Harold and Zack have pooled their money together to buy real estate but have fil

Question

Harold and Zack have pooled their money together to buy real estate but have filed no formal papers to form a business. Harold, a lawyer, handles all the legal matters and Zack, a real estate broker, finds buyers for the property they have subdivided. Harold and Zack are engaged in a: a. partnership. b. close corporation. c limited liability company. d. business trust. 34. ucs have become popular for all except which of the following reasons: a management flexibility b. tax status as a partnership. 35. _ d limited liability 36 Which of the following are possessory interests in land? Fee simple b. Easement c Profit d. License Sam's uncle tells him "For your graduation gift, Iill give you money so that you can buy a computer for 37. college. Sam buys a good used computer but the uncle refuses to give the money. Sam's best theory for recovery, when suing his uncle is: a. breach of contract. b. breach of quasi-contract promissory estoppel. d. defamation. Collector Carl displays his beer can collection at the local swap mect. Milionaire Mary sees the collection and is interested in buying the collection. Carl says he will sell the collection for $1500. Mary says she really likes the collection but is only willing to pay $1000. Which of the following is correct? a. Mary's counteroffer terminates Carl's offer of S1500. b. If Carl rejects Mary's counteroffer, she can still accept Carl's offer of $1500 c. Neither offer is valid. Who would ever pay $1000, let alone $1500, for a beer can 38. collection? d. Mary's offer is a firm offer. Carl has an exclusive right to consider her offer for a reasonable period of time. Which of the following types of concurrent ownership does not provide for rights of survivorship? a. Joint tenancy b. Tenancy in common. c. Tenancy by the entirety d. All of the above provide for rights of survivorship 39. 40. Mike made the following offer to Mick: "I will pay you $500 if you agree to paint my house." Mick replied that he would. At this point, the contract is an: a. executed, bilateral, express contract. b- executory, bilateral, implied-in-law contract. c. executory, unilateral, express contract. d. executory, bilateral, express contract

Explanation / Answer

34. b) Close cooperation.

People who involves in a business relationship but not involved in formalities are in a relation of close coperartion.

Partnership includes mutual interests.

35. c) Legal uncertainties.

As Limited Liability Company (LLC) helps the company to run smooth transfer of interest even after the death of the owner. LLC also provides more flexibilities and protection to the business.

36. a) Fee simple.

Possessory interest is lender's right to occupy a land or plot if the proposed conditions are not fully satisfied. Fee simple is the fully ownership right of the owner.

Remaining all options are under non-possessory interest.

37. c) Promissory Estoppel.

As Sam and his uncle is not bind to a contract and it is a promise, so the ideal option for this case is Promissory Estoppel. In promissory estoppel, the promisor compensate the promisee for the detriment caused because of his breac of promise.

Other options are totally based on contract so it is not applicable here. Defamation means destroying somone's reputation.

38. d) Mary's offer is a firm offer. Carl has an exclusive right to consider her offer for a reasonable period of time.

As Carl owns the collection, he has a right to take actions for or against the offer. So, it depends upon Carl to consider Mary's offer for a certain period of time.

39. d) All of the above provide for rights of survivorship.

Concurrent ownership means ownership of two or more persons on a property.

40. c) Executory, unilateral, express contract.

Executory - The performance is in the future so it is executory.

Executed - Contract has already performed.

Unilateral - As the offer came from Mike, and Mick is agreeing so it is unilateral.

Bilateral - When in a contract both agrees then bilateral.

Express Contract - Contract where there is conversation included.

Implied contract - Where no expression or contract is included.

Reference :-

http://www.lawsofbusiness.com/2013/08/types-of-contracts.html

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