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Midterm-189-Spring2007

Midterm-189-Spring2007 - Midterm Econ 189 Spring 2007...

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Midterm – Econ 189 Spring 2007 Student: ___________________________________________________________________________ 1. A codicil is prepared to make all of the following changes to a will except one: A. alter the will B. revoke the will C. renew the will D. revise the will 2. An estate that does not involve an ownership interest in real property is known as: 3. In some states, property acquired by either one of the spouses during a marriage is known as: 4. According to the Statute of Frauds, which of the following agreements does not need to be in writing to be legally enforceable?
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5. An indication made by the offeree that he or she agrees to be bound by the terms of the offer is known as: A. acceptance B. mutual agreement C. approval D. joint agreement 6. A form of joint ownership of property by husband and wife in which both have the right to the whole property, and, upon the death of one, the other has title is known as: 7. The person who makes the will is known as the: 8. A trust that is created by a will and only becomes effective upon the death of the testator is known as a(n): 9. The laws businesses must comply with are: A. federal laws B. state laws C. local laws D. all of the above
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10. Which of the following is not required for an offer to be valid? 11. The third party to whom the rights of a contract are transferred is known as the: 12. A possession interest in which the lease continues for a specific period of time and then automatically terminates on the stated expiration date is known as:
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