22)

Which one of the following statements is correct with respect to the law dealing with the general partnership?

a.Every partner is responsible for every contract entered into by his partner.

b.Partners are only responsible for contracts entered into by their partnership if the third party knew that the person they were dealing with was a partner in the partnership.

c.Partners are responsible for any contracts entered into by their partners related to the partnership business.

d.A partner is responsible for contracts with third parties entered into by their partners only where it has been clearly stated by the partner to the third party that he is entering the contract on behalf of the partnership.

e.Partners cannot bind their partners in the contract without specific written authority

24)

A fee simple interest in real property gives the titleholder the right to:

a.Exclusive possession of a property subject to municipal by-laws and specified entries

by government officials.

b.Exclusive possession of a property for his or her lifetime.

c.Exclusive possession of a property for a specified period of time.

d.Both a and b.

25)

This form of ownership involves two or more people having an equal undivided interest in the property with the right of survivorship:

a.Joint tenancy

b.Tenancy in common

c.Condominium

d.Cooperative

26)

The promise to refrain from certain conduct on or use of the land is known as:

a.Easement

b.Adverse possession.

c.Restrictive covenant.

d.Expropriation

27)

You find a laptop in the guest parking lot of your employer's property. If you cannot find the rightful owner of the laptop, the laptop will:

a.Belong to you as the finder because it was found on public property.

b.Belong to the employer because it was found on the public part of your employer's property.

c.Belong to you as the finder because it was found on the private part of the employer's property.

d.Belong to you no matter what because you found the laptop