Question 1

Which of the following is a permissible eminent domain action under the takings clause of the Fifth Amendment to the Constitution?

Accepted Answer

A)  A pharmaceutical company takes over a residential neighborhood to expend its corporate headquarters. 
B)  A state agency pays a homeowner $200 as compensation for building a highway through his home. 
C)  The state's governor forecloses on a farmer's land to build a personal free-range chicken farm. 
D)  A private non-profit organization brings a foreclosure action against a decrepit tenement in order to build a public park. 
E)  The municipal government pays fair market value for the right to string power lines across a homeowner's property, then sells the right to the state's only electric company. 
A)  A pharmaceutical company takes over a residential neighborhood to expend its corporate headquarters. 
B)  A state agency pays a homeowner $200 as compensation for building a highway through his home. 
C)  The state's governor forecloses on a farmer's land to build a personal free-range chicken farm. 
D)  A private non-profit organization brings a foreclosure action against a decrepit tenement in order to build a public park. 
E)  The municipal government pays fair market value for the right to string power lines across a homeowner's property, then sells the right to the state's only electric company.

Question 2

Ivana's car was stolen. The car needed some repairs and the thief, Donald, had the engine replaced as well as the muffler. Donald was apprehended and the car was returned to Ivana. Which of the following is true?

Accepted Answer

A)  Ivana owns the car but Donald owns the engine and muffler. 
B)  Ivana owns the car but must pay Donald for the engine and muffler. 
C)  Donald becomes the owner of the car due to accession. 
D)  Ivana owns the car and owes Donald nothing. 
E)  Donald may sue for ownership of the car if he can show that his additions are worth more than the car. 
A)  Ivana owns the car but Donald owns the engine and muffler. 
B)  Ivana owns the car but must pay Donald for the engine and muffler. 
C)  Donald becomes the owner of the car due to accession. 
D)  Ivana owns the car and owes Donald nothing. 
E)  Donald may sue for ownership of the car if he can show that his additions are worth more than the car.

Question 3

In a bailment for the sole benefit of the bailor, the bailee owes a very high duty of care.

Accepted Answer

A) True 
 B)False

Question 4

Indirect taxes like the progressive income tax are authorized by the Bill of Rights.

Accepted Answer

A) True 
 B)False

Question 5

Zoning boards may create zoning laws for all of the following, EXCEPT:

Accepted Answer

A)  to separate commercial districts from residential districts. 
B)  to specify the number of buildings that can be built on land. 
C)  to enforce ethnic or gender diversity. 
D)  to impose specific color requirements. 
E)  to specify a specific design for all buildings in an area. 
A)  to separate commercial districts from residential districts. 
B)  to specify the number of buildings that can be built on land. 
C)  to enforce ethnic or gender diversity. 
D)  to impose specific color requirements. 
E)  to specify a specific design for all buildings in an area.

Question 6

The women in the house next to you party all the time and keep you up most nights. They are creating a public nuisance.

Accepted Answer

A) True 
 B)False

Question 7

Property ownership helps generate prosperity by establishing the conditions necessary for capital formation.

Accepted Answer

A) True 
 B)False

Question 8

Wally Wanderer finds an abandoned ranch in Wyoming and begins living there for many years. When the record owner finds out 23 years later, what is Wally's best legal argument that the land is his?

Accepted Answer

Wally now owns the land by the doctrine

Question 9

Public nuisance claims may be brought only by a public official, not private individuals, unless the latter have suffered some special damage to their property as a result of the public nuisance.

Accepted Answer

A) True 
 B)False

Question 10

You have driven to the local shopping mall in a friend's car. Explain and give examples of how you might park the car in terms of the three different standards of care depending upon the type of bailment relationship you've entered into with your friend.

Accepted Answer

If it is a bailment for the sole benefit

Question 11

Upon the death of a joint tenant, his interest automatically transfers to the other tenants.

Accepted Answer

A) True 
 B)False

Question 12

Kyle and Belinda have been living in their home for 25 years. For the duration of their time in that house, they have used a small cement walkway that passes through a large field to walk to the nearby beach. Gary owns the large field and paved the cement walkway, himself. Last year, Gary decided to build two condominiums on the field, with the walkway dividing them. After noticing Kyle and Belinda using the walkway, he yelled at them and told them that they can never use his walkway again. Gary promptly erected a large gate to prevent Kyle and Belinda from using the walkway. Because the condominiums are so large, there is no other way for Kyle and Belinda to get to the beach. What may allow Kyle and Belinda to continue using the walkway? Fully explain your answer.

Accepted Answer

Kyle and Belinda may argue that an easem

Question 13

The collateral may include not only things currently owned by the debtor but collateral known as after-acquired property that the debtor acquires in the future.

Accepted Answer

A) True 
 B)False

Question 14

Zoning ordinances are implemented through a state or local government's police powers.

Accepted Answer

A) True 
 B)False

Question 15

Easements by prescription pertain only to land around hospitals.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following is a bailment for the sole benefit of the bailee?

Accepted Answer

A)  Borrowing a pencil 
B)  Renting a car 
C)  Babysitting for free 
D)  Finding lost or misplaced property 
E)  Using a car without permission 
A)  Borrowing a pencil 
B)  Renting a car 
C)  Babysitting for free 
D)  Finding lost or misplaced property 
E)  Using a car without permission

Question 17

Rachel owns a beach home and wants to build a deck. Zoning restrictions limit decks to 120 square feet, but Rachel wants to build one that is 144 square feet.

Accepted Answer

A)  If she builds it, then she can't be asked to tear it down once it's completed. 
B)  She should ask for a nonconforming exemption. 
C)  She should ask for a variance. 
D)  She must shift to some other location, because once zoning ordinances are in place, they allow for no changes, variations, or exceptions. 
E)  Her only recourse is to lobby her local zoning board to force them to change the restriction. 
A)  If she builds it, then she can't be asked to tear it down once it's completed. 
B)  She should ask for a nonconforming exemption. 
C)  She should ask for a variance. 
D)  She must shift to some other location, because once zoning ordinances are in place, they allow for no changes, variations, or exceptions. 
E)  Her only recourse is to lobby her local zoning board to force them to change the restriction.

Question 18

Through the government's power of eminent domain, it can take private property for "public use," upon the payment of "just compensation."

Accepted Answer

A) True 
 B)False

Question 19

The legal foundation for federal taxation is found in _____.

Accepted Answer

A)  yearly power grants from each of the individual states. 
B)  the Declaration of Independence. 
C)  Article 1, Section 8 of the United States Constitution. 
D)  the Congressional Budget and Impoundment Control Act which created the Congressional Budget Office. 
E)  the Transportation Equity Act. 
A)  yearly power grants from each of the individual states. 
B)  the Declaration of Independence. 
C)  Article 1, Section 8 of the United States Constitution. 
D)  the Congressional Budget and Impoundment Control Act which created the Congressional Budget Office. 
E)  the Transportation Equity Act.

Question 20

In 2008, Donald gives Tony a life estate in a home that Donald owns, specifying that upon the end of the life estate, the property is to go to Tony's son, Mike. Tony dies in 2012.

Accepted Answer

A)  If Donald is still alive he may revoke the transfer to Mike and keep the property. 
B)  Mike gets a reversion interest in 2012. 
C)  Mike gets a remainder interest in 2012. 
D)  In 2012, Mike and Donald become joint tenants until Donald's death when Mike becomes the sole owner. 
E)  The property is held in trust until Mike comes of age. 
A)  If Donald is still alive he may revoke the transfer to Mike and keep the property. 
B)  Mike gets a reversion interest in 2012. 
C)  Mike gets a remainder interest in 2012. 
D)  In 2012, Mike and Donald become joint tenants until Donald's death when Mike becomes the sole owner. 
E)  The property is held in trust until Mike comes of age.

Exam 7: The Property System

Which of the following is a permissible eminent domain action under the takings clause of the Fifth Amendment to the Constitution?

Ivana's car was stolen. The car needed some repairs and the thief, Donald, had the engine replaced as well as the muffler. Donald was apprehended and the car was returned to Ivana. Which of the following is true?

In a bailment for the sole benefit of the bailor, the bailee owes a very high duty of care.

Indirect taxes like the progressive income tax are authorized by the Bill of Rights.

Zoning boards may create zoning laws for all of the following, EXCEPT:

The women in the house next to you party all the time and keep you up most nights. They are creating a public nuisance.

Property ownership helps generate prosperity by establishing the conditions necessary for capital formation.

Wally Wanderer finds an abandoned ranch in Wyoming and begins living there for many years. When the record owner finds out 23 years later, what is Wally's best legal argument that the land is his?

Public nuisance claims may be brought only by a public official, not private individuals, unless the latter have suffered some special damage to their property as a result of the public nuisance.

You have driven to the local shopping mall in a friend's car. Explain and give examples of how you might park the car in terms of the three different standards of care depending upon the type of bailment relationship you've entered into with your friend.

Upon the death of a joint tenant, his interest automatically transfers to the other tenants.

The collateral may include not only things currently owned by the debtor but collateral known as after-acquired property that the debtor acquires in the future.

Zoning ordinances are implemented through a state or local government's police powers.

Easements by prescription pertain only to land around hospitals.

Which of the following is a bailment for the sole benefit of the bailee?

Rachel owns a beach home and wants to build a deck. Zoning restrictions limit decks to 120 square feet, but Rachel wants to build one that is 144 square feet.

Through the government's power of eminent domain, it can take private property for "public use," upon the payment of "just compensation."

The legal foundation for federal taxation is found in _____.

In 2008, Donald gives Tony a life estate in a home that Donald owns, specifying that upon the end of the life estate, the property is to go to Tony's son, Mike. Tony dies in 2012.

Law As a Foundation for Business

The Role of Ethics in Decision Making

The Court System

Litigation

Alternative Dispute Resolution

The Constitution

Contract Formation

Contractual Performance and Breach

Torts Affecting Business

Intellectual Property

International Law

Criminal Law and Business

Business Organizations

The Regulatory Process

Regulating Competition_Antitrust Laws

Financial and Securities Regulations

Privacy and Consumer Protection

Environmental Regulation and Resource Sustainability

Discrimination in Employment

Employment Laws

Labor-Management Relationship

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