Paralegal 041 - Contract Law » 2019 » Chapter 9 Review Materials
Need help with your exam preparation?
Get Answers to this exam for $6 USD.
Get Answers to all exams in [ Paralegal 041 - Contract Law ] course for $25 USD.
Existing Quiz Clients Login here
Question #1
Authority not expressed in writing or spoken words; arises from circumstances
A.
Implied Authority
B.
Springing Power of Attorney
C.
Express 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.
Securities
B.
Collateral
C.
Assignor
D.
Assignment
Question #3
Comes into effect at a later date
A.
Good Faith Buyer in the Course of Ordinary Business
B.
Springing Power of Attorney
C.
Donee Beneficiary
D.
Assignor
Question #4
A third-party beneficiary, intended to benefit from contract performance, as a gift
A.
Assignor
B.
Principal
C.
Creditor Beneficiary
D.
Donee Beneficiary
Question #5
Being a party to the contract
A.
Instruments
B.
Agent
C.
Privity
D.
Principal
Question #6
Take property to satisfy debt
A.
Perfect
B.
Collateral
C.
Assignment
D.
Foreclose
Question #7
Done without compensation; a gift
A.
Securities
B.
Novation
C.
Gratuitous
D.
Inventory
Question #8
Requirement that agency contract be written, if contract to be established by agent must be written
A.
Apparent Authority
B.
Equal Dignity Rule
C.
Joint Several Liability
D.
Purchase Money Security Interest
Question #9
One who is authorized to act for or in place of another; representative
A.
Assignor
B.
Novation
C.
Principal
D.
Agent
Question #10
Formal written documents
A.
Assignor
B.
Bulk Sale
C.
Principal
D.
Instruments
Question #11
Lien against property to secure a loan used to acquire that property
A.
Purchase Money Security Interest
B.
Springing Power of Attorney
C.
Indemnification Clause
D.
Good Faith Buyer in the Course of Ordinary Business
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.
Creditor Beneficiary
D.
Implied Authority
Question #13
One party agrees to compensate the other for losses arising from the contract; see Hold Harmless Clause
A.
Estop
B.
Lien
C.
Indemnification clause
D.
Joint Several Liability
Question #14
One who transfers rights to another
A.
Assignor
B.
Inventory
C.
Operation of Law
D.
Power of Attorney
Question #15
A buyer who acts honestly, gives value, and has no notice of other claims
A.
Good Faith Buyer in the Course of Ordinary Business
B.
Partially Disclosed Principal
C.
Mortgage
D.
Perfect
Question #16
Moveable items, also called Personal Property
A.
Lien
B.
Inventory
C.
Securities
D.
Chattel
Question #17
To register or record an instrument so that the public is on notice of its terms
A.
Power of Attorney
B.
Operation of Law
C.
Estop
D.
Perfect
Question #18
Sale of major part of inventory, not in ordinary course of business
A.
Bulk Sale
B.
Consumer Goods
C.
Inventory
D.
Securities
Question #19
Creation of an enforceable security interest
A.
Collateral
B.
Privity
C.
Attachment
D.
Indemnification Clause
Question #20
Authority given by words or conduct
A.
Express Authority
B.
Apparent Authority
C.
Implied Authoirty
D.
Principal
Question #21
Goods held for sale or lease
A.
Novation
B.
Assignment
C.
Inventory
D.
Securities
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.
Creditor Beneficiary
B.
Partially Disclosed Principal
C.
Donee 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.
Durable Power of Attorney
B.
Third Party Beneficiary
C.
Joint Several Liability
D.
Agency Coupled with an Interest
Question #24
Evidence of investment in a common scheme
A.
Incidental Beneficiary
B.
Securities
C.
Durable Power of Attorney
D.
Third Party Beneficiary
Question #25
Transfer of interest in property or some right (contractual entitlement) to another
A.
Novation
B.
Assignment
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.
Principal
C.
Assignee
D.
Power of Attorney
Question #28
Items used primarily for personal, family, or household purposes
A.
Inventory
B.
Chattel
C.
Bulk Sale
D.
Consumer Goods
Question #29
Security interest in real estate
A.
Chattel
B.
Ratification
C.
Estop
D.
Mortgage
Question #30
Existence of agency is known, identity of principal is not known
A.
Good Faith Buyer in the Ordinary Course of Business
B.
Donee Beneficiary
C.
Durable Power of Attorney
D.
Partially Disclosed Principal
Question #31
Creates an agency relationship that remains in effect during the grantor's incompetency
A.
Durable Power of Attorney
B.
Securities
C.
Mortgage
D.
Ratification
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.
Chattel
B.
Estop
C.
Lien
D.
Estop
Question #34
Document creating an agency
A.
Ratification
B.
Durable Power of Attorney
C.
Power of attorney
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.
Operation of Law
C.
Third Party Beneficiary
D.
Donee Beneficiary
Question #36
Acceptance of acts by agent after they occur
A.
Ratification
B.
Delegation
C.
Assignment
D.
Novation
Question #37
Agent has a financial stake in the transaction
A.
Agency Coupled with an Interest
B.
Durable Power of Attorney
C.
Creditor Beneficiary
D.
Donee Beneficiary
Question #38
Not a party to a contract, but benefits from contract
A.
Third Party Beneficiary
B.
Power of Attorney
C.
Creditor Beneficiary
D.
Donee Beneficiary
Question #39
One to whom rights are transferred by another
A.
Ratification
B.
Power of Attorney
C.
Agency Coupled with Interest
D.
Assignee
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.
Novation
B.
Real Estate
C.
Securities
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.
Power of Attorney
B.
Fiduciary Relationship
C.
Third Party Beneficiary
D.
Agency Coupled with Interest
Question #43
Pass contractual obligations to another
A.
Operation of Law
B.
Power of Attorney
C.
Incidental Beneficiary
D.
Delegation
Need help with your exam preparation?
Get Answers to this exam for $6 USD.
Get Answers to all exams in [ Paralegal 041 - Contract Law ] course for $25 USD.
Existing Quiz Clients Login here