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Question
James and Maria dated for two years. On the event of their second anniversary, James gave Maria a $20,000 diamond engagement ring. Two months later, James called off the engagement without giving Maria any valid reason. Under the traditional rule:
A. James may not recover the ring as it was a gift made in contemplation of marriage.
B. Maria must return the ring as the engagement is broken by mutual consent.
C. the ring must be sold and the proceeds divided between James and Maria.
D. Maria may retain the ring only if she pays its fair value to James.
Answer
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Related questions
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The Consumer Product Safety Act (CPSA):
A. provides civil penalties against those who knowingly and willfully violate CPSC rules even after being issued notification by it.
B. allows only the U.S. attorney general to sue for injunctive relief or the seizure of products to enforce various provisions of the act.
C. permits any private party to sue for an injunction to enforce any CPSC rule or order, if, at the time of the suit, the commission or the attorney general has begun an action based on the alleged violation.
D. allows those injured because of a knowing and willful violation of a CPSC rule or order to sue for damages if the amount in controversy exceeds $100,000.
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The Consumer Product Safety Commission's authority is applicable to ___.
A. firearms
B. drugs
C. cosmetics
D. lawn mowers
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The Holder in Due Course rule:
A. alters statutes of limitations or other state-created limitations on the consumer's enforcement of claims and defenses.
B. states that all defenses available to the purchaser against the seller can also be available against the holder in due course.
C. eliminates rights that the consumer may have as a matter of federal, state, or local law.
D. creates a warranty claim or defense where the product is sold "as is."
Q:
The Equal Credit Opportunity Act:
A. is designed to protect consumers from unfair or inaccurate credit reporting.
B. requires online ads for free credit reports to disclose whether the consumer must buy credit monitoring or other products or services to get the report.
C. prohibits discrimination in credit transactions on grounds of sex, marital status, race, color, religion, national origin, and age.
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A. Yes, under the rescission right of the Truth in Lending Act.
B. No, because the transaction involved more than $25,000 and was, therefore, not covered by the rescission right in the Truth in Lending Act.
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B. allowing penalties to exceed the minimum balance due.
C. prohibiting double-cycle billing.
D. issuing cards to applicants under 21 years without a cosigner.
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B. opinion letter.
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D. amicus brief.
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According to the ____, when the insured has purchased insurance policies from more than one insurer, the loss will be apportioned among the insurance companies.
A. coinsurance clause
B. pro rata clause
C. exculpatory clause
D. valued clause
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The fire insurance policy on Dullard's home contained a 50 percent coinsurance clause. Dullard's home had a fair market value of $100,000. The face amount of the policy covering the home was $30,000. A hostile fire caused $30,000 worth of damage to the home. To what amount is Dullard entitled?
A. $100,000
B. $9,000
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The coinsurance clause:
A. requires the insured to insure the property to at least 80 percent of its fair market value in order to fully recover the value of partial losses.
B. usually allows the insured to recover the difference between the limits stated in the policy and the fair market value of the property.
C. places no restriction on the individual's right to recovery.
D. requires the insured to pay up to a certain amount each year before the insurer's payment obligation begins.
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Open policies allow the insured to recover:
A. the fair market value of the property at the time it was destroyed, up to the limits stated in the policy.
B. the difference between the limits stated in the policy and the fair market value of the property.
C. the fair market value of the property, even if that value exceeds the limits stated in the policy.
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In life insurance contracts:
A. the rate of the premiums to be paid decreases if the face value increases.
B. the loan value decreases as the age of the policy increases.
C. the rate of the premiums to be paid depends on the face value of the policy.
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A. the trust will automatically fail.
B. the court will direct the application of the property to some charitable purpose that falls within the settlor's general charitable intention.
C. the court will direct that the property be directed to the state for use in a socially-responsible and "reasonably prudent" manner.
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B. not serve as the sole trustee.
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A. provide oral information to adults receiving medical care about their rights to accept or refuse medical treatment.
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Under the implied warranty of quiet enjoyment, a landlord:
A. can enter the leased property during the term of the lease.
B. may not enter the leased property during the term of the lease.
C. can enter the leased property anytime as long as he/she does so quietly.
D. may not interfere with any matter concerning the property.
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A _____ occurs when property is leased for an indefinite period of time and either party may choose to conclude the tenancy at any time.
A. tenancy at will
B. tenancy at sufferance
C. periodic tenancy
D. tenancy for a term
Q:
Where damage to leased property arises through no fault of the tenant, that tenant still has a duty to take interim steps in order to prevent further damage from the elements.
Q:
Landlords attempt to limit their liability through exculpatory clauses.
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A tenant who remains in possession of the property after the expiration of a lease cannot be made part of a new tenancy.
Q:
A teller's check:
A. is a draft drawn by a bank on any other financial institutions other than a bank.
B. is a check drawn by a bank on an individual's funds.
C. is a draft on which the drawer or drawee are the same bank.
D. is a draft drawn by a bank on another bank or payable at or through a bank.