BUS 311 Week 3 Quiz

This document of BUS 311 Week 3 Quiz shows the solutions to the following problems:

1. An advantage of a partnership is that the owners have complete authority for the running of the business.

2. A joint venture is between individuals who become partners for a long period.

3. A tenants right to the use of the leased premises without unreasonable interference from the landlord or third parties is known as:

4. A beneficiary is an individual who receives gifts of personal or real property pursuant to a will.

5. A codicil is prepared to make all of the following changes to a will except one:

6. The landlord-tenant relationship can be created by an express or an implied contract.

7. The legal term which means that a person with a claim against a partnership can elect to sue either all of the partners together, or any individual partner whom he or she chooses is known as:

8. In a will, gift of personal property is known as a:

9. The legal and ethical obligation a director has to administer to the affairs of the corporation with personal integrity, honesty, and candor is known as:

10. A trust that is established while the settlor is still alive is known as:

11. A person who is entrusted with the management and control of another’s property or the rights associated with that property is known as a(n):

12. The advantage of being a limited partner is that he or she:

13. The most common method of creating an agency is by contract.

14. The precise legal term for the person appointed as agent is

15. All employees act as agents of their employers.

16. A restriction included in a lease that limits the use of the property is known as a(n):

17. Recording a deed with the appropriate public official, such as a county recorder of deeds, is not legally required.

18. Real property comprises land and everything attached to the land, including the minerals below the surface of the land.

19. The minimum number of shares necessary to be present at a meeting for action to be taken is known as:

20. A sublease is a transfer of the tenant’s interest in the entire premises for the entire length of the term of the lease.

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