Three elements necessary for a valid gift are delivery, acceptance, and:
A) tax benefits.
B) donative intent.
C) consideration.
D) enforceability.
Answer: B
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Business Legal Studies
- A holder of a _____ estate has a possessory but not an ownership interest.
- A life estate:
- Beck, the elder son of Ted, recently claimed that he was the owner of the house where he lived with his parents (Ted and his wife) and his younger sister Lily. However, Ted claimed that he was the true owner as the property was in his name and he had not given the property to his son. Beck, however, stated that he had been living in the place for the past 28 years and has also paid taxes out of his salary and other maintenance charges to take care of the property. The scenario best exemplifies a case of:
- Laura was riding her new motorbike in a residential area. She had to swerve suddenly to avoid hitting a small child who had run onto the street after a ball. As a result, Laura hit a tree and fractured three ribs and her right arm. The motorbike also sustained considerable damage. Laura sued the father of the child who was present at the scene of the accident for negligence, but in court the defense argued that Laura had exceeded the speed limit. Which defenses to negligence has been used here by the defendant?
- Ian, a door-to-door salesman, filed a negligence case against Mark. While ringing the doorbell on Mark's front porch, he was bitten by a venomous snake that Mark kept as a pet. Ian had no previous warning of the snake being loose. In this scenario, Ian is most likely to have filed for damages under _____.
- To establish proximate cause in a negligence claim, it is necessary to prove that the:
- To win a negligence case after it has been established that the defendant owes a duty to the plaintiff, it must be proved that the:
- What is the outcome if a defendant successfully proves contributory negligence?
- A contract entered into by a person suffering from mental problems yet who still understands the nature of the contract and the obligations it imposes is considered ________.
- When is a contract voidable?
- Which of the following elements of a contract refers to the mental ability of a person to understand his or her rights and obligations under a contract and comply with the terms?
- In a contract made by a minor, the:
- When there is no dispute over the amount of debt or existence of debt, it is referred to as a _____.
- In a liquidated debt, ________.
- Maya pays $5,000 and purchases a car from her friend, Jane. Later, Maya realizes that the car is worth less than $3,000. Which of the following statements will be true if Maya plans to sue her friend?
- Kevin is offered a job by a reputed company in a different city. To take up the new job, Kevin quits his previous job and moves to the new city along with his family. When he shows up at work, he is told that there is no job. Kevin can sue the employer under the theory of ________.
- If a party to a contract asks for an additional amount of money and agrees to do more work than the contract requires, the result is that the promise:
- Lucas is planning to buy a house owned by Janet. He gives her an initial amount of $10,000 to hold the offer open for a 45-day period. Janet will deduct the $10,000 from the purchase price if Lucas purchases the property within those 45 days. If he does not, Janet can keep the $10,000 and offer the house to another party. Which of the following contracts does this scenario best illustrate?
- Felipe, Adam, and Shirley are neighbors. Felipe overhears Adam's offer to sell an antique clock to Shirley for $3,000. Under these circumstances, _____.
- Jason agrees to buy Sara's car for $10,000. However, Sara tells Jason that she will only sell the car to him if he pays $12,000. In this scenario, Sara makes a(n):
- Which of the following conditions must be present for an offer to have a legal effect?
- A(n) ____ is defined as a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty.
- Which of the following statements accurately brings out the difference between bilateral and unilateral contracts?
- What falls under Article 2 of the UCC?
- In which of the following situations do the parties to a contract lack contractual capacity?
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.