Question 1

In an agency by ratification,the principal approves of,or agrees to be bound by,the agent's unauthorized act.

Accepted Answer

A) True 
 B)False

Question 2

For purposes of the SEC's rules,an insider includes an employee at any level of the company.

Accepted Answer

A) True 
 B)False

Question 3

A holographic will must be in writing.

Accepted Answer

A) True 
 B)False

Question 4

The mortgagee is the home buyer and the mortgagor is the bank.

Accepted Answer

A) True 
 B)False

Question 5

The following type of property is considered community property:

Accepted Answer

A) Money placed in pension funds. 
B) The value of a business owned by one of the spouses. 
C) None of the above. 
D) Both of the above.

Question 6

"I hereby give to my secretary my Krups coffee maker" is a specific gift.

Accepted Answer

A) True 
 B)False

Exam 1: Midterm One

In an agency by ratification,the principal approves of,or agrees to be bound by,the agent's unauthorized act.