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:
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