final_05 - Business Law I AEM 320 NBA 560 December 2005...

Business Law I Name
AEM 320; NBA 560
December 2005
Final Exam — December 14
Before beginning, write your name on this sheet and the question sheets in the spaces
provided . Please answer all of the questions in the space and extra pages provided after each
question. Be sure your exam contains all 11 pages. You have two hours to complete the exam.
The maximum amount of time that should be spent on each questions is noted before the
question.
Please read the following instructions CAREFULLY:
Please read the questions carefully and organize your answer before you write. Please write
clearly. WHAT WE CANNOT READ WE CANNOT GRADE .
The entire test is open book - you may use any materials you wish EXCEPT TAKENOTE in its
original form. NO MATERIALS MAY BE SHARED. Note however that you should NOT
quote either TakeNote, the text or any course materials verbatim at great length. You will not be
rewarded for copying. Your reasoning in answering each question is what counts not the
conclusion that you reach or the fact that you have a complete set of reference materials.
ACADEMIC INTEGRITY STATEMENT
By signing below, I acknowledge that it is a
violation of the Code of Academic Integrity
to either give or receive unauthorized
assistance during this examination. Even
though this is an open-book examination, it
is a violation of the Code to share material or
information with another student during the
examination. I further acknowledge that if I
am found guilty of violating the Code as a
result of my conduct during this exam, the
proper penalty for such violation is to receive
a grade of F in the course.
Signature

Business Law I Name
(25 points - 30 minutes)
1.
Major owned a large undeveloped parcel of land on the south end of Saranac Lake in the
Adirondack Mountains in northern New York. In 1980, he subdivided the property. He built
himself a home on a parcel close to the state road that circles the lake and sold five lakefront
parcels to Andrew, Brian, Casey, Dave and Eric. The deed to each lakefront parcel contains an
easement to allow access to the property across the parcel that Major kept. The description of the
easement in each deed coincides with an existing gravel road.