LAW

The National Safety Agency is created to issue regulations to govern manufacturing. Similar to most other agencies, it may given the power to

·  Question 2

 

	If one holds the entire bundle of rights to property, that person is the owner in

·  Question 3

	A bailment refers to the delivery of real and personal property to another without the transfer of title.

·  Question 4

	Sytes Business Corporation, a U.S. firm, and Comida Comercial, S.A., a Mexican firm, are parties to a contract that specifies the applicable law as that of “California”.  This is

·  Question 5

 

	A conveyance of property for the life of a specified individual creates a fee simple absolute.

·  Question 6

	Elin rents an apartment from Fresh Properties, Inc. A clause in the lease provides that Fresh is not responsible for interruptions in the apartment building’s heating. A court would likely hold this clause to be:

·  Question 7

 

	The principle of comity allows one country to give effect to the laws of another country if the laws of that country are consistent with its own laws.

·  Question 8

 

	A leasehold estate is an estate held by a tenant under a lease.

·  Question 9

 

	Risk management is the transfer of certain risks from one individual to an insurance company.

·  Question 10

 

	Persons who share ownership rights simultaneously are concurrent owners.

·  Question 11

 

	Secure Storage Corporation and Warehouse Equipment, Inc., are the parties to the bailment of a forklift. A bailment is different from a gift because:

·  Question 12

	Standard Business Corporation may be engaging in conduct that violates the Sherman Act. To bring an action against the firm requires that its conduct have a significant impact on

·  Question 13

 

	Elaine’s will is admitted to probate, which is the process by which

·  Question 14

 

	A codicil is a clause in a will affirming an administrator’s testamentary capacity.

·  Question 15

 

	Fancy Credit Corporation (FCC) believes that Susan may dispose of the assets that FCC expects to receive as payment for Susan’s debt before FCC an obtain a judgment.  FCC may ask a court to issue a writ of

·  Question 16

 

	Congress may delegate some of its authority to administrative agencies.

·  Question 17

 

	A person has an insurable interest in property if he or she would sustain a pecuniary loss from the property’s destruction.

·  Question 18

 

	Home equity refers to a portion of the home’s value that is mortgaged.

·  Question 19

 

	A combination that facilitates the creation of a monopoly is a restraint of trade.

·  Question 20

 

	Sam is an insurance broker. Through Sam, Midstates Manufacturing Company applies for an insurance policy with National Insurers, Inc. In this transaction, Sam is an agent of: