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.
Apparent Authority
C.
Implied Authority
D.
Express 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.
Assignment
B.
Securities
C.
Assignor
D.
Collateral
Question #3
Comes into effect at a later date
A.
Donee Beneficiary
B.
Springing Power of Attorney
C.
Assignor
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.
Creditor Beneficiary
B.
Donee Beneficiary
C.
Assignor
D.
Principal
Question #5
Being a party to the contract
A.
Agent
B.
Principal
C.
Privity
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.
Inventory
B.
Novation
C.
Securities
D.
Gratuitous
Question #8
Requirement that agency contract be written, if contract to be established by agent must be written
A.
Purchase Money Security Interest
B.
Equal Dignity Rule
C.
Apparent Authority
D.
Joint Several Liability
Question #9
One who is authorized to act for or in place of another; representative
A.
Novation
B.
Assignor
C.
Agent
D.
Principal
Question #10
Formal written documents
A.
Instruments
B.
Assignor
C.
Principal
D.
Bulk Sale
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.
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.
Apparent Authority
B.
Implied Authority
C.
Creditor Beneficiary
D.
Express 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.
Inventory
B.
Assignor
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.
Mortgage
B.
Perfect
C.
Good Faith Buyer in the Course of Ordinary Business
D.
Partially Disclosed Principal
Question #16
Moveable items, also called Personal Property
A.
Inventory
B.
Chattel
C.
Lien
D.
Securities
Question #17
To register or record an instrument so that the public is on notice of its terms
A.
Perfect
B.
Power of Attorney
C.
Estop
D.
Operation of Law
Question #18
Sale of major part of inventory, not in ordinary course of business
A.
Bulk Sale
B.
Inventory
C.
Securities
D.
Consumer Goods
Question #19
Creation of an enforceable security interest
A.
Attachment
B.
Indemnification Clause
C.
Collateral
D.
Privity
Question #20
Authority given by words or conduct
A.
Principal
B.
Apparent Authority
C.
Implied Authoirty
D.
Express Authority
Question #21
Goods held for sale or lease
A.
Securities
B.
Assignment
C.
Novation
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.
Donee Beneficiary
B.
Agency Coupled with Interest
C.
Partially Disclosed Principal
D.
Creditor Beneficiary
Question #23
Co-obligors can be sued together or any one can be liable for the entire obligation
A.
Third Party Beneficiary
B.
Joint Several Liability
C.
Durable Power of Attorney
D.
Agency Coupled with an Interest
Question #24
Evidence of investment in a common scheme
A.
Third Party Beneficiary
B.
Securities
C.
Durable Power of Attorney
D.
Incidental Beneficiary
Question #25
Transfer of interest in property or some right (contractual entitlement) to another
A.
Assignment
B.
lien
C.
Novation
D.
Mortgage
Question #26
New contract, involving new parties; cancels earlier contract
A.
Estop
B.
Novation
C.
Lien
D.
Mortgage
Question #27
Party for whom agent acts
A.
Agent
B.
Principal
C.
Power of Attorney
D.
Assignee
Question #28
Items used primarily for personal, family, or household purposes
A.
Chattel
B.
Inventory
C.
Consumer Goods
D.
Bulk Sale
Question #29
Security interest in real estate
A.
Estop
B.
Mortgage
C.
Chattel
D.
Ratification
Question #30
Existence of agency is known, identity of principal is not known
A.
Durable Power of Attorney
B.
Donee Beneficiary
C.
Good Faith Buyer in the Ordinary Course of Business
D.
Partially Disclosed Principal
Question #31
Creates an agency relationship that remains in effect during the grantor's incompetency
A.
Ratification
B.
Securities
C.
Durable Power of Attorney
D.
Mortgage
Question #32
An encumbrance against property, typically to secure payment of a debt
A.
Delegation
B.
Lien
C.
Mortgage
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.
Power of attorney
B.
Durable Power of Attorney
C.
Partially Disclosed Principal
D.
Ratification
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.
Novation
B.
Ratification
C.
Assignment
D.
Delegation
Question #37
Agent has a financial stake in the transaction
A.
Donee Beneficiary
B.
Durable Power of Attorney
C.
Agency Coupled with an Interest
D.
Creditor Beneficiary
Question #38
Not a party to a contract, but benefits from contract
A.
Creditor Beneficiary
B.
Third Party Beneficiary
C.
Power of Attorney
D.
Donee Beneficiary
Question #39
One to whom rights are transferred by another
A.
Assignee
B.
Agency Coupled with Interest
C.
Ratification
D.
Power of Attorney
Question #40
A third-party beneficiary, not intended to benefit from contract, does not acquire rights under contract
A.
Incidental Beneficiary
B.
Third Party Beneficiary
C.
Donee Beneficiary
D.
Creditor Beneficiary
Question #41
Also called real property or realty, consists of land and buildings
A.
Novation
B.
Real Estate
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.
Third Party Beneficiary
B.
Fiduciary Relationship
C.
Agency Coupled with Interest
D.
Power of Attorney
Question #43
Pass contractual obligations to another
A.
Delegation
B.
Operation of Law
C.
Power of Attorney
D.
Incidental Beneficiary
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