Deck 61: Property and Its Protection

Question 1

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.

Answer 1

C

Question 2

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.

Answer 2

C

Question 3

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

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

Answer 3

A

Question 4

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.

Question 5

Carrie starts Dance & Diet Nutrition, a weight-loss products enterprise, before marrying Edgar. To legitimat4ely 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.

Question 6

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.

Question 7

Kim and Larry own Moe's, a successful restaurant. Kim, who is married, asks Larry, 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 Larry's future spouse, this agreement is​

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

Question 8

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.