1. Which of the following is a partnership?
Jennifer and Brad each put in $20,000 to buy a
high interest Certificate of Deposit, intending to cash it at maturity and
split the money equally.
Allen, Bianca, and Caroline jointly run an
organization offering free advice to LGBT teenagers.
Peyton and Eli, who invest $50,000 and $75,000
respectively, buy a bookstore and run it together.
All of these are partnerships.
2. Which of the
following does NOT have the advantage of single taxation?
3. Jake moves into an
empty house. The owner lives down the block, and sees Jake coming and going
periodically. Before Jake moved in, the house was often vandalized, but Jake
seems to be taking care of it. After 20 years, the law declares Jake to be the
owner of the property. This is an example of:
An implied tenancy
4. Brandon, an
officer for Beta Inc., contracts with Office Stuff for five new copy machines.
The copiers are delivered, but Beta does not pay for them. Office Stuff sues. Which of the following
best describes the situation?
Brandon is liable, Beta is not.
Brandon and Beta are both liable.
Beta is liable; Brandon is not.
Neither Beta nor Brandon are liable.
5. Tamsyn is a
promoter for Akers Inc., which is in the process of being formed. Tamsyn makes
a contract with Lyle to rent warehouse space for Akers. Once Akers is formed,
the board decides to buy a warehouse instead of renting. Who is liable to Lyle?
The board of directors for Akers Inc.
All of these
6. Anna gathers
leaves that have fallen from a neighbor’s tree onto the sidewalk and makes them
into an elaborate collage. Anna owns the collage by?
.7. Generally, the
law presumes that the renter of an apartment will
fix a leaky faucet.
fix a leaky roof.
give at least 60 days notice that he is leaving.
show the apartment to prospective buyers if the
building is for sale.
8. Which of the
following has NOT been a criticism of the Supreme Court’s decision in Citizens
United v. Federal Election Commission?
It allowed corporations to play too major a role
in political campaigns.
It allowed too much anonymity in money spent to
It overly restricted freedom of speech.
All persons’ rights are not identical.
9. Carmen tells Jason, “I just found out I have cancer and I
probably only have a month to live, so I’m giving you my oil painting, ‘Flowers
in a Vase’.” Jason commiserates over her impending death, thanks her, and takes
the painting. This illustrates:
A gift inter vivos
A gift causa mortis
An irrevocable gift
A revocable gift
Two of these
10. Attorneys Arianna
and Alexander share an office that has a sign reading: “A & A, a law firm.”
Their billing invoices have both their names on them, and they deposit their
earnings and cover the rent from the same account. They do not share profits or
have any agreement to be partners. Dexter, a client of Arianna’s for the past
two years, sues both Arianna and Alexander, alleging that Arianna committed
malpractice. If Dexter wins in court and is awarded $50,000 in damages, who is
liable to him?
Either Arianna or Alexander, but not both
Both Arianna and Alexander