ACCT 324: Final Test
45 Cards in this Set
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Which of the following is property that is initially movable but then becomes attached to land?
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Fixtures
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Fixtures are treated like_____ property
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Real
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Which of the following is a term for gifts made during someone's lifetime, not in contemplation of death?
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Inter Vivos Gifts
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Pete's assets are insufficient to pa all of the bequest provided for in his will. In this situation,
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An abatement occurs, by which the legatees received reduced benefits.
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Which of the following is a way in whcih a gift differs from a purchase as a way of transferring ownership?
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No consideration is needed for a gift
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What fundamental duty or duties does the bailor have toward the bailee in a bailment for consideration.
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The duty of compensation and reimbursement, and the duty to warn the bailee of known defects or any that could have been discovered through reasonable investigation.
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Which of the following is property that the true owner has unknowingly or accidentally dropped or left somewhere?
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Lost
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Benjamin is a senior partner in the law firm of Rusk & Rusk. The firm obtains key-person insurance on Benjamin's life in the amount of $500,000. A month later, Benjamin withdraws from the partnership and joins another law firm, Mathieson & Associates. Benjamin dies shorty thereafter, whil…
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Rusk & Rusk is entitled to the proceeds of the policy even though it had no insurable interest in Benjamin's life at the time of his death.
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A ____ estate is the most complete estate a person may have.
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Fee simple absolute
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In which of the following types of ownership does each co-owner have the right to sell his or her interest without the consent of the other owners, have the right to own an unequal share of the property and the right to own property subject to the right of a creditor to attach his or her …
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Tenancy in Common
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Cool Refrigeration arranges to have Red Fire Truck Lines haul twenty refrigerators from Minnesota to Florida. In which of the following situations will Cool Refrigeration, the shipper, bear the loss?
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Red Fire fails to deliver the refrigeration on schedule- causing Cool Refrigeration to lose future contracts- because the state authorities are detaining and searching all trucks entering into Florida.
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In which of the following do all tenants own equal shares of the property with the property divided equally among surviving joint owners upon the death of one tenant?
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Joint Tenancy
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When must a lease generally be in writing?
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When the lease term exceeds 1 year
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Jay, an artist, finds an old canoe in the woods behind his property. None of his neighbors know who owns it- everybody considers it abandoned. Jay cleans it, paints seams on it depicting Ojibay indian rituals, and places the now valuable canoe in his art gallery. The true owner appears an…
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Accession
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Parties to a ____ lease may terminate the lease at any time.
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Tenancy at Will
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If a tenant fails to leave the property after the termination of the lease, a(n) ____ lease is created.
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Tenancy-at-sufferance
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The ____ is the promise that a landlord makes in a lease that the tenant has the right to quietly the land.
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Covenant of Quiet Enjoyment
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Which of the following is a requirement that leased premises be fit for ordinary residential purposes?
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Implied warranty of habitability
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Chewy Chukar owns 200 acres of Florida woodlands, most of which has the wild plant, Deer Tongue, growing on it. Cody White trespassed and picked 10,000 pounds of Deer Tongue, worth $8,000 after being picked and sacked. The value of the leaves standing in the woods was about 10 mills per p…
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Chukar can recover the Dawgweed if White were a willful trespasser
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A(n) ___ is a term identifying the person who receies insurance proceeds in the event of injury or damage
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Beneficiary
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Which of the following refers to potential for loss in an insurance agreement?
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Risk
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Marrieo and Dreddy build a custom roadster. They drove it through an automatic gate into a parking lot, received a ticket from a machine, parked, and took their keys with them. To leave they are required to drive to the exit and present their ticket to an attendant who collects the parkin…
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If this arrangement were a bailment, the parking lot would be responsible for a spare tire, jack, and tools locked in the trunk.
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A(n) _____ clause states that after an insurance policy has existed for a specified period of time the insurance company cannot contest any statements made in the insurance application.
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Incontestability
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To have a(n) ___ in property or life, a person must be subject to economic loss if there is damanage or harm to the person or property.
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Insurable Interest
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State laws that outline hwo a person's property will be distributed if he or she dies without a will are called ___ statutes
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Intestacy
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Which of the following is true regarding a party that cannot be a witness to a will?
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A Beneficiary may not be a witness to a will.
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Which of the following is a will that the testator writes and signs in his or her own handwriting?
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Holographic
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Sophia executes a will in 1990 naming her nephew Porter as the sole beneficiary in 1999 she executes another will, changing the beneficiary to her niece, Allison, but she does not state in the 1999 will that she is revoking the earlier will. On Sophia's death,
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Allison will be the sole heir because even when a declaration of revocation is missing for a second (later) will controls, if the second will is inconsistent with an earlier will, the second will controls.
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Which of the following is a will that two or more testators execute in which they leave property to each other as long as the survivor agrees that when he or she dies the remaining property will be distributed accordingly to a plan created by all testators?
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A mutual will
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The question is tentatively this:
Which of the following occurs when a testator relied on false statements when he or she made a will?
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Fraud
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Which of the following is the proper term for cancelling a will?
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Revoking
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Which of the following is correct with respect to an easement acquired by an express grant?
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The easement cannot be sold or transferred by the owner of the easement
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The process of settling an estate is known as ____
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Probate
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Which of the following consists of the fruits of one's mind?
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Intellectual Property
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Several months after executing their wills, husband and wife wanted to change a beneficiary. Which of the following is the correct statement concerning an amendment to a will?
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An amendment to a will is called a codicil
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A(n) ___ is a distinctive mark, word, design, picture, or arrangement that is used by a producer in conjunction with a product that tends to cause consumers to identify the product with the producer
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Trademark
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Which of the following is the way people and businesses are located on the web?
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Through domain names
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Which of the following provides that a portion of a copyrighted work may be reproduced for purposes of criticism, comment, news reporting, teaching, scholarship, and research?
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The Fair Use Doctrine
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Dan died intestate and was survived by a spouse, three children, two siblings, and one parent. Each of the three surviving children had two children. A fourth child of Dan's predeceased Dan, leaving one child alive at Dan's death. Under the typical intestacy statute,
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The surviving spouse, the siblings, and the parent of Dan will receive shares.
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Which of the following is true regarding what may be the subject of a patent?
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A product, a process, an invention, or a plant produced by asexual reproduction may be subject of a patent.
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Idaho Farms mistakenly puts its potatoes in Jolly Harvest's storage bin, which already contains Jolly Harvest's potatoes. It is impossible to tell which potatoes originally belonged to either party. This is
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Confusion
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Mimi came into Palace Beauty Shop wearing an expesnive fur coat. The ship had a waiting room in front. On a prior occasion, the proprietor had assured Mimi that "nothing has been stolen in our 20 years here." The coat was stolen from the waiting room while Mimi was in the beauty shop. Wit…
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The element of delivery of possession and control of the shop is missing.
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Which of the following is false regarding trade secret protection?
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Competitors may not discover trade secrets by doing reverse engineering.
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With respect to involuntary bailments, which of the following is correct?
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Common examples of involuntary bailments include a person's discovery of a lost wallet, a horse's straying onto a neighbor's property, or a storm's deposing property on another's land.
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Sun City wants to acquire developed land within city limits to convert into a public park. Sun City brings a judicial processing to obtain title to the land. This is an exercise of
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The Power of Eminent Domain
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ACCT 324: Test 1