Business Law, Legal Environment, 8th edition Quiz

A landlord-tenant relationship is characterized by ________

the receipt of a nonfreehold estate by the tenant

Which of the following is considered real property?

Anything that attached to land but not including cut trees

Which of the following is true of the UCC?

Article 2A of the UCC prescribes a set of uniform rules for the creation and enforcement of contracts for the lease of goods. These contracts are referred to as lease contracts.

Which of the following is an example of intangible property?

Copyrights

Two brothers, Sam and Jim, were fighting over the division of their ancestral property. After ten years of legal battle, a frustrated Sam contacted a powerful politician who subjected Jim to extreme duress to make him sign a contract of assent in favor of Sam. When Jim takes this contract to court, the contract will be declared _______.

Enforceable

Personal property that is permanently affixed to land or building are called

Fixtures

________ represent rights that cannot be reduced to physical form, such as stock certificates, certificates of deposit, bonds, and copyrights

Intangible Properties

Which of the following is true of the Restatement of the Law of Contracts?

It serves as a reference for guidance in contract disputes.

Which of the following is an acceptable consideration for a contract?

Money

Tangible property such as automobiles, furniture, and equipment, and intangible property such as securities, patents, and copyrights are collectively referred to as ______

Personal Property

A building attached to a piece of land would be considered a ________ property

Real

Which of the following is true about real property

Real property includes land and property permanently attached to it.

Real property can become personal property if it is ________

Removes from the land it is attached to.

Which of the following is true about fixtures?

They are categorized as real property.

Which of the following statements is true about contracts?

To have an enforceable contract, there must be mutual assent by the parties

What is an unlawful detainer action?

a legal process that a landlord must complete to evict a holdover tenant

Which of the following is a similarity between real and personal property

both properties can be owned concurrently by two or more persons

A ________ is a tenancy created when a tenant retains possession of property after the expiration of another tenancy or a life estate without the owner's consent

tenancy at sufferance

What is a tenancy at will?

tenancy created by a lease that may be terminated at any time by either party