Legal Environment of Business: Final Exam - Chapters 7 - 12 Student: 1. Mike has a...

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Legal Environment of Business: Final Exam - Chapters 7 - 12 Student: 1. Mike has a car accident and Maria saves his life. To show his appreciation, Mike gives Maria a life estate in one of the homes he owns. Maria lives there for a while and then accepts a job in another state so she gives the property to her sister Jackie. (This is permissible to do.) Jackie owns the property: A. Until she dies. B. Until Maria dies. C. Until Mike dies. D. Until both Mike and Maria die. 2. What type laws divide counties or municipalities into use districts designated as residential, commercial, or industrial? A. Nuisance. B. Zoning. C. Adverse possession. D. Eminent domain. 3. An easement by prescription: A. Creates ownership of the land in question B. Creates a right of use in the land in question C. Occurs when landlocked property is purchased D. Creates a leasehold estate 4. Willie gave his girlfriend Madonna a gold necklace for her birthday. The next day Madonna broke Willie and started dating his best friend Waylon. Willie is heartbroken and furious. He becomes so upset that he commits suicide. Can Willie's estate get the necklace back from Madonna? with up A. Willie's estate can recover the necklace because a donor is entitled to revoke or withdraw a gift within a reasonable period of time. B. Willie's estate can recover the necklace because Madonna paid no consideration for the gift. C. Willie's estate cannot recover the necklace because he intended to make the gift and delivered it. D. Willie's estate cannot recover the necklace because it was unfair for Madonna to cheat on him. 5. Wayne and Garth are lifelong slackers. They are twins in their mid 40's yet they still live with their parents. Finally on their 45tn birthdays, they are told by their parents that they must move out within 60 days. A. Because they have remained on the property for over 20 years as adults, they may remain based on adverse possession. B. Because they have remained on the property for over 20 years as adults, they may remain based on an easement by prescription. C. Because they have remained on the property for over 20 years as adults, and have been open and notorious, they may remain on the property based on eminent domain. . They must move out. Legal Environment of Business: Final Exam - Chapters 7 - 12 Student: 1. Mike has a car accident and Maria saves his life. To show his appreciation, Mike gives Maria a life estate in one of the homes he owns. Maria lives there for a while and then accepts a job in another state so she gives the property to her sister Jackie. (This is permissible to do.) Jackie owns the property: A. Until she dies. B. Until Maria dies. C. Until Mike dies. D. Until both Mike and Maria die. 2. What type laws divide counties or municipalities into use districts designated as residential, commercial, or industrial? A. Nuisance. B. Zoning. C. Adverse possession. D. Eminent domain. 3. An easement by prescription: A. Creates ownership of the land in question B. Creates a right of use in the land in question C. Occurs when landlocked property is purchased D. Creates a leasehold estate 4. Willie gave his girlfriend Madonna a gold necklace for her birthday. The next day Madonna broke Willie and started dating his best friend Waylon. Willie is heartbroken and furious. He becomes so upset that he commits suicide. Can Willie's estate get the necklace back from Madonna? with up A. Willie's estate can recover the necklace because a donor is entitled to revoke or withdraw a gift within a reasonable period of time. B. Willie's estate can recover the necklace because Madonna paid no consideration for the gift. C. Willie's estate cannot recover the necklace because he intended to make the gift and delivered it. D. Willie's estate cannot recover the necklace because it was unfair for Madonna to cheat on him. 5. Wayne and Garth are lifelong slackers. They are twins in their mid 40's yet they still live with their parents. Finally on their 45tn birthdays, they are told by their parents that they must move out within 60 days. A. Because they have remained on the property for over 20 years as adults, they may remain based on adverse possession. B. Because they have remained on the property for over 20 years as adults, they may remain based on an easement by prescription. C. Because they have remained on the property for over 20 years as adults, and have been open and notorious, they may remain on the property based on eminent domain. . They must move out.

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Ans 1B A life estate is the ownership of the property for the entire duration of the persons life In ... View the full answer