Question 21(1 point)

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Remmie owns the associated rights to property, the buildings, and everything affixed to them located on that property, and the property itself. How is this particular asset likely to be classified?

Question 21 options:

As intangible property

As tangible property

As chattel property

As real property

Question 22(1 point)

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Sarafel was disappointed to learn that she would be unable to plant a hedge along the front borders of her condominium townhouse property. In this instance, what is the ability to place conditions on ownership most strongly influenced by?

Question 22 options:

A restrictive covenant

Planning schemes

An encroachment agreement

Zoning regulations

Question 23(1 point)

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Elise wants to invest in her sister Rayleen's business (Dressn'Up Clothing), but does not want to risk more than $20,000. Elise registers as a limited partner and then invests her $20,000 in the business. Every year Rayleen provides a financial statement to Elise, otherwise, Elise has nothing to do with the business. What type of partner is Elise in this business?

Question 23 options:

Limited Liability Partner

General Partner

Limited Partner

Question 24(1 point)

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What does the duty to mitigate require of an employee whose position has already been constructively terminated?

Question 24 options:

The individual is expected to accept a lower-level job in another company to reduce his loss.

It requires the former employee to take reasonable steps to find comparable employment.

The employee could be required to accept a lower position in the same company.

It requires the former employee to take the first job available.

Question 25(1 point)

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Why would the owners of a successful business operation carry life insurance on the lives of its shareholder?

Question 25 options:

To offset the challenging costs of buying out a deceased shareholder's shares

To comply with the law's mandatory life insurance pertaining to shareholders

To ensure that the business doesn't suffer financial loss from business interruption

To offset any deficiency in the value demanded for the deceased's shares

Question 26(1 point)

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Felicia purchased a medical practice and is looking for another investor.Felicia's friend Louise (who is also a medical doctor) is interested in forming a partnership.Although each doctor is comfortable being a partner in the business, both Felicia and Louise want to ensure that they are liable only for their own torts. Louise invests $380,000 in the partnership after filing the required paperwork. What type of partner is Louise in this business?

Question 26 options:

Limited Liability Partner

General Partner

Limited Partner

Question 27(1 point)

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How does confidential business information maintain the protection of the law?

Question 27 options:

By registration

By efforts to keep it secret

By use

By fixation

Question 28(1 point)

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Which of the following might prove that a contract was freely entered into by the parties?

Question 28 options:

Evidence the contract was signed in the presence of a witness

Evidence there has only been presumed pressure, but not actual pressure

Evidence the weaker party received independent legal advice

Evidence that the terms of the contracts are fair

Question 29(1 point)

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Salime and Carilse are each partners in a promising business that designs computer chips for specialized technology applications (ZipChips). Needing new investors in the business (and feeling a little unsure of the technical details required for the new business), Salima and Carisle invite Noye (a specialist computer chip engineer) to invest in their business as a partner. Noye is excited to get involved, but wants to limit her financial risk to $100,000 only. Therefore,Noye invests $100,000 and registers herself as a limited partner. Since Noye has so much experience in the field, Noye takes a leading role in setting up the partnership's design team and in managing the timelines for returns on the research and development. Because of her experience, Noye is consulted on all major decisions for the business and has final approval on the salaries of all new employees. What type of partner is Noye in this business?

Question 29 options:

Limited Liability Partner

General Partner

Limited Partner

Question 30(1 point)

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Zekehas agreed to sell his camper van to his mom for $500. What is the legal effect of this promise?

Question 30 options:

The law presumes promises between family members are non-contractual.

It is meaningless unless Zeke goes to a lawyer and has a contract prepared by the lawyer.

The family members must understand the legal consequences of a promise.

The law presumes all promises between family members are gratuitous.