1.The greatest bundle of rights one can own in real property is known as a fee simple absolute. True or False

2.The document pursuant to which one becomes an owner of real property is known as a ____________

3. If a grantor reserves a life estate in property the interest of the grantee is a ____________

4. If a grantor transfers a life estate in the property the interest of the grantor is a _______________

5.The property benefited by an easement is known as the _________________estate

6.The property burdened by an easement is known as the __________________estate

7. If two individuals own property as joint tenants and one of them dies the property is owned by the survivor. True or False

8.A legal theory in which one acquires title to the property of another by using if for a statutory period of 21 years is known as ___________

9.A business entity formed for a single or limited purpose that cannot be sued is known as ___________

10.The most basic form of a business entity as a sole proprietorship. True or False

11.When considering what type of business entity to form the three considerations are taxation, liability and _______________

12.Corporations provide liability protection, but a disadvantage is double taxation. True or False

13.The maximum number of shareholders in a subchapter S corporation is ____________

14.The basic definition of a contract is _________________

15.The four elements necessary to form a contract are mutual assent, consideration, legal purpose, and _______________

16. A bilateral contract is a promise for a promise. True of False.

17. A unilateral contract is a promise for an ________________

18.The quasi-contractual theory of compensating a party to promote fairness in which the person is paid as much as he deserves is ____________

19.Contracts entered by minors are void. True or False

20. A contract that has been fully completed is known as _______________

21. A contract that is pending is known as __________________

22.Punitive damages are often awarded in contract cases. True or False

23.The three main types of contract remedies for breach are nominal damages, compensatory damages and __________________

24.The current theory underpinning contract formation is the subjective meeting of the minds. True or False

25.An offer is valid until withdrawn or _____________________

26. The common law theory which states that the terms of the offer and acceptance must be exactly the same is known as the __________________rule

27.The contract theory that states that an offer is valid upon dispatch rather than receipt is known as the mailbox rule. True or False

28.The two elements of bargained for consideration a legal benefit and a _____________

29.Courts will not inquire into the adequacy of consideration. True or False

30.Consideration does not always involve monetary value. Giving up the right to do something one is legally entitled to do can suffice as consideration. True or False

31. A seemingly illusory contract in which a businessperson agrees to sell all its products to another is called a __________________contract

32. A seemingly illusory contract in which a businessperson agrees to buy all of the product of another is called a ________________ contract

33. Three types of incapacity are minors, intoxicated persons and _____________

34. If a minor takes action after reaching the age of majority in which he or she can no longer disaffirm the contract that action is known as _____________

35.A minor must pay for _____________

36. If both parties to a contract are mistaken as to an element of the contract it is known as a bilateral mistake. True or False

37. A situation in which only one party to the contract is mistaken is known as ____________

38. The legal theory that states that certain contracts must be in writing is known as_____________

39. Contracts for the sale of goods over $500 must be in writing. True or False

40. Contracts guaranteeing the payment of the debt of another must be in writing. True or False