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: A. fee simple B. a leasehold estate C. a life estate D. community property 3. In some states, property acquired by either one of the spouses during a marriage is known as: A. fee simple B. a leasehold estate C. a life estate D. community property 4. According to the Statute of Frauds, which of the following agreements does not need to be in writing to be legally enforceable? A. an agreement that is indefinite and has the possibility of being completed within a year B. an agreement to answer for the debts of another C. an agreement made in contemplation of marriage D. an agreement to sell any interest in real property
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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: A. joint tenancy B. severalty C. tenancy in common D. tenancy by the entirety 7. The person who makes the will is known as the: A. executor B. administrator C. decedent D. testator 8. A trust that is created by a will and only becomes effective upon the death of the testator is known as a(n): A. testamentary trust B. living trust C. in causa mortis trust D. decedent trust 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? A. communicated to the offeree B. definite and certain C. accepted by the offeree D. made with a serious intention that the offeror will be bound by it 11. The third party to whom the rights of a contract are transferred is known as the: A. assignee B. assignor C. delegator D. administrator 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: A. tenancy at will B. tenancy at sufferance C. tenancy for years D. periodic tenancy 13. The English system of law that still influences legal decisions in the United States today is known as: A. common law B. administrative law C. statutory law D. case law 14. The process of deciding whether a law is contrary to the Constitution is known as: A. stare decisis B. jurisdiction C. judicial review D. express power
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15. Fair use applies when the copyrighted material is copied without authorization for use in connection with all of the following except: A. criticism B. news reporting C. personal use D. parody 16. The name under which a firm does its business is considered a:
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This note was uploaded on 04/28/2008 for the course ECON 189 taught by Professor Schneider during the Spring '08 term at UCSB.

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

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