’s LLC.
Answer: Regardless of a franchisee’s business entity of choice, it is an entity independent of the franchisor.
Question: The difference between registering a copyright and not registering a copyright is which of the following?
Answer Options:
If the copyright is registered, it is automatically also registered as a trademark.
There is no difference.
Only by registering a copyright can the copyright holder recover statutory damages.
By registering a copyright, the copyright holder is entitled to a greater exclusive rights period.
Answer: Only by registering a copyright can the copyright holder recover statutory damages.
Question: In order to establish a franchise with a franchisor, which of the following are required?
An individual or business entity who is a partner of the franchisor.
An S corporation.
An individual or business entity who is a shareholder of the franchisor.
An individual or business entity independent of the franchisor enters into a contract with the franchisor.
Answer: An individual or business entity independent of the franchisor enters into a contract with the franchisor.
Question: A 12-year bond has an annual coupon of 9%. The coupon rate will remain fixed until the bond matures. The bond has a yield to maturity of 7%. Which of the following statements is CORRECT?
a. If market interest rates decline, the price of the bond will also decline.
b. The bond is currently selling at a price below its par value.
c. If market interest rates remain unchanged, the bond’s price one year from now will be lower than it is today.
d. The bond should currently be selling at its par value.
e. If market interest rates remain unchanged, the bond’s price one year from now will be higher than it is today.
Answer Options:
a. False
b. False
c. False
d. False
e. True
Answer: e. True
Question: Phyllis Goode went to a plumbing store and purchased a sink for her cabin. There is a remote road leading to the cabin but instead of driving on that road to reach the cabin, without permission, Phyllis drives through another property owner’s driveway to get to the cabin. By driving through the driveway instead of through the remote road, Phyllis saved at least an hour. Which of the following is true?
Phyllis acted properly because she had a good reason to drive through the other property owner’s driveway.
Regardless of her reason, Phyllis did not have an easement to drive across the property, and thus did not have legal access to the driveway.
Regardless of her reason, Phyllis did not have a license to drive across the property; and, thus did not have legal access to the driveway.
Phyllis acted properly because in driving through the other person’s property, she caused no damage.
Answer: Regardless of her reason, Phyllis did not have an easement to drive across the property, and thus did not have legal access to the driveway.
Question: A precedent is
Answer Options:
a statute that validates common law.
a fundamental right under the U.S. Constitution.
the chief executive officer of the United States.
the judicial principle upon which stare decisis is based.
Answer: the judicial principle upon which stare decisis is based.