Paralegal 041 - Contract Law » 2019 » Chapter 9 Review Materials
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Question #1
Authority not expressed in writing or spoken words; arises from circumstances
A.
Springing Power of Attorney
B.
Express Authority
C.
Implied Authority
D.
Apparent Authority
Question #2
Assets pledged by a borrower to secure a loan or other credit, and subject to seizure in the event of default
A.
Collateral
B.
Assignment
C.
Assignor
D.
Securities
Question #3
Comes into effect at a later date
A.
Springing Power of Attorney
B.
Assignor
C.
Good Faith Buyer in the Course of Ordinary Business
D.
Donee Beneficiary
Question #4
A third-party beneficiary, intended to benefit from contract performance, as a gift
A.
Assignor
B.
Principal
C.
Donee Beneficiary
D.
Creditor Beneficiary
Question #5
Being a party to the contract
A.
Agent
B.
Instruments
C.
Principal
D.
Privity
Question #6
Take property to satisfy debt
A.
Collateral
B.
Foreclose
C.
Assignment
D.
Perfect
Question #7
Done without compensation; a gift
A.
Securities
B.
Gratuitous
C.
Inventory
D.
Novation
Question #8
Requirement that agency contract be written, if contract to be established by agent must be written
A.
Joint Several Liability
B.
Apparent Authority
C.
Purchase Money Security Interest
D.
Equal Dignity Rule
Question #9
One who is authorized to act for or in place of another; representative
A.
Novation
B.
Agent
C.
Principal
D.
Assignor
Question #10
Formal written documents
A.
Assignor
B.
Instruments
C.
Bulk Sale
D.
Principal
Question #11
Lien against property to secure a loan used to acquire that property
A.
Purchase Money Security Interest
B.
Good Faith Buyer in the Course of Ordinary Business
C.
Indemnification Clause
D.
Springing Power of Attorney
Question #12
Principal's dealings with third parties have given third parties reason to believe that an agent has authority
A.
Apparent Authority
B.
Express Authority
C.
Implied Authority
D.
Creditor Beneficiary
Question #13
One party agrees to compensate the other for losses arising from the contract; see Hold Harmless Clause
A.
Joint Several Liability
B.
Estop
C.
Lien
D.
Indemnification clause
Question #14
One who transfers rights to another
A.
Power of Attorney
B.
Assignor
C.
Inventory
D.
Operation of Law
Question #15
A buyer who acts honestly, gives value, and has no notice of other claims
A.
Mortgage
B.
Good Faith Buyer in the Course of Ordinary Business
C.
Perfect
D.
Partially Disclosed Principal
Question #16
Moveable items, also called Personal Property
A.
Chattel
B.
Lien
C.
Inventory
D.
Securities
Question #17
To register or record an instrument so that the public is on notice of its terms
A.
Estop
B.
Operation of Law
C.
Perfect
D.
Power of Attorney
Question #18
Sale of major part of inventory, not in ordinary course of business
A.
Securities
B.
Inventory
C.
Consumer Goods
D.
Bulk Sale
Question #19
Creation of an enforceable security interest
A.
Privity
B.
Indemnification Clause
C.
Attachment
D.
Collateral
Question #20
Authority given by words or conduct
A.
Express Authority
B.
Apparent Authority
C.
Principal
D.
Implied Authoirty
Question #21
Goods held for sale or lease
A.
Inventory
B.
Securities
C.
Assignment
D.
Novation
Question #22
A third-party beneficiary, to whom a contract party is indebted, and who is intended to benefit from the performance of a contract
A.
Agency Coupled with Interest
B.
Creditor Beneficiary
C.
Donee Beneficiary
D.
Partially Disclosed Principal
Question #23
Co-obligors can be sued together or any one can be liable for the entire obligation
A.
Agency Coupled with an Interest
B.
Joint Several Liability
C.
Third Party Beneficiary
D.
Durable Power of Attorney
Question #24
Evidence of investment in a common scheme
A.
Securities
B.
Durable Power of Attorney
C.
Incidental Beneficiary
D.
Third Party Beneficiary
Question #25
Transfer of interest in property or some right (contractual entitlement) to another
A.
Assignment
B.
Novation
C.
Mortgage
D.
lien
Question #26
New contract, involving new parties; cancels earlier contract
A.
Lien
B.
Novation
C.
Estop
D.
Mortgage
Question #27
Party for whom agent acts
A.
Agent
B.
Assignee
C.
Principal
D.
Power of Attorney
Question #28
Items used primarily for personal, family, or household purposes
A.
Bulk Sale
B.
Consumer Goods
C.
Inventory
D.
Chattel
Question #29
Security interest in real estate
A.
Chattel
B.
Ratification
C.
Mortgage
D.
Estop
Question #30
Existence of agency is known, identity of principal is not known
A.
Durable Power of Attorney
B.
Good Faith Buyer in the Ordinary Course of Business
C.
Partially Disclosed Principal
D.
Donee Beneficiary
Question #31
Creates an agency relationship that remains in effect during the grantor's incompetency
A.
Durable Power of Attorney
B.
Ratification
C.
Securities
D.
Mortgage
Question #32
An encumbrance against property, typically to secure payment of a debt
A.
Assignment
B.
Lien
C.
Mortgage
D.
Delegation
Question #33
To bar assertion of a claim or right that contradicts what has been said or done before
A.
Estop
B.
Chattel
C.
Lien
D.
Estop
Question #34
Document creating an agency
A.
Power of attorney
B.
Durable Power of Attorney
C.
Ratification
D.
Partially Disclosed Principal
Question #35
Events, including death, insanity, destruction of subject matter, and illegality, may terminate an offer
A.
Third Party Beneficiary
B.
Operation of Law
C.
Power of Attorney
D.
Donee Beneficiary
Question #36
Acceptance of acts by agent after they occur
A.
Delegation
B.
Novation
C.
Assignment
D.
Ratification
Question #37
Agent has a financial stake in the transaction
A.
Agency Coupled with an Interest
B.
Donee Beneficiary
C.
Durable Power of Attorney
D.
Creditor Beneficiary
Question #38
Not a party to a contract, but benefits from contract
A.
Power of Attorney
B.
Donee Beneficiary
C.
Creditor Beneficiary
D.
Third Party Beneficiary
Question #39
One to whom rights are transferred by another
A.
Assignee
B.
Power of Attorney
C.
Ratification
D.
Agency Coupled with Interest
Question #40
A third-party beneficiary, not intended to benefit from contract, does not acquire rights under contract
A.
Third Party Beneficiary
B.
Creditor Beneficiary
C.
Donee Beneficiary
D.
Incidental Beneficiary
Question #41
Also called real property or realty, consists of land and buildings
A.
Real Estate
B.
Novation
C.
Chattel
D.
Securities
Question #42
Relationship in which one person is under a duty to act for the benefit of the other on matters within the scope of the relationship
A.
Agency Coupled with Interest
B.
Fiduciary Relationship
C.
Power of Attorney
D.
Third Party Beneficiary
Question #43
Pass contractual obligations to another
A.
Delegation
B.
Power of Attorney
C.
Incidental Beneficiary
D.
Operation of Law
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