Question: The distinctive feature of tangible personal property is which of the following?
Answer Choices:
Tangible personal property is property that is used for a purpose.
Tangible personal property is property that has inherent value – such a paper stock certificate.
There is no distinction between tangible and intangible personal property.
Like real property, the transfer of tangible personal property requires a deed.
Answer: Tangible personal property is property that is used for a purpose.
Question: The owner of a home goods store informs the manager and all the employees of the store that certain flowers displayed on a shelf at the front of the store are not to be sold on a particular day. That same day, a customer purchases those flowers. Which of the following is true?
Answer Choices:
The sale was void because although the employees and the manager violated their express authority, in the eyes of the customer, they had apparent authority to sell the flowers.
The sale is valid because the employees and the manager were exercising their express authority.
The sale is void because those flowers were not for sale.
Answer: The sale was void because although the employees and the manager violated their express authority, in the eyes of the customer, they had apparent authority to sell the flowers.
Question: Which of the following entities must file documentation with the state?
Answer Choices:
Limited partnership.
All the listed entities.
General partnership.
Sole proprietor.
Answer: Limited partnership.
Question: If an employee commits a tort during working hours causing damage to a customer, which of the following is true?
Answer Choices:
Because an employee is an agent of the employer, the employer as well as the employee are responsible for the tort.
Only the employer is responsible for the tort.
Only the employee is responsible for the tort.
Because the customer assumed the risk, neither the employer or employee is responsible for the tort.
Answer: Because an employee is an agent of the employer, the employer as well as the employee are responsible for the tort.
Question: Hughes Car desires to have a relationship with Honda so he can sell their cars that he purchases directly from Honda. This type of relationship is which of the following?
Answer Choices:
An operating agreement
An adhesion contract
A partnership
Answer: An operating agreement
Question: Which of the following is true with respect to a quitclaim deed?
Answer Choices:
It provides the second most warranties of any type of deed.
It provides no warranties to the grantee.
It creates a tenancy in common interest.
It provides the most warranties of any type of deed.
Answer: It provides no warranties to the grantee.
Question: Joint and several liability of general partners means which of the following?
Answer Choices:
All partners must be sued by the creditor in order for the creditor to collect anything.
If a single partner is sued by the creditor, he or she cannot pursue the other general partners for their share of the debt.
No general partner has to pay a creditor any more than his or her proportionate amount of the debt.
Although a creditor can sue any general partner for the whole amount of the debt, the partner can pursue the other partners for reimbursement in amount equal to their proportionate amount of the debt.
Answer: Although a creditor can sue any general partner for the whole amount of the debt, the partner can pursue the other partners for reimbursement in amount equal to their proportionate amount of the debt.
Question: While on vacation in Maine, Goldie Lockes an employee of Florida Flowers negligently hit a parked car owned by a customer of Florida Flowers who was also vacationing in Maine. The customer sues Florida Flowers for negligence. Which of the following is the likely outcome?
Answer Choices:
The customer must sue each of them in order to win anything.
The customer loses because Goldie was not acting as an employee at the time of the accident.
The customer wins because Goldie is an employee of Florida Flowers.
The customer loses because Goldie did not intend to hit her car.
Answer: The customer wins because Goldie is an employee of Florida Flowers.
Question: The most common length of a Chapter 13 partial repayment plan is which of the following?
Answer Choices:
Six years.
Two years.
One year.
Five years.
Answer: Five years.
Question: Which is not in the acronym MARIA as it applies to fixtures?
Answer Choices:
Method of attachment
Intangible
Relationship
Intention
Answer: Intangible
Question: Which of the following is true with respect to a sole proprietor?
Answer Choices:
He or she must pay only Social Security and Medicare tax.
He or she must pay income tax as well as Social Security and Medicare tax.
He or she must pay the greater of income tax or Social Security and Medicare tax.
He or she must pay only income tax.
Answer: He or she must pay income tax as well as Social Security and Medicare tax.