BUS-125 exam 5

BUS-125 exam 5

Question # 00002217
Subject: Law    / General Law
Question
Question 1

A codicil is a clause in a will affirming an administrator’s testamentary capacity.

True

False

1 points
Question 2

A combination that facilitates the creation of a monopoly is a restraint of trade.

True

False

1 points
Question 3

An insurance broker ordinarily works for the insurance company.

True

False

1 points
Question 4

Alpha Communications, Inc., joins with other businesses in its industry to exchange information, represent members’ interests before Congress, and lobby for certain regulatory standards. These joint activities are:
a.     not subject to antitrust laws.
b.     per se violations of the Sherman Act.
c.     subject to evaluation under the rule of reason.
d.     violations of the Clayton Act.

1 points
Question 5

Beth leases an apartment from Carl for one year. After two months, she sublets the premises for six months to Dan, without obtaining Carl’s consent. Dan pays the rent for only four months. For the last two months, Beth is
a.     liable for the rent, because Dan defaulted.
b.     liable for the rent, because the sublease lacked Carl’s consent.
c.     not liable for the rent, because Beth does not own the apartment.
d.     not liable for the rent, because Beth sublet the premises to Dan.

1 points
Question 6

A will is probated to establish its validity and to carry out the administration of the estate.

True

False

1 points
Question 7

A conveyance of property for the life of a specified individual creates a fee simple absolute.

True

False

1 points
Question 8

A person has an insurable interest in property if he or she would sustain a pecuniary loss from the property’s destruction.

True

False

1 points
Question 9

A subpoena ad testificandum is an order to an individual or an organization to hand over certain records, papers or books.

True

False

1 points
Question 10

North Korea confiscates the property of foreign investors. Oman expropriates foreign investors’ property. Generally observed legal principles of international law are violated by:
a.     neither North Korea’s confiscation and Oman’s expropriation.
b.     North Korea’s confiscation and Oman’s expropriation.
c.     North Korea’s confiscation only.
d.

Oman’s expropriation only.

1 points
Question 11

When a forum-selection clause is included in an international contract, legal proceedings are more complex and attended by more uncertainty.

True

False

1 points
Question 12

Ruth executes a will in 2006 naming her nephew Stan as sole beneficiary. In 2009, Ruth executes another will, naming her niece Tammy as sole beneficiary, but does not state in the 2009 will that she is revoking the 2006 will. On Ruth’s death:
a.     Stan and Tammy will share the estate in equal shares.
b.     Stan will be the sole heir.
c.     Tammy will be the sole heir.
d.     the estate will pass as if there were no will.

1 points
Question 13

Sam is an insurance broker. Through Sam, Midstates Manufacturing Company applies for an insurance policy with National Insurers, Inc. In this transaction, Sam is an agent of:
a.     Midstates Manufacturing only.
b.

National Insurers only.
c.     Midstates Manufacturing and National Insurers.
d.     none of the above.

1 points
Question 14

The National Safety Agency is created to issue regulations to govern manufacturing. Similar to most other agencies, it may given the power to
a.     make rules only.
b.     adjudicate disputes arising from administrative rules only.
c.     make rules and adjudicate disputes arising from those rules.
d.     none of the above.

1 points
Question 15

The purpose of antitrust law is to prevent competition.

True

False

1 points
Question 16

Gary rents an apartment to Hugh, who retains possession of the apartment after the lease expires without making any payments on his rent. This is
a.     a periodic tenancy.
b.     a tenancy at sufferance.
c.     a tenancy at will.
d.     a tenancy for years.

1 points
Question 17

Insurance is an arrangement for transferring or allocating risk.

True

False

1 points
Question 18

Joy and Kent each own one-half of Local Motion, a delivery service, as a tenant in common. Kent sells his interest to Maria, who now owns
a.     no interest in the firm.
b.     the firm in fee simple.
c.     the firm with Joy as joint tenants.
d.     the firm with Joy as tenants in common.

1 points
Question 19

Most administrative agencies do not have rule-making and adjudicatory powers.

True

False

1 points
Question 20

Personal property can be tangible or intangible.

True

False