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Question 1 of 10
1. Question
Who can be selected as Fiduciary?
I. Someone who outlives the testator
II. Someone who has skills in legal and financial affairs
III. Someone who is familiar with testator
IV. Partial person with lack of integrityCorrect
When selecting a fiduciary, one should look for a person who will most likely outlive the testator, has skills in legal and financial affairs, is familiar with the testator, and is an impartial person with strong integrity.
Incorrect
When selecting a fiduciary, one should look for a person who will most likely outlive the testator, has skills in legal and financial affairs, is familiar with the testator, and is an impartial person with strong integrity.
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Question 2 of 10
2. Question
In a contract, minimum how many people must be involved?
Correct
In contract law, the person to whom an offer is made is called the offeree; the person who makes the offer is called the offeror.
Incorrect
In contract law, the person to whom an offer is made is called the offeree; the person who makes the offer is called the offeror.
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Question 3 of 10
3. Question
Identify the essential elements for a valid contract:
I. Genuineness of Assent
II. Inadequate Consideration
III. No Undue Consideration
IV. Offer and AcceptanceCorrect
In order for a valid contract to exist, there must be five specific elements. The first is offer and acceptance, in which one part makes a definite, unqualified offer that the other accepts completely. There must then be what is known as genuineness of assent, meaning that there can be no misrepresentation, coercion, undue influence, ambiguities, or wilfully incorrect information. There must also be adequate consideration.
Incorrect
In order for a valid contract to exist, there must be five specific elements. The first is offer and acceptance, in which one part makes a definite, unqualified offer that the other accepts completely. There must then be what is known as genuineness of assent, meaning that there can be no misrepresentation, coercion, undue influence, ambiguities, or wilfully incorrect information. There must also be adequate consideration.
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Question 4 of 10
4. Question
In which type of contract, both parties make legally enforceable promises to one another?
Correct
In a bilateral contract, both parties make legally enforceable promises to one another.
Incorrect
In a bilateral contract, both parties make legally enforceable promises to one another.
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Question 5 of 10
5. Question
In which type of contract one party makes a promise in exchange for another party either doing something or not doing something?
Correct
In a unilateral contract, one party makes a promise in exchange for another party either doing something or not doing something. Insurance contracts are considered unilateral, since the insured doesn’t have any specific obligations.
Incorrect
In a unilateral contract, one party makes a promise in exchange for another party either doing something or not doing something. Insurance contracts are considered unilateral, since the insured doesn’t have any specific obligations.
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Question 6 of 10
6. Question
Identify the contract that has all the elements required for enforceability, but from which one party will be able to escape for some other reason:
Correct
An unenforceable contract is one that seems to have all the necessary elements for enforceability, but from which one party will be able to escape for some other reason.
Incorrect
An unenforceable contract is one that seems to have all the necessary elements for enforceability, but from which one party will be able to escape for some other reason.
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Question 7 of 10
7. Question
Which contract is legally enforceable contract but can be escaped from?
Correct
In a void contract, one or more of the elements required for a contract to be legal are missing. A voidable contract is one that is legally enforceable, but from which one of the parties could potentially escape because of some lack of genuineness of assent.
Incorrect
In a void contract, one or more of the elements required for a contract to be legal are missing. A voidable contract is one that is legally enforceable, but from which one of the parties could potentially escape because of some lack of genuineness of assent.
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Question 8 of 10
8. Question
Identify the types of private misdeeds:
I. Intentional
II. Unintentional
III. Crimes
IV. TortsCorrect
Private misdeeds are violations of the rights of another person and are known as torts. The person who commits such a wrong is known as a tortfeasor. There are two kinds of torts: intentional and unintentional.
Incorrect
Private misdeeds are violations of the rights of another person and are known as torts. The person who commits such a wrong is known as a tortfeasor. There are two kinds of torts: intentional and unintentional.
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Question 9 of 10
9. Question
Identify the types of Intentional Torts:
I. Assault
II. Libel
III. Trespassing
IV. CarelessnessCorrect
Intentional torts are intentional infringements on the rights of others, such as assault, libel, trespass, or invasionof privacy. Unintentional torts are performed through negligence or carelessness.
Incorrect
Intentional torts are intentional infringements on the rights of others, such as assault, libel, trespass, or invasionof privacy. Unintentional torts are performed through negligence or carelessness.
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Question 10 of 10
10. Question
When is an Agent said to be an independent contractor?
Correct
When an agent acts on behalf of a principal, he or she has the fiduciary duty to act in the principal’s best interest, not his or her own. When an agent is an independent contractor, the principal has no control over his or her actions. When an agent is an employee of the principal, however, the principal may direct the behavior of the agent.
Incorrect
When an agent acts on behalf of a principal, he or she has the fiduciary duty to act in the principal’s best interest, not his or her own. When an agent is an independent contractor, the principal has no control over his or her actions. When an agent is an employee of the principal, however, the principal may direct the behavior of the agent.