Question 1

Which of the following is a false statement regarding trusts?

Accepted Answer

A) A court can place assets of a partnership in a constructive trust if it discovers that one partner is engaging in fraudulent or unconscionable conduct that might negatively affect the interests of another partner. 
B) Trusts may be set up to make "awards" to family members who make significant contributions in certain fields,such as education,science,law,or medicine. 
C) A trust document may state that the trust will terminate when an event happens,such as when the remainderman reaches a certain age. 
D) Settlors may create trusts to prevent individuals from getting access to certain assets. 
E) A settlor may revoke a trust at any time. 
A) A court can place assets of a partnership in a constructive trust if it discovers that one partner is engaging in fraudulent or unconscionable conduct that might negatively affect the interests of another partner. 
B) Trusts may be set up to make "awards" to family members who make significant contributions in certain fields,such as education,science,law,or medicine. 
C) A trust document may state that the trust will terminate when an event happens,such as when the remainderman reaches a certain age. 
D) Settlors may create trusts to prevent individuals from getting access to certain assets. 
E) A settlor may revoke a trust at any time. E

Question 2

When a will is legally valid,it cannot be contested.

Accepted Answer

A) True 
 B)False  False

Question 3

The process by which an individual decides what to do with his or her real and personal property during and after life is known as ________.

Accepted Answer

A) Life planning 
B) Probate succession 
C) Estate planning 
D) Allocation planning 
E) Asset allocation 
A) Life planning 
B) Probate succession 
C) Estate planning 
D) Allocation planning 
E) Asset allocation C

Question 4

What was the result in Mattison v.Social Security Commissioner,the case in the text involving the issue of whether twins conceived after the death of the father via artificial insemination using his sperm could inherit as children under state intestacy law thereby becoming entitled to social security survivors' benefits?

Accepted Answer

A) That because the mother was alive and the twins were conceived and born after the father's death,they did not survive him as heirs legally and were not entitled to any succession rights;otherwise,had the mother been deceased,the twins would have been entitled to succession rights in regard to the father as well as the mother. 
B) That because the twins were conceived within 30 days of the decedent's death,they were considered legal heirs and entitled to succession rights. 
C) That because the twins were conceived and born after the father's death,they did not survive him as heirs legally and were not entitled to any succession rights. 
D) That because the mother had permission from the father to use the sperm after his death,the twins were considered legal heirs and were entitled to succession rights. 
E) That regardless of whether or not the mother had permission from the father to use the sperm after his death,the twins were considered legal heirs and were entitled to succession rights. 
A) That because the mother was alive and the twins were conceived and born after the father's death,they did not survive him as heirs legally and were not entitled to any succession rights;otherwise,had the mother been deceased,the twins would have been entitled to succession rights in regard to the father as well as the mother. 
B) That because the twins were conceived within 30 days of the decedent's death,they were considered legal heirs and entitled to succession rights. 
C) That because the twins were conceived and born after the father's death,they did not survive him as heirs legally and were not entitled to any succession rights. 
D) That because the mother had permission from the father to use the sperm after his death,the twins were considered legal heirs and were entitled to succession rights. 
E) That regardless of whether or not the mother had permission from the father to use the sperm after his death,the twins were considered legal heirs and were entitled to succession rights.

Question 5

The requirement that a witness _ to the will means that the witness must witness the signing of the will and then sign as a witness at the end of the document.

Accepted Answer

A) Attest 
B) Approve 
C) Acknowledge 
D) View 
E) Review 
A) Attest 
B) Approve 
C) Acknowledge 
D) View 
E) Review

Question 6

Which of the following statements is false regarding the International Institute for the Unification of Private law?

Accepted Answer

A) It strives to promote unity in private law 
B) It is an independent intergovernmental organization 
C) It prepares uniform laws 
D) It strives to promote harmony in private law 
E) It will not accept wills in conformance with the Convention Providing for a Uniform Law on the Form of an International will. 
A) It strives to promote unity in private law 
B) It is an independent intergovernmental organization 
C) It prepares uniform laws 
D) It strives to promote harmony in private law 
E) It will not accept wills in conformance with the Convention Providing for a Uniform Law on the Form of an International will.

Question 7

Regarding Troy's statement that the revision to the will meant nothing,which of the following statements is true?

Accepted Answer

A) The change to the will is not objectionable so long as Madison can prove by a preponderance of the evidence that Troy was indeed having an affair with Lucy. 
B) Regardless of whether or not the change was made by a lawyer,it was ineffective because in order to revise a will,the initial will must be revoked and a completely new will written. 
C) The revision to the will was ineffective,not because it was done by Kara,but because it improperly expressed personal opinion of an individual which by law must be absent from a will. 
D) Assuming other requirements are met,the change to the will is not objectionable on the basis that it was done by Kara or on the basis that it expressed a personal opinion regarding Troy. 
E) The revision to the will was ineffective because it was not done by a lawyer. 
A) The change to the will is not objectionable so long as Madison can prove by a preponderance of the evidence that Troy was indeed having an affair with Lucy. 
B) Regardless of whether or not the change was made by a lawyer,it was ineffective because in order to revise a will,the initial will must be revoked and a completely new will written. 
C) The revision to the will was ineffective,not because it was done by Kara,but because it improperly expressed personal opinion of an individual which by law must be absent from a will. 
D) Assuming other requirements are met,the change to the will is not objectionable on the basis that it was done by Kara or on the basis that it expressed a personal opinion regarding Troy. 
E) The revision to the will was ineffective because it was not done by a lawyer.

Question 8

Usually,express trusts are written and are called trust instruments or agreements.

Accepted Answer

A) True 
 B)False

Question 9

Wills are governed primarily by federal law.

Accepted Answer

A) True 
 B)False

Question 10

refers to the property held in trust.

Accepted Answer

A) Trust corpus 
B) Assets 
C) Holdings 
D) Effects 
E) Income property 
A) Trust corpus 
B) Assets 
C) Holdings 
D) Effects 
E) Income property

Question 11

What is the name for a special kind of will that the testator declares verbally during his or her last illness,in front of witnesses,who later write the person's wishes.

Accepted Answer

A) Mutual 
B) Verbal 
C) Oral 
D) Nonwritten 
E) Holographic 
A) Mutual 
B) Verbal 
C) Oral 
D) Nonwritten 
E) Holographic

Question 12

Which of the following is a false statement regarding the trust system in India?

Accepted Answer

A) The family waqf resembles a trust,although the beneficiary of a family waqf must have a religious,pious,or charitable purpose. 
B) Waqfs and trusts have some similarities. 
C) Some legal scholars have suggested that the religious roots of the waqf have made this construct less flexible and responsive to change over time than the trust,with its secular roots. 
D) Civil law governs the trust system in India. 
E) There are legal constructs,similar to trusts,allowing families to pass wealth from generation to generation. 
A) The family waqf resembles a trust,although the beneficiary of a family waqf must have a religious,pious,or charitable purpose. 
B) Waqfs and trusts have some similarities. 
C) Some legal scholars have suggested that the religious roots of the waqf have made this construct less flexible and responsive to change over time than the trust,with its secular roots. 
D) Civil law governs the trust system in India. 
E) There are legal constructs,similar to trusts,allowing families to pass wealth from generation to generation.

Question 13

Regarding a party that cannot be a witness to a will,which of the following statements is correct?

Accepted Answer

A) An adult child may not be a witness to a will. 
B) A spouse may not be a witness to a will. 
C) A spouse may be a witness to a will,but no other relative may be a witness to a will. 
D) A beneficiary may not be a witness to a will. 
E) An adult child may be a witness to a will,but no other relative may be a witness to a will. 
A) An adult child may not be a witness to a will. 
B) A spouse may not be a witness to a will. 
C) A spouse may be a witness to a will,but no other relative may be a witness to a will. 
D) A beneficiary may not be a witness to a will. 
E) An adult child may be a witness to a will,but no other relative may be a witness to a will.

Question 14

What are the two usual components of trusts,and what are their functions?

Accepted Answer

Trusts usually have two compon

Question 15

A will written on a napkin will satisfy the writing requirement for a valid will.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following refers to a person's right to place limits on other people's efforts to prolong her or his life.

Accepted Answer

A) Health care proxy 
B) Right to die 
C) Durable power of attorney 
D) Power of attorney 
E) Advance directives 
A) Health care proxy 
B) Right to die 
C) Durable power of attorney 
D) Power of attorney 
E) Advance directives

Question 17

A personal representative of an estate makes sure that gifts of real and personal property go to the correct beneficiaries,persons who inherit under the will.

Accepted Answer

A) True 
 B)False

Question 18

What occurs when a testator relies on false statements when making a will?

Accepted Answer

A) Undue influence 
B) Fraud 
C) Misinformation 
D) Recklessness 
E) Negligence 
A) Undue influence 
B) Fraud 
C) Misinformation 
D) Recklessness 
E) Negligence

Question 19

When someone dies,a[n] chosen by the testator collects the testator's property,pays debts and taxes,and makes sure the remainder of the will is distributed.

Accepted Answer

A) Personal devisee 
B) Personal representative 
C) Trustee 
D) Inheritance regulator 
E) Inheritance devisor 
A) Personal devisee 
B) Personal representative 
C) Trustee 
D) Inheritance regulator 
E) Inheritance devisor

Question 20

An implied trust is also called a[n] ________ trust.

Accepted Answer

A) Trustless 
B) Reviewed 
C) Involuntary 
D) Untrue 
E) Judicial 
A) Trustless 
B) Reviewed 
C) Involuntary 
D) Untrue 
E) Judicial

Exam 52: Wills and Trusts

Which of the following is a false statement regarding trusts?

When a will is legally valid,it cannot be contested.

The process by which an individual decides what to do with his or her real and personal property during and after life is known as ________.

The requirement that a witness _ to the will means that the witness must witness the signing of the will and then sign as a witness at the end of the document.

Which of the following statements is false regarding the International Institute for the Unification of Private law?

Regarding Troy's statement that the revision to the will meant nothing,which of the following statements is true?

Usually,express trusts are written and are called trust instruments or agreements.

Wills are governed primarily by federal law.

refers to the property held in trust.

What is the name for a special kind of will that the testator declares verbally during his or her last illness,in front of witnesses,who later write the person's wishes.

Which of the following is a false statement regarding the trust system in India?

Regarding a party that cannot be a witness to a will,which of the following statements is correct?

What are the two usual components of trusts,and what are their functions?

A will written on a napkin will satisfy the writing requirement for a valid will.

Which of the following refers to a person's right to place limits on other people's efforts to prolong her or his life.

A personal representative of an estate makes sure that gifts of real and personal property go to the correct beneficiaries,persons who inherit under the will.

What occurs when a testator relies on false statements when making a will?

When someone dies,a[n] chosen by the testator collects the testator's property,pays debts and taxes,and makes sure the remainder of the will is distributed.

An implied trust is also called a[n] ________ trust.

An Introduction to Dynamic Business Law

Business Ethics

The Uslegal System

Alternative Dispute Resolution

Constitutional Principles

International and Comparative Law

Crime and the Business Community

Tort Law

Negligence and Strict Liability

Product Liability

Liability of Accountants and Other Professionals

Intellectual Property

Introduction to Contracts

Agreement

Consideration

Capacity and Legality

Legal Assent

Contracts in Writing

Third-Party Rights to Contracts

Discharge and Remedies

Introduction to Sales and Lease Contracts

Title,risk of Loss,and Insurable Interest

Performance and Obligations Under Sales and Leases

Remedies for Breach of Sales and Lease Contracts

Warranties

Negotiable Instruments: Negotiability and Transferability

Negotiation, holder in Due Course, and Defenses

Liability, defenses, and Discharge

Checks and Electronic Fund Transfers

Secured Transactions

Other Creditors Remedies and Suretyship

Bankruptcy and Reorganization

Agency Formation and Duties

Liability to Third Parties and Termination

Forms of Business Organization

Partnerships: Nature, formation, and Operation

Partnerships: Termination and Limited Partnerships

Corporations: Formation and Financing

Corporations: Directors, officers, and Shareholders

Corporations: Mergers, consolidations, terminations

Corporations: Securities and Investor Protection

Employment and Labor Law

Employment Discrimination

Administrative Law

Consumer Law

Environmental Law

Antitrust Law

The Nature of Property, personal Property, and Bailments

Real Property

Landlord-Tenant Law

Insurance Law

Filters