Explain the difference between a secret partner and a silent partner. List and briefly explain five different types of partners.

Explain the difference between a secret partner and a silent partner. List and briefly explain five different types of partners.

QUESTION 1:
Write short notes on all of the following:
Personal Insurance
Real Property
Lease Contract
Partnerships
Employee contracts
QUESTION 2:
Berger checked into a motel and left a valuable stamp collection in his room because the motel did not provide safe-deposit boxes. The stamps were stolen. Was the motel liable for the value of the collection? Explain your answer.

QUESTION 3:
Explain the difference between a secret partner and a silent partner. List and briefly explain five different types of partners.

QUESTION 4:
Fox, who was going into the army, contracted with Scutti Auto Sales to sell his car for a commission. Scutti Auto Sales advanced $500 to Fox, with the understanding that the advance would be paid back out of the proceeds of the sale. Three weeks later, before the car was sold, Fox changed his mind and tried to terminate the agency. Was Fox legally able to terminate the agency?

MULTIPLE CHOCIE 30 MARKS
1. An example of a special bailment is the liability imposed on a
a. person who rents a car.
b. trucking company.
c. parking garage.
d. service station.

2. A special bailee is not liable for losses resulting from a typhoon because
a. a typhoon is a natural disaster that could not have been anticipated.
b. special bailments require only a reasonable level of care.
c. special bailees are exempt from all liabilities.
d. special bailees always have agreements with bailors to limit their liability
3. A common carrier whose equipment is detained by a customer for an unreasonable period of time can make a special charge called
a. containerage.
b. detonage.
c. a bailee’s charge.
d. demurrage.
4. A carrier that transports goods for certain customers only is a
a. limited carrier.
b. common carrier.
c. contract carrier.
d. mutual carrier.
5. The least costly type of life insurance is
a. endowment insurance.
b. limited payment life insurance.
c. term insurance.
d. whole life insurance.
6. In his application for life insurance, Meany lied about his health. The insurance company cannot cancel the policy if it discovers the lie after the policy has been in effect
a. one year.
b. two years.
c. three years.
d. five years.

7. At age thirty-five, Grimsby took out a life insurance policy and stated her age as twenty-nine. Grimsby died five years later. What effect, if any, does the misrepresentation have on the payment to the beneficiary?
a. The insurer does not have to pay the beneficiary anything because the policy is void.
b. The insurer must pay the beneficiary only half the face value of the policy.
c. The insurer must pay the beneficiary an amount adjusted for the insured’s correct age.
d. The insurer must pay the beneficiary the face value of the policy because the misrepresentation had no effect on the performance of the contract.

8. When Pogue retired from her job at age sixty-five, she became eligible for government-subsidized health insurance called
a. Medicare.
b. Medicaid.
c. unemployment insurance.
d. disability income protection
9. Patent and copyright protection is granted by
a. state governments.
b. warranty.
c. the chamber of commerce.
d. the federal government.
10. On the death of a joint tenant, the property automatically belongs to the
a. surviving joint tenants.
b. state.
c. spouse.
d. heirs.
11. The temporary right to use a portion of another person’s land is called a(n)
a. profit.
b. easement.
c. permit.
d. license.
12. A restrictive covenant is binding on
a. the seller.
b. the original buyer.
c. all subsequent buyers.
d. both b and c.
13. Under the statute of frauds, a lease of real property must be in writing if it is for
a. residential property.
b. commercial property.
c. more than one year.
d. less than one year.
14. When a lease is assigned by a tenant, the
a. original tenant has no further obligations.
b. the landlord assumes all responsibility.
c. the new tenant assumes all responsibility.
d. the original tenant is still liable
15. If a tenant fails to pay the rent when it becomes due, the landlord can
a. sue to evict the tenant.
b. sue the tenant for the rent due.
c. have the tenant arrested.
d. evict or sue the tenant.
16. A lease that omits the names of the landlord or tenant is
a. enforceable.
b. a sublease.
c. unenforceable.
d. a covenant
17. An inactive partner known by the public to be a partner is called a
a. limited partner.
b. silent partner.
c. secret partner.
d. dormant partner
18. When two or more persons conduct a business as a formal partnership without making a partnership agreement, they have formed a(n)
a. express partnership.
b. partnership by implication.
c. illegal partnership.
d. corporation.
19. Termination of a partnership can result from
a. the death of a partner.
b. the bankruptcy of a partner.
c. the retirement of a partner.
d. all of these
20. Frost was hired as general manager of Casey’s snow plowing business. As general manager, Frost has
a. implied authority to hire and fire people to help clear snow.
b. implied authority to sell the snow plowing business.
c. implied authority to purchase new equipment.
d. express authority to cancel equipment orders placed by Casey.
21. A principal whose identity is not known to a third party with whom the agent makes a contract is called a(n)
a. independent contractor.
b. fiduciary.
c. undisclosed principal.
d. irrevocable principal.
22. If the agent does not include the principal’s name on a written contract,
a. both the principal and the agent are bound by the contract.
b. only the agent is bound by the contract.

Explanation & Answer

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