Business Law Units 5 & 6

Maria’s mother dies. Maria is left with her mother’s car and house. What are the car and house considered?

• Codicil

• Dowry

• Inheritance

• Property

George signed a document giving his wife permission to act on his behalf during his illness. Which term identifies the type of document George signed?

• Agency by estoppel

• Common law

• Power of attorney

• Vicarious contract

Johnny has been named the representative on his sister’s estate. After giving public notice of the estate and paying valid claims, what must he now do?

• Give out the property accordingly

• Give the estate to anybody

• Sell off all assets in the estate

• Spend the money in the estate

In the scenario below, Peggy makes $150,000 and John makes $30,000. In their divorce settlement, the judge decides that Peggy will pay John money. What term identifies this payment?

• Alimony

• Child Support

• Palimony

• Welfare

Terry gets to spend an equal amount of time with his mom and his dad after they divorce. Terry’s parents have what?

• Alimony

• Joint custody

• Personal rights

• Welfare

Linda decides to divorce Eric. The judge decides that Eric will pay Linda monthly for support. Which type of settlement is this?

• Alimony

• Allotments

• Damages

• Welfare

Bobby bought a beach home this past summer and wants to add it to his will. What legal document must be completed for this change?

• Bequest

• Codicil

• Holographic

• Intestate

After Rachel dies, her son takes her will to a lawyer. The executor must then distribute her estate according to which type of law?

• City

• Hearsay

• Federal

• State

Fred dies. His son becomes representative of the estate. What must his son do after inventorying, assembling, preserving, and appraising the estate?

• Give the estate to anybody.

• Give public notice of the estate.

• Sell off all assets in the estate.

• Spend the money in the estate.

Gillespie decides that he wants to create a will. He writes the will in front of a lawyer and his assistant. What are the lawyer and the assistant considered?

• Accomplices

• Accountable

• Guarantors

• Witnesses