Reference no: EM13916776

Question 1: Kevin and Emily own a house as joint tenants. If Kevin dies, Emily will own an undivided 50% interest in the house jointly

• with Kevin's heirs.
• a divided 50% interest in the house jointly with Kevin's heirs.
• the house, but only if she applies for partition and can pay Kevin's heirs their share.
• the house.

Question 2: The power of the government to regulate what use real property may be used for is known as

• adverse possession.
• eminent domain.
• zoning.
• community impact restriction.

Question 3: Which of the following is a partnership?

• Jennifer and Brad each put in $20,000 to buy a high interest Certificate of Deposit, intending to cash it at maturity and split the money equally.
• Allen, Bianca, and Caroline jointly run an organization offering free advice to LGBT teenagers.
• Peyton and Eli, who invest $50,000 and $75,000 respectively, buy a bookstore and run it together.
• All of these are partnerships.

Question 4: If you find a diamond bracelet on the public sidewalk, you are most likely to be able to keep the bracelet if it is

• lost property.
• mislaid property.
• abandoned property.
• Any of these: finders keepers.

Question 5: Isabel invents a new type of exercise shoe, which she calls the "Super Soul." To protect the name of her product, Isabel

• should get a patent.
• copyright.
• trademark.
• logo.

Question 6: A trademark is an example of:

• personal property.
• tangible property.
• intellectual property.
• real property.

Question 7: Which of the following does NOT have the advantage of single taxation?

• Sole proprietorships
• Partnerships
• Corporations
• LLCs

Question 8: Which of the following has NOT been a criticism of the Supreme Court's decision in Citizens United v. Federal Election Commission?

• It allowed corporations to play too major a role in political campaigns.
• It allowed too much anonymity in money spent to influence campaigns.
• It overly restricted freedom of speech.
• All persons' rights are not identical.

Question 9: Cary, Dean, and Madeline are partners in a furniture store. Madeline wants to buy some antiques from an upcoming estate sale. Dean thinks it's a good idea, but Cary says it is too pricey. Madeline goes ahead and buys the antiques. Which of the following best describes the situation?

• All three partners must agree on the furniture purchase.
• The estate can hold the partnership liable, but Madeline has breached her duty to the partnership.
• Cary will not be liable to the estate on the antiques contract.
• The partnership and all three partners will be liable on the contract for the antiques.

Question 10: Aaron and Jerard form a partnership, with Aaron as general partner and Jerard as a limited partner. Which of the following is true?

• Aaron will be fully personally liable for business debts.
• Jerard will not be personally liable for business debts.
• If Jerard dies, the partnership will dissolve.
• Two of these