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Business Law Multiple Choice Questions Custom Essay

1.

An unlimited number of persons can hold property as joint tenants.

A) True
B) False

2.

A deceased joint tenant’s interest in jointly held property passes to his or her heirs.

A) True
B) False

3.

If property is owned as community property, each spouse owns an undivided one-half interest in it.

A) True
B) False

4.

Property voluntarily discarded by its owner with no inten¬tion of reclaiming it is abandoned property.

A) True
B) False

5.

Land includes all of the waters on or under its surface.

A) True
B) False

6.

Land includes the artificial structures attached to it.

A) True
B) False

7.

An item cannot be a fixture unless it is physically attached to the land.

A) True
B) False

8.

Defeasible means capable of being terminated.

A) True
B) False

9.

To transfer the title to real property, a deed must be signed and delivered.

A) True
B) False

10.

Klondike and Leola own 10,000 shares of stock in My-T Gro Corporation. On the death of ether owner, that owner’s interest in the stock passes to the surviving owner. This is

A) a joint tenancy.
B) community property.
C) a tenancy in common.
D) ownership in fee simple.

11.

Patty’s parents give her a car as a graduation present. While Patty spends the sum¬mer in Europe, her friend Rita agrees to keep the car in her garage. On Patty’s part, this is acquisition of property by

A) bailment.
B) capture.
C) find.
D) gift.

12.

Clancy sells shares in Darling Pool & Spa Company to Eton. Clancy does not deliver the actual possession of the shares to Eton, but gives him the key to a safety-deposit box in First State Bank in which the stock certificates are locked. Presenting the key is

A) constrictive delivery.
B) constructive delivery.
C) destractive delivery.
D) destructive delivery.

13.

During the last years of her life, Barb’s chief companion is Sylvia. Barb tells Sylvia that she can have a certain painting when Barb dies. Barb dies. When her family refuses to give up the painting, Sylvia files a suit to obtain its possession. The court will most likely rule in favor of

A) Barb’s family, because the painting was never delivered to Sylvia.
B) Sylvia, because Barb intended to give the painting to Sylvia.
C) Barb’s family, because Sylvia cared only about the painting.
D) Sylvia, because Barb’s family never cared about Barbara.

14.

Idaho Farms mistakenly puts its potatoes in Jackson Co-op’s storage bin, which already contains Kelly Spud Farm’s potatoes. It is impossible to tell which potatoes originally belonged to which party. This is

A) a bailment.
B) accession.
C) confusion.
D) production.

15.

Chatsworth loans his laptop to Zelda. This is

A) a bailment.
B) acquiring ownership by possession.
C) a gift.
D) treasure trove.

16.

Lucky owns Mud Flats Ranch, which is situated on certain Nevada acreage. The exterior boundaries of the land extend

A) 100 feet into the earth and 100 feet into the atmosphere.
B) one mile into the earth and one mile into the atmosphere.
C) to infinity and beyond.
D) to the center of the earth and up to the farthest reaches of the atmosphere.

17.

Buster conveys one square block in Center City “to Diana for life, then to Center City.” For Diana, this creates

A) a fee simple absolute.
B) a fee simple defeasible.
C) a life estate.
D) a nonpossesory interest.

18.

Mix-It Concrete Company has the right to enter Nim’s land and remove the rock from Nim’s quarry. This is

A) a fee simple absolute.
B) a license.
C) an easement.
D) a profit.

19.

To acquire the ownership of a mountain cabin by ad¬verse possession, Cody must occupy the cabin exclusively, continuously, and peaceably for a specified period of time

A) in an, open, hostile, and adverse manner.
B) until the owner files a suit.
C) without the owner’s knowledge.
D) with the state’s permission.

20.

Bay City wants to acquire undeveloped land within the city limits to convert into a public park. Bay City brings a judicial proceeding to obtain title to the land. This is

A) adverse possession.
B) an easement.
C) constructive eviction.
D) the power of eminent domain.

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