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.
Implied Authority
B.
Express Authority
C.
Springing Power of Attorney
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.
Securities
B.
Assignor
C.
Assignment
D.
Collateral
Question #3
Comes into effect at a later date
A.
Assignor
B.
Springing Power of Attorney
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.
Creditor Beneficiary
B.
Principal
C.
Donee Beneficiary
D.
Assignor
Question #5
Being a party to the contract
A.
Privity
B.
Principal
C.
Agent
D.
Instruments
Question #6
Take property to satisfy debt
A.
Perfect
B.
Foreclose
C.
Assignment
D.
Collateral
Question #7
Done without compensation; a gift
A.
Novation
B.
Securities
C.
Gratuitous
D.
Inventory
Question #8
Requirement that agency contract be written, if contract to be established by agent must be written
A.
Equal Dignity Rule
B.
Joint Several Liability
C.
Purchase Money Security Interest
D.
Apparent Authority
Question #9
One who is authorized to act for or in place of another; representative
A.
Assignor
B.
Novation
C.
Agent
D.
Principal
Question #10
Formal written documents
A.
Instruments
B.
Principal
C.
Assignor
D.
Bulk Sale
Question #11
Lien against property to secure a loan used to acquire that property
A.
Good Faith Buyer in the Course of Ordinary Business
B.
Springing Power of Attorney
C.
Purchase Money Security Interest
D.
Indemnification Clause
Question #12
Principal's dealings with third parties have given third parties reason to believe that an agent has authority
A.
Creditor Beneficiary
B.
Apparent Authority
C.
Express Authority
D.
Implied Authority
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.
Assignor
B.
Inventory
C.
Power of Attorney
D.
Operation of Law
Question #15
A buyer who acts honestly, gives value, and has no notice of other claims
A.
Perfect
B.
Mortgage
C.
Partially Disclosed Principal
D.
Good Faith Buyer in the Course of Ordinary Business
Question #16
Moveable items, also called Personal Property
A.
Inventory
B.
Chattel
C.
Securities
D.
Lien
Question #17
To register or record an instrument so that the public is on notice of its terms
A.
Operation of Law
B.
Power of Attorney
C.
Estop
D.
Perfect
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.
Collateral
B.
Attachment
C.
Privity
D.
Indemnification Clause
Question #20
Authority given by words or conduct
A.
Express Authority
B.
Principal
C.
Apparent Authority
D.
Implied Authoirty
Question #21
Goods held for sale or lease
A.
Securities
B.
Novation
C.
Assignment
D.
Inventory
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.
Partially Disclosed Principal
C.
Creditor Beneficiary
D.
Donee Beneficiary
Question #23
Co-obligors can be sued together or any one can be liable for the entire obligation
A.
Durable Power of Attorney
B.
Third Party Beneficiary
C.
Agency Coupled with an Interest
D.
Joint Several Liability
Question #24
Evidence of investment in a common scheme
A.
Durable Power of Attorney
B.
Incidental Beneficiary
C.
Securities
D.
Third Party Beneficiary
Question #25
Transfer of interest in property or some right (contractual entitlement) to another
A.
Novation
B.
lien
C.
Mortgage
D.
Assignment
Question #26
New contract, involving new parties; cancels earlier contract
A.
Lien
B.
Estop
C.
Novation
D.
Mortgage
Question #27
Party for whom agent acts
A.
Principal
B.
Power of Attorney
C.
Agent
D.
Assignee
Question #28
Items used primarily for personal, family, or household purposes
A.
Consumer Goods
B.
Chattel
C.
Bulk Sale
D.
Inventory
Question #29
Security interest in real estate
A.
Chattel
B.
Estop
C.
Ratification
D.
Mortgage
Question #30
Existence of agency is known, identity of principal is not known
A.
Donee Beneficiary
B.
Good Faith Buyer in the Ordinary Course of Business
C.
Partially Disclosed Principal
D.
Durable Power of Attorney
Question #31
Creates an agency relationship that remains in effect during the grantor's incompetency
A.
Durable Power of Attorney
B.
Mortgage
C.
Ratification
D.
Securities
Question #32
An encumbrance against property, typically to secure payment of a debt
A.
Delegation
B.
Mortgage
C.
Lien
D.
Assignment
Question #33
To bar assertion of a claim or right that contradicts what has been said or done before
A.
Lien
B.
Chattel
C.
Estop
D.
Estop
Question #34
Document creating an agency
A.
Partially Disclosed Principal
B.
Durable Power of Attorney
C.
Power of attorney
D.
Ratification
Question #35
Events, including death, insanity, destruction of subject matter, and illegality, may terminate an offer
A.
Operation of Law
B.
Power of Attorney
C.
Third Party Beneficiary
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.
Creditor Beneficiary
B.
Donee Beneficiary
C.
Agency Coupled with an Interest
D.
Durable Power of Attorney
Question #38
Not a party to a contract, but benefits from contract
A.
Power of Attorney
B.
Third Party Beneficiary
C.
Creditor Beneficiary
D.
Donee Beneficiary
Question #39
One to whom rights are transferred by another
A.
Ratification
B.
Agency Coupled with Interest
C.
Assignee
D.
Power of Attorney
Question #40
A third-party beneficiary, not intended to benefit from contract, does not acquire rights under contract
A.
Creditor Beneficiary
B.
Donee Beneficiary
C.
Incidental Beneficiary
D.
Third Party 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.
Fiduciary Relationship
B.
Agency Coupled with Interest
C.
Third Party Beneficiary
D.
Power of Attorney
Question #43
Pass contractual obligations to another
A.
Delegation
B.
Operation of Law
C.
Incidental Beneficiary
D.
Power of Attorney
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