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Jane T (LLC)
Jane T (LLC), Attorney
Category: Business Law
Satisfied Customers: 8435
Experience:  Worked in corporation's law department; business formations, formalities, and other business matters
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I have 20 questions in Business Law 2 for Jane T to help me with.

Resolved Question:

Questions 1-20: Select the one best answer to each question.

Please give to Jane T.
1. Sammy took out a home insurance policy on the home of his neighbor, Ed. Three months later, Ed's home mysteriously burned down. Sammy attempted to collect on the policy he purchased earlier. Which of the following is true regarding this set of facts?
A. Sammy can't collect the insurance proceeds because he
lacked an insurable interest at the time of the loss.
B. Sammy can't collect the insurance proceeds because he
lacked an insurable interest at the time the policy was purchased.
C. Sammy may collect the insurance proceeds, so long as he
wasn't guilty of any wrongdoing regarding the destruction of
the house.
D. Sammy may collect the insurance proceeds because as long
,     as the premium was paid, it's unnecessary that he have an
I             insurable interest at any time.
2. Mildred deeded property to her daughter, Victoria. The deed explicitly stated that Mildred would remain the owner of the property for the remainder of her life, and that at her death. Victoria would become the owner of the property. What type of possessory interest does Mildred possess after the transaction?
A. Fee simple absolute                     C. Life estate
B. Easement appurtenant   .,                                 D.   R emainder
3. In his will, Max leaves his home, and the five acres upon which the home sits, to his wife, Selena. Max leaves his 1965 Mustang Convertible to his son, Peter, and his vintage wine collection to his daughter, Molly. Which of the following is true about this set of facts?
A. Selena, Peter, and Molly each received personal property owned by Max.
B. Selena received real property owned by Max, while Peter and Molly received personal
property owned by Max.
      C. Selena received personal property owned by Max, while Peter and Molly received real
property owned by Max.
      D. Selena, Peter, and Molly each received real property owned by Max.
4. Sam is leaving his hometown for an extended trip to Europe. Sam decides to leave his Corvette at his friend Freddie's house. Freddie is at work when Sam leaves the Corvette in his driveway, with the keys in the ignition. Two years later, Sam returns and calls Freddie to ask when he can pick up his car. A bailment probably doesn't exist in this situation, because no
A.     personal property was exchanged in this instance.
B.     bailment agreement existed in this instance.
C.     delivery of possession took place in this instance.
D.     proper delivery took place, and no bailment agreement existed in this instance.
5. Leopold owns 100 acres in a remote place that he rarely visits. One day, Kate sets up camp in the middle of the 100 acres, and ends up living on the land and using the land for her provisions for 15 years. Kate probably owns this land due to transfer by
A. warranty deed.          C. quitclaim deed.
B. adverse possession.        D.   inheritance.
6. Noe agrees to pay Jason $75.00 per week to live in an apartment owned by Jason. Noe has a _____ estate.
A. leasehold        C. temporary
B. life                                                                            D.   tenancy

7. Ella is a 90-year-old woman who lives in a nursing home. Ella constantly calls her nurse's aide, Elizabeth, the name of Ella's grown daughter who lives in another city. Further, Ella insists on preparing breakfast, lunch, and dinner for her family every day, even though her family doesn't live with her in the nursing home. One day, Ella writes out on a sheet of paper, "All I have goes to Elizabeth." Ella signs the piece of paper. A valid will may not exist in this instance because
A. the witness requirement wasn't met.
B. Ella may have lacked testamentary capacity.
C. the writing requirement wasn't met.
D. Ella may have failed to list all of her living relatives.
8. Bazel and Bennie own several investment properties together. Each of the properties was deeded so that upon the death of either Bazel or Bennie, each individual's share will pass to the deceased's heirs. What type of ownership do Bazel and Bennie possess in the investment property?
A. Joint tenancy           C. Tenancy in common   
B. Tenancy by the entirety      D. Community property
9. Suzie was walking down the street when a $10 bill fell out of her pocket. Billy came along a few minutes later, and because he didn't see that the money came from Suzie's pocket, Billy put the money in his own pocket. Which of the following is true about this set of facts?
A.     Billy owns the $10, as long as Suzie doesn't demand the money.
B.     Billy owns the $10, even if Suzie demands the money.
C.     Suzie owns the $10, even if she fails to demand the money.
D.     Suzie owned the $10, until the money fell from her pocket.
10. Sabrina owns ten houses, three automobiles, five mobile homes, and a strip mall. Which of the following is true about this set of facts?
A. All of Sabrina's property is classified as real property.
B. All of Sabrina's property is classified as personal property.
C. The houses and strip mall are classified as real property, while the automobiles and
mobile homes are classified as personal property.
       D. The houses, strip mall, and mobile homes are classified as real property, while the
automobiles are classified as personal property.

11. Billy wants to ensure that one day his children will receive all of the land he owns. Billy may use which one of the following methods to transfer his land to his children?
A.     Deed
B.     State inheritance statutes
C.     Adverse possession   
D.     Eminent domain

12. Lillie has the right to drive her automobile over Tim's land. Lillie can convey this when she conveys her property.
A. easement        C. fee simple absolute
B. life estate      D.   profit    
13. Blake grants Travis the right to enter Blake's property and to cut down timber for Travis's timber business. Travis possesses a/an
A. profit appurtenant.      C. easement appurtenant.   
B. profit in gross.      D.   easement in gross.   
14. Woody owns a movie theater. One night, Woody finds a purse beside one of the seats in the theater after all of the moviegoers have left for the evening. Given this set of facts, Woody
A. may become the owner of the purse and its contents, if he doesn't know the identity of
the true owner.
       B. may not become the owner of the purse and its contents because the purse is mislaid
property.
C. possesses an affirmative duty to contact the authorities regarding the purse.
D. possesses an affirmative duty to run ads in the local newspaper and to place flyers in
the theater regarding the purse.
15. Edgar, who is 80 years old, handwrites the following: "I leave everything I own to my wife, Edna." Edgar signs the document. This document is
A.     not a valid will because no witnesses were present.
B.     a valid will because all requirements are met.
C.     not a valid will because Edgar lacks testamentary capacity.
D.     a valid will if Edgar asks two witnesses to sign the document.
16. Drew takes out $1 million in life insurance on his cat, Fluffy. When Fluffy dies, Drew seeks to receive the benefits under the policy. Drew will likely fail to receive the benefits, because Drew
A. possessed no insurable interest at the time the insurance was obtained.   
B. possessed no insurable interest at the time of the loss.    
C. can't take out life insurance for a cat
D. committed fraud in taking out life insurance for a cat.   
17. Belle conveyed 10 acres of land to her daughter, Martha, by deed. No restrictions exist regarding Martha's ownership. Martha received a
A. life estate by gift.        C. fee simple absolute by gift
B. life estate by accession               D. fee simple absolute by accession.    

18. Terrance dies without a will, leaving behind two biological sons, an adopted daughter, and a stepson. Which of the following is true about this set of facts?
A. The two biological sons and the adopted daughter will equally share Terrance's estate.
       B. The two biological sons, the adopted daughter, and the stepson will equally share
Terrance's estate.
C. The two biological sons will equally share Terrance's estate.
D. The adopted daughter will receive a smaller part of the estate than the biological sons
will, and the stepson will receive nothing from the estate.
19. Sherry lives in Roger's house and pays Roger rent every week. Sherry doesn't possess a bailment because
A. there was no delivery of possession.       
B. bailments arise only with personal property.
C. no bailment agreement exists.
D. Sherry doesn't have exclusive possession of the house.
20. Meg has a ticket to see a performance of Hamlet. This ticket is an example of a/an
A. deed.        C. easement
B. covenant.                                        & nbsp;                            D. license.
Submitted: 6 years ago.
Category: Business Law
Expert:  Jane T (LLC) replied 6 years ago.

DearCustomer

Hello, I just saw this this AM, I apologize I had not known about it before.

1. Sammy took out a home insurance policy on the home of his neighbor, Ed. Three months later, Ed's home mysteriously burned down. Sammy attempted to collect on the policy he purchased earlier. Which of the following is true regarding this set of facts?

B. Sammy can't collect the insurance proceeds because he lacked an insurable interest at the time the policy was purchased.

2. Mildred deeded property to her daughter, Victoria. The deed explicitly stated that Mildred would remain the owner of the property for the remainder of her life, and that at her death. Victoria would become the owner of the property. What type of possessory interest does Mildred possess after the transaction?

C. Life estate

3. In his will, Max leaves his home, and the five acres upon which the home sits, to his wife, Selena. Max leaves his 1965 Mustang Convertible to his son, Peter, and his vintage wine collection to his daughter, Molly. Which of the following is true about this set of facts?

B. Selena received real property owned by Max, while Peter and Molly received personal property owned by Max.

4. Sam is leaving his hometown for an extended trip to Europe. Sam decides to leave his Corvette at his friend Freddie's house. Freddie is at work when Sam leaves the Corvette in his driveway, with the keys in the ignition. Two years later, Sam returns and calls Freddie to ask when he can pick up his car. A bailment probably doesn't exist in this situation, because no

B. bailment agreement existed in this instance.

5. Leopold owns 100 acres in a remote place that he rarely visits. One day, Kate sets up camp in the middle of the 100 acres, and ends up living on the land and using the land for her provisions for 15 years. Kate probably owns this land due to transfer by

B. adverse possession.

6. Noe agrees to pay Jason $75.00 per week to live in an apartment owned by Jason. Noe has a _____ estate.

A. leasehold

7. Ella is a 90-year-old woman who lives in a nursing home. Ella constantly calls her nurse's aide, Elizabeth, the name of Ella's grown daughter who lives in another city. Further, Ella insists on preparing breakfast, lunch, and dinner for her family every day, even though her family doesn't live with her in the nursing home. One day, Ella writes out on a sheet of paper, "All I have goes to Elizabeth." Ella signs the piece of paper. A valid will may not exist in this instance because

B. Ella may have lacked testamentary capacity.

8. Bazel and Bennie own several investment properties together. Each of the properties was deeded so that upon the death of either Bazel or Bennie, each individual's share will pass to the deceased's heirs. What type of ownership do Bazel and Bennie possess in the investment property?
A. Joint tenancy


9. Suzie was walking down the street when a $10 bill fell out of her pocket. Billy came along a few minutes later, and because he didn't see that the money came from Suzie's pocket, Billy put the money in his own pocket. Which of the following is true about this set of facts?

C. Suzie owns the $10, even if she fails to demand the money.

10. Sabrina owns ten houses, three automobiles, five mobile homes, and a strip mall. Which of the following is true about this set of facts?

C. The houses and strip mall are classified as real property, while the automobiles and
mobile homes are classified as personal property.

11. Billy wants to ensure that one day his children will receive all of the land he owns. Billy may use which one of the following methods to transfer his land to his children?

A. Deed


12. Lillie has the right to drive her automobile over Tim's land. Lillie can convey this when she conveys her property.

A. easement

13. Blake grants Travis the right to enter Blake's property and to cut down timber for Travis's timber business. Travis possesses a/an

D. easement in gross.

14. Woody owns a movie theater. One night, Woody finds a purse beside one of the seats in the theater after all of the moviegoers have left for the evening. Given this set of facts, Woody


A. may become the owner of the purse and its contents, if he doesn't know the identity of the true owner.

15. Edgar, who is 80 years old, handwrites the following: "I leave everything I own to my wife, Edna." Edgar signs the document. This document is

A. not a valid will because no witnesses were present.

16. Drew takes out $1 million in life insurance on his cat, Fluffy. When Fluffy dies, Drew seeks to receive the benefits under the policy. Drew will likely fail to receive the benefits, because Drew

C. can't take out life insurance for a cat

17. Belle conveyed 10 acres of land to her daughter, Martha, by deed. No restrictions exist regarding Martha's ownership. Martha received a

C. fee simple absolute by gift


18. Terrance dies without a will, leaving behind two biological sons, an adopted daughter, and a stepson. Which of the following is true about this set of facts?

A. The two biological sons and the adopted daughter will equally share Terrance's estate.

19. Sherry lives in Roger's house and pays Roger rent every week. Sherry doesn't possess a bailment because

B. bailments arise only with personal property.

20. Meg has a ticket to see a performance of Hamlet. This ticket is an example of a/an

D. license.

 

I am pretty sure of these, even of the two in blue, which I was at first unsure about.

Jane T (LLC), Attorney
Category: Business Law
Satisfied Customers: 8435
Experience: Worked in corporation's law department; business formations, formalities, and other business matters
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