QUESTION 41

1.In the context of agency, ratification refers to:

Reaffirming a contract that one previously agreed to.

Agreeing, after reaching majority, to be bound by a contract entered into as a minor.

Agreeing to be bound to a contract entered into by an agent that exceeded the agent's authority at the time the agent entered into it.

Getting the appropriate agency to agree to take steps to reduce an excessively large rodent population.

QUESTION 42

1.In an agency for a fixed term, such as one year, prior to the end of the stated period, the agent has:

The power, but not the right, to terminate the arrangement.

The right, but not the power, to terminate the arrangement.

Both the power and the right to terminate the arrangement.

Neither the power nor the right to terminate the arrangement.

QUESTION 43

1. Stock certificates are tangible personal property.

True

False

QUESTION 44

1. The finder of lost property acquires the same rights as the finder of mislaid property.

True

False

QUESTION 45

1. Ordinary bailments include bailments for the sole benefit of the bailor, mutual benefit bailments, and bailments for the sole benefit of the bailee.

True

False

QUESTION 46

1. A stock certificate is an example of:

Tangible, personal, private property.

Intangible, personal, private property.

Intangible, real, private property.

Intangible, personal, public property.

QUESTION 47

1. The finder of lost property has:

No rights in the property.

Rights that are good against everyone but the true owner.

Rights that are good against everyone including the true owner.

Rights to use the property until it must be turned over to the state.

QUESTION 48

1.The requirement that an insured would suffer a loss in the absence of insurance if the insured property is damaged or destroyed is the requirement of:

Indemnification.

Reinsurance.

Insurable interest.

Beneficiary interest