Question 1

What are the legal consequences of signing a contract for the sale of real property?

Accepted Answer

A) The purchasers own an equitable interest in the property. 
B) The purchaser has an option to sell the property. 
C) The purchaser is the trustee for the vendor. 
D) The purchaser has legal ownership of the property. 
A) The purchasers own an equitable interest in the property. 
B) The purchaser has an option to sell the property. 
C) The purchaser is the trustee for the vendor. 
D) The purchaser has legal ownership of the property. A

Question 2

Xania and Kim are drafting a written partnership agreement.Which of the following is least likely to be included in the partnership agreement?

Accepted Answer

A) A term stating that each partner will make an initial financial contribution of $10 000. 
B) A term stating that the partnership will be an ongoing one. 
C) A term stating that profits and losses are to be shared equally. 
D) A term stating that decision making will be by majority. 
A) A term stating that each partner will make an initial financial contribution of $10 000. 
B) A term stating that the partnership will be an ongoing one. 
C) A term stating that profits and losses are to be shared equally. 
D) A term stating that decision making will be by majority. D

Question 3

Zee Holden is planning on setting up a printing business.Zee must register her business name unless the business name is:

Accepted Answer

A) Zee Holden. 
B) Zee's Printing. 
C) Holden Printing. 
D) ZH Printing. 
A) Zee Holden. 
B) Zee's Printing. 
C) Holden Printing. 
D) ZH Printing. A

Question 4

Which of the following promises by a lessee (tenant) is not implied by common law or statute?

Accepted Answer

A) A promise to give up possession of the premises at the end of the lease 
B) A promise to quietly enjoy the premises 
C) A promise to use the premises in a 'tenant-like' manner 
D) A promise to pay rent 
A) A promise to give up possession of the premises at the end of the lease 
B) A promise to quietly enjoy the premises 
C) A promise to use the premises in a 'tenant-like' manner 
D) A promise to pay rent

Question 5

Which of the following is not a feature of the Torrens system of title registration?

Accepted Answer

A) Unregistered interests in land may be protected by a caveat. 
B) Equitable interests in land may be protected by a caveat. 
C) A prospective land buyer only needs to be concerned with the interests that are recorded on the Register. 
D) A seller must show a good 'root of title', being able to trace ownership of the land back through history. 
A) Unregistered interests in land may be protected by a caveat. 
B) Equitable interests in land may be protected by a caveat. 
C) A prospective land buyer only needs to be concerned with the interests that are recorded on the Register. 
D) A seller must show a good 'root of title', being able to trace ownership of the land back through history.

Question 6

Which of the following is not a type of business structure?

Accepted Answer

A) Sole trader 
B) Limited liability partnership 
C) Company 
D) Business 
A) Sole trader 
B) Limited liability partnership 
C) Company 
D) Business

Question 7

A 'cybersquatter' is:

Accepted Answer

A) a computer hacker who engages in web address and domain name harvesting. 
B) a scammer who downloads malicious software onto personal computers via email services. 
C) a scammer who monitors sites with high traffic for the purpose of stealing personal information by means of spyware. 
D) someone who registers a domain name using the trademark of a well-known company and then tries to sell it to them. 
A) a computer hacker who engages in web address and domain name harvesting. 
B) a scammer who downloads malicious software onto personal computers via email services. 
C) a scammer who monitors sites with high traffic for the purpose of stealing personal information by means of spyware. 
D) someone who registers a domain name using the trademark of a well-known company and then tries to sell it to them.

Question 8

Retail shop lessees under the relevant legislation may have special rules and entitlements.Which of the following is not one such special entitlement?

Accepted Answer

A) Rights relating to disclosure by the lessor 
B) Rights relating to verbal leases 
C) Rights relating to restrictions on the manner in which disputes can be resolved 
D) Rights relating to renewal and extension of the lease 
A) Rights relating to disclosure by the lessor 
B) Rights relating to verbal leases 
C) Rights relating to restrictions on the manner in which disputes can be resolved 
D) Rights relating to renewal and extension of the lease

Question 9

Details of who will take over a business when the present business owner retires or dies are set out in the:

Accepted Answer

A) succession plan. 
B) insurance plan. 
C) risk management plan. 
D) marketing plan. 
A) succession plan. 
B) insurance plan. 
C) risk management plan. 
D) marketing plan.

Question 10

An unregistered interest in Torrens system land can be protected by lodging a:

Accepted Answer

A) mortgage. 
B) caveat. 
C) charge. 
D) easement. 
A) mortgage. 
B) caveat. 
C) charge. 
D) easement.

Question 11

Which of the following statements is false?

Accepted Answer

A) A bailment exists where a person is in temporary possession of property belonging to another. 
B) Personal property denotes all types of property other than 'real' property. 
C) A chose in action is a form of tangible personal property. 
D) Ownership usually means the same thing as 'title'. 
A) A bailment exists where a person is in temporary possession of property belonging to another. 
B) Personal property denotes all types of property other than 'real' property. 
C) A chose in action is a form of tangible personal property. 
D) Ownership usually means the same thing as 'title'.

Question 12

If an accountant negligently provides advice to a client and that client suffers economic loss as a result, what type of insurance will cover the damages that the accountant will be required to pay?

Accepted Answer

A) Public liability insurance 
B) Negligent advice insurance 
C) Professional indemnity insurance 
D) Tort insurance 
A) Public liability insurance 
B) Negligent advice insurance 
C) Professional indemnity insurance 
D) Tort insurance

Question 13

Which is the following is not a usual step in the process of buying real property?

Accepted Answer

A) The purchaser arranges finance or a building, pest or other inspection 
B) The purchaser makes an offer 
C) The purchaser signs a contract 
D) The purchaser pays a 25% deposit 
A) The purchaser arranges finance or a building, pest or other inspection 
B) The purchaser makes an offer 
C) The purchaser signs a contract 
D) The purchaser pays a 25% deposit

Question 14

Which of the following leases lacks certainty of duration and is therefore invalid?

Accepted Answer

A) A lease for three years from 1 January 2010 
B) A lease for one year signed by the parties on 1 April 2010 but stated to commence from 1 March 2010 
C) A lease 'until the end of Semester 2, 2010' 
D) A lease 'until the tenant dies' 
A) A lease for three years from 1 January 2010 
B) A lease for one year signed by the parties on 1 April 2010 but stated to commence from 1 March 2010 
C) A lease 'until the end of Semester 2, 2010' 
D) A lease 'until the tenant dies'

Question 15

Shane has installed two air conditioning units in the house that he owns.The units are built into the wall.The air-conditioning units are:

Accepted Answer

A) tenant's fixtures. 
B) fittings. 
C) attachments. 
D) fixtures. 
A) tenant's fixtures. 
B) fittings. 
C) attachments. 
D) fixtures.

Question 16

Taking out the right type of insurance is important because it:

Accepted Answer

A) protects the business from potential risks. 
B) is a valuable asset. 
C) is required by law. 
D) does not cost anything. 
A) protects the business from potential risks. 
B) is a valuable asset. 
C) is required by law. 
D) does not cost anything.

Question 17

Sandra has set up a DVD-rental company, EzyMovie Pty Ltd.Which of the following can EzyMovie Pty Ltd not do?

Accepted Answer

A) Own the business premises 
B) Sue a customer 
C) Enter into a contract with Sandra 
D) Have more than 50 non-employee shareholders 
A) Own the business premises 
B) Sue a customer 
C) Enter into a contract with Sandra 
D) Have more than 50 non-employee shareholders

Question 18

Most commercial leases contain:

Accepted Answer

A) an option to renew. 
B) an option to purchase. 
C) an option to sell. 
D) an option to merge. 
A) an option to renew. 
B) an option to purchase. 
C) an option to sell. 
D) an option to merge.

Question 19

Anne and Ginny are thinking of buying and running a grocery store business together.They do not wish to incorporate, and would prefer to remain personally liable for the business.Which of the following business structures best suits their needs?

Accepted Answer

A) Partnership 
B) Sole trader 
C) Company 
D) Trust 
A) Partnership 
B) Sole trader 
C) Company 
D) Trust

Question 20

Which of the following is not a usual characteristic of a lease?

Accepted Answer

A) Unity of possession 
B) Exclusive possession 
C) A prescribed form 
D) Certainty of duration 
A) Unity of possession 
B) Exclusive possession 
C) A prescribed form 
D) Certainty of duration

What are the legal consequences of signing a contract for the sale of real property?

Xania and Kim are drafting a written partnership agreement.Which of the following is least likely to be included in the partnership agreement?

Zee Holden is planning on setting up a printing business.Zee must register her business name unless the business name is:

Which of the following promises by a lessee (tenant) is not implied by common law or statute?

Which of the following is not a feature of the Torrens system of title registration?

Which of the following is not a type of business structure?

A 'cybersquatter' is:

Retail shop lessees under the relevant legislation may have special rules and entitlements.Which of the following is not one such special entitlement?

Details of who will take over a business when the present business owner retires or dies are set out in the:

An unregistered interest in Torrens system land can be protected by lodging a:

Which of the following statements is false?

If an accountant negligently provides advice to a client and that client suffers economic loss as a result, what type of insurance will cover the damages that the accountant will be required to pay?

Which is the following is not a usual step in the process of buying real property?

Which of the following leases lacks certainty of duration and is therefore invalid?

Shane has installed two air conditioning units in the house that he owns.The units are built into the wall.The air-conditioning units are:

Taking out the right type of insurance is important because it:

Sandra has set up a DVD-rental company, EzyMovie Pty Ltd.Which of the following can EzyMovie Pty Ltd not do?

Most commercial leases contain:

Anne and Ginny are thinking of buying and running a grocery store business together.They do not wish to incorporate, and would prefer to remain personally liable for the business.Which of the following business structures best suits their needs?

Which of the following is not a usual characteristic of a lease?

Business and the Law

The Australian Legal System

Politicians and Judges

How to Find, Understand and Use the Law

Deliberately Causing Harm

Carelessly Causing Harm

Contract Law: Formation of the Contract

Contract Law: Terms of the Contract

Contract Law: Enforcement of the Contract

Contract Law: Working With Agents

Dealing With Consumers

Dealing With Competitors

Protecting Ip

Managing a Business: Business Ownership

Managing a Business: Companies and Corporate Governance

Managing a Business: Making Payments and Recovering Debts

Managing a Business: Insurance and Taxes

Managing a Business: Employing Workers

Managing a Business: Closing Down

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Exam 14: Managing a Business: Start-Up

What are the legal consequences of signing a contract for the sale of real property?

Xania and Kim are drafting a written partnership agreement.Which of the following is least likely to be included in the partnership agreement?

Zee Holden is planning on setting up a printing business.Zee must register her business name unless the business name is:

Which of the following promises by a lessee (tenant) is not implied by common law or statute?

Which of the following is not a feature of the Torrens system of title registration?

Which of the following is not a type of business structure?

A 'cybersquatter' is:

Retail shop lessees under the relevant legislation may have special rules and entitlements.Which of the following is not one such special entitlement?

Details of who will take over a business when the present business owner retires or dies are set out in the:

An unregistered interest in Torrens system land can be protected by lodging a:

Which of the following statements is false?

If an accountant negligently provides advice to a client and that client suffers economic loss as a result, what type of insurance will cover the damages that the accountant will be required to pay?

Which is the following is not a usual step in the process of buying real property?

Which of the following leases lacks certainty of duration and is therefore invalid?

Shane has installed two air conditioning units in the house that he owns.The units are built into the wall.The air-conditioning units are:

Taking out the right type of insurance is important because it:

Sandra has set up a DVD-rental company, EzyMovie Pty Ltd.Which of the following can EzyMovie Pty Ltd not do?

Most commercial leases contain:

Anne and Ginny are thinking of buying and running a grocery store business together.They do not wish to incorporate, and would prefer to remain personally liable for the business.Which of the following business structures best suits their needs?

Which of the following is not a usual characteristic of a lease?

Business and the Law

The Australian Legal System

Politicians and Judges

How to Find, Understand and Use the Law

Deliberately Causing Harm

Carelessly Causing Harm

Contract Law: Formation of the Contract

Contract Law: Terms of the Contract

Contract Law: Enforcement of the Contract

Contract Law: Working With Agents

Dealing With Consumers

Dealing With Competitors

Protecting Ip

Managing a Business: Business Ownership

Managing a Business: Companies and Corporate Governance

Managing a Business: Making Payments and Recovering Debts

Managing a Business: Insurance and Taxes

Managing a Business: Employing Workers

Managing a Business: Closing Down

Filters