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