Deck 58: Property and Its Protection

Question 1

Carrie starts Dance & Diet Nutrition, a weight-loss products enterprise, before marrying Edgar. To legitimately protect Carrie's business assets from Edgar's claims if the spouses divorce, Carrie could use

A)a prenuptial agreement preceded by fully disclosing the business assets.
B)a postnuptial agreement without fully disclosing the business assets.
C)conceal the business assets.
D)all of the choices.

Answer 1

D

Question 2

Bay City condemns private, residential property and conveys it to Commercial Construction Corporation to develop a shopping, dining, and entertainment complex on the city's waterfront. According to the United States Supreme Court,

A)a state can prohibit taking for economic development.
B)eminent domain may be used to further development.
C)a state can permit taking for redevelopment of slum areas.
D)all of the choices.

Answer 2

D

Question 3

Kevin and Laura are married. Together, they buy a virtual asteroid near the virtual planet Magellan in the virtual NightSky universe. In the event of a divorce, to avoid property division issues with respect to the asteroid, this couple

A)can use a pre-nuptial agreement or an addenda to it.
B)cannot split their interests in the asteroid or any virtual property.
C)must surrender their rights in the asteroid to the creators of NightSky.
D)must abandon their rights in the asteroid to other virtual property owners in the NightSky universe.

Answer 3

A

Question 4

Gwen starts Handy Crafts to advertise and sell ceramic pots, quilts, glass work, and so on. Later, Gwen marries Ivan, who creates and runs the firm's marketing. If Gwen and Ivan divorce, in most states the business will be considered

A)Gwen's separate property.
B)Ivan's separate property.
C)marital property.
D)neither separate nor marital property.

Question 5

Lin starts Modern Roofing, which becomes successful through her efforts. Meanwhile, she marries Noel. To ensure that her business will not break up if her marriage falls apart, Lin should

A)avoid involving Noel in the business.
B)employ Noel in the business in a minor capacity.
C)appoint Noel to be the business's chief executive officer.
D)hire Noel to work for the business on a per-project basis

Question 6

Most likely, the responsibilities of an online executor includes dealing with a deceased's

A)real estate, bank accounts, and investments.
B)online identity.
C)all of the choices.
D)unscrupulous fraud, account hijacking, and family-member harassment.

Question 7

Online estate planning is essential because

A)a deceased can be a victim of identity theft.
B)a deceased's social media account should be kept open to thwart fraud.
C)a deceased's e-mail address can serve as a repository for spam.
D)a deceased's social media profile can provide a backstory to a blog.

Question 8

Bob owns a virtual asteroid near the virtual planet Cosmo in the virtual DeepSpace universe. Property consists of a bundle of rights in anything that has an ascertainable value and is subject to ownership. This definition encompasses

A)intangible objects used in virtual worlds like DeepSpace.
B)digital books, music libraries, and movie downloads.
C)all of the choices.
D)domain names and expensively created Web sites.

Question 9

Kim and Li own Moe's, a successful restaurant. Kim, who is married, asks Li, her unmarried partner, to convert Moe's to a limited liability company and agree that each has the right to buy the other's interest to keep control of the business. In terms of Kim's spouse and Li's future spouse, this agreement is

A)illegal and unethical.
B)illegal, but not unethical.
C)legal, but unethical.
D)legal and ethical.

Question 10

According to the United States Supreme Court,

A)Metro City can take a parking lot for a privately owned sports stadium.
B)all of the choices.
C)Laborville can condemn a vacant field for a private manufacturing plant.
D)Sleepyton can take residential property for a private corporate complex.