CIVIL LAW- LESSON 3

hich of the following is true about corporations? A corportation may own or dispose of property. They are created by written contract filed only in Louisiana. A corporation is comprised of the shareholders who own stock, and are liable for the corporation's liabilities to include debt.

A corportation may own or dispose of property.

All of the following terminates the community EXCEPT: Death of either spouse. Divorce A honeymoon A legal contract to terminate.

A honeymoon

Which of the following statements is true about partnership? Partnerships do not have to be in writing. A properly created partnership is a legal person separate and distinct from its partners. When two or more people buy property, it is considered a partnership automatically. A partnership can be formed with a verbal agreement.

A properly created partnership is a legal person separate and distinct from its partners.

When two or more people own the same thing in equal shares this is called Select one: A. Full Ownership B. Co-Ownership C. Community Property D. Caveat

B. Co-Ownership

When two or more people own the same thing in unequal shares this is called Select one: A. Full Ownership B. Co-Ownership C. Community Property D. Caveat

B. Co-Ownership

Which of the following statements is true? Select one: A. Separate property is subject to usufruct of a deceased spouse B. The separate property of a spouse is his or hers exclusively C. There cannot be separate property in a marriage D. During the existence of the community, money earned by either spouse is always separate property

B. The separate property of a spouse is his or hers exclusively

Which of the following is true about property owned in community ? Select one: A. The earnings of separate property are separate unless reserved by legal process as community B. Things acquired during the marriage through the effort, skill or industry of either spouse are community C. Both 1 and 2 are true D. Both 1 and 2 are false

B. Things acquired during the marriage through the effort, skill or industry of either spouse are community

Which of the following is true about corporations? Select one: A. They are created by written contract filed only in Louisiana B. A corporation is a legal person separate and distinct from its shareholders who are liable for the corporation C. A corporation may own or dispose of property D. All of the above are true

C. A corporation may own or dispose of property

he law that states property of married persons is classified as either community or separate is known as the law of Select one: A. Matrimony B. Community Property C. Acquets and gains D. Divorce

C. Acquets and gains

When married people own an undivided one-half interest in property this is called Select one: A. Full Ownership B. Co-Ownership C. Community Property D. Caveat

C. Community Property

In Louisiana, a Limited Partnership is called a(an) Select one: A. Partnership in Community B. Partnership of Acquets and Gains C. Partnership in Commendam D. Partnership in Commandment

C. Partnership in Commendam

When a person owns in co-ownership, which of the following statements is true? Select one: A. They cannot be married under any condition B. It cannot be a corporation C. The co-owner may sell his/her interest without permission of the co-owners D. None of the above are true

C. The co-owner may sell his/her interest without permission of the co-owners

Which of the following is a legal way of obtaining separate property? Select one: A. A house owned before the marriage and brought into the marriage which the married couple lives in B. Property received by gift during the marriage C. Property inherited by one spouse during the marriage D. All of the above

D. All of the above

When one unmarried person owns the entire property with no co-owners this is called: Full Ownership Co-ownership Community Property Caveat

Full Ownership

Which of the following is true about a limited partnership? All partners are personally liable for partnership debts. Limited partnership is known as Partnership In Comendam. There are no general partners. All partnership are general partners.

Limited partnership is known as Partnership In Comendam.

Condominiums in Louisiana are governed by the: Louisiana Townhouses Act Louisiana Condominium Act Louisiana Purchase Act Louisiana Community Property Act

Louisiana Condominium Act

A system of principles and rules governing the ownership and management of the property of married persons or between themselves and toward third parties is known as: Matrimonial Regime Full Ownership Regime Separate Regime Co-ownership Regime

Matrimonial Regime

When a person owns in co-ownership, which of the following statements is true? The co-owner must get permission from the other co-owner to sell, lease, or mortgage their ownership. They can sell but cannot mortgage their interest without permission of the other co-owner. The co-owner may mortgage his/her interest without permission of the other co-owner. They can sell but cannot mortgage their interest.

The co-owner may mortgage his/her interest without permission of the other co-owner.

Which of the followng are not true in a general partnership? All partners are general partners. The partnership must be in writing. The partnership can be formed with a verbal agreement. All partners are personally liable for partnership debts.

The partnership can be formed with a verbal agreement.

Which of the following statements is true? During the existence of the community, money earned by either spouse is always separate property. The separate property of a spouse is his or hers exclusively. Separate property is subject to usufruct of a deceased spouse. There cannot be separate property in a marriage.

The separate property of a spouse is his or hers exclusively.

Which of the following is true about property owned in community: The earnings of separate property are separate unless reserved by legal process as community. Things acquired during the marriage through effort, skill or industry of either spouse is community. Separate property bought before a marriage, and brought into a marriage becomes community property automatically by the matrimonial regime law. Inheritance by one spouse is always community property.

Things acquired during the marriage through effort, skill or industry of either spouse is community.