Business Law

Question 1 of 20

5.0 Points

A possession interest in which the lease continues for successive periods for the same length of time-weekly, monthly, or annually-and is automatically renewed at the end of the period is a:

	A. periodic tenancy.
	B. tenancy for years.
	C. tenancy at will.
	D. tenancy at sufferance.

Reset Selection

Question 2 of 20

5.0 Points

A landlord’s promise that the premises have no defects that would impair the health, safety, or wellbeing of the occupants is an implied warranty of:

	A. merchantability.
	B. habitability.
	C. safety.
	D. title.

Reset Selection

Question 3 of 20

5.0 Points

The landlord has the right to collect the agreed-upon rent as provided in the:

	A. sale deed.
	B. quitclaim deed.
	C. hire purchase deed.
	D. lease agreement.

Reset Selection

Question 4 of 20

5.0 Points

When tenants transfer their entire interest in property for the remaining term of a lease it is a(n):

	A. leasehold.
	B. sublease.
	C. eviction.
	D. assignment.

Reset Selection

Question 5 of 20

5.0 Points

An agreement in which a suitcase is left with a railroad station checkroom is a:

	A. bailment for the sole benefit of the bailee.
	B. bailment for the sole benefit of the bailor.
	C. mutual-benefit bailment.
	D. constructive bailment.

Reset Selection

Question 6 of 20

5.0 Points

A guest whose stay is relatively uncertain is known as a:

	A. traveler.
	B. customer.
	C. transient.
	D. temporary.

Reset Selection

Question 7 of 20

5.0 Points

An individual or firm in the business of transporting goods between certain points as allowed by the various state commissions that regulate the carriers is known as a __________ carrier.

	A. business
	B. government
	C. public
	D. common

Reset Selection

Question 8 of 20

5.0 Points

The law requires that a common carrier must accept all shipments that it is authorized to:

	A. purchase.
	B. handle.
	C. hypothecate.
	D. pledge.

Reset Selection

Question 9 of 20

5.0 Points

__________ is the right of an owner of property such as plants or animals to increase in the property. The owner of a cow, for example, owns the calves born to the cow.

	A. Statutory right
	B. Accession
	C. Legal right
	D. Anticipation

Reset Selection

Question 10 of 20

5.0 Points

Ownership is held in __________ when all the rights of ownership in a particular piece of property are held by one person.

	A. severalty
	B. solitary
	C. defiance
	D. accession

Reset Selection

Question 11 of 20

5.0 Points

When two or more persons own equal shares of a property then it is called:

	A. severalty.
	B. co-ownership.
	C. joint tenancy.
	D. multiparty.

Reset Selection

Question 12 of 20

5.0 Points

The owner of a freehold estate who holds the estate absolutely is said to hold it in:

	A. accession.
	B. easements.
	C. life estates.
	D. fee simple.

Reset Selection

Question 13 of 20

5.0 Points

In a property, a person who holds a freehold estate only for his or her lifetime is said to hold a(n) __________ in the property.

	A. accession
	B. precession
	C. life estate
	D. benefit

Reset Selection

Question 14 of 20

5.0 Points

A living trust is also known as a(n) __________ trust.

	A. testamentary
	B. contemporary
	C. inter vivos
	D. constructive

Reset Selection

Question 15 of 20

5.0 Points

The responsibility of the trustee is that of a(n):

	A. fiduciary.
	B. probationary.
	C. stationary.
	D. exemplary.

Reset Selection

Question 16 of 20

5.0 Points

A person who makes a will is known as a(n):

	A. testator.
	B. administrator.
	C. executor.
	D. trustee.

Reset Selection

Question 17 of 20

5.0 Points

If the personal representative has been named in the will, he or she is known as the:

	A. executor.
	B. administrator.
	C. testator.
	D. legacy.

Reset Selection

Question 18 of 20

5.0 Points

A formal printed will must be signed by the testator and:

	A. executed.
	B. scripted.
	C. witnessed.
	D. supplemented.

Reset Selection

Question 19 of 20

5.0 Points

An agreement reached between a bailor and a bailee is a:

	A. mortgage.
	B. bailout.
	C. bailment.
	D. codicil.

Reset Selection

Question 20 of 20

5.0 Points

Legally, property other than land, including both tangible property and intangible property, is considered __________ property.

	A. real
	B. personal
	C. intangible
	D. transient