Problem 1. A famous psychologist has written a highly acclaimed book targeted at victims of domestic abuse. This book gives practical advice on getting out of such abusive relationships and avoiding further injury prior to getting out of the relationship. Pat thinks the book is excellent, but knows that many persons who could benefit from the book are unaware of its existence and unable to afford its $39.95 price. Pat is considering photocopying significant portions of the book and selling the photocopied portions to such persons at the cost of photocopying, which is much less than $39.95. In using a utilitarianism approach to decide whether to undertake this, Pat would: a. look to an outside source regarding the photocopying and selling. b. look for a universal rule about photocopying and selling such material. c. determine if the total good to the world would be increased if Pat were to undertake the photocopying and selling of the copied book sections. d. try to determine the fairest thing to do.
Problem 2. Can the holder of a life estate mortgage his life estate? a. No, because of the uncertainty over how long the interest will last. b. Yes, so long as the mortgage term is limited to the length of the life estate. c. Yes, but only if the holder of the remainder interest or reversion also simultaneously mortgages that interest. d. No, because a life estate is not real property. e. Yes, with the only restrictions being those applicable to a mortgage of a fee simple interest.
Problem 3. What is the difference between an administrator and an executor? a. Administrators distribute real property and executors distribute personal property. b. Administrators administer trusts and executors administer wills. c. Administrators are used for per capita distributions and executors are used for per stirpes distributions. d. Administrators are appointed by the court and executors are named in the will. e. Executors are used where the decedent has surviving children under age 18 and administrators are used where the decedent has no surviving children under age 18.
Problem 4. The due diligence defense is applicable to actions filed under: a. Section 10(b) of the Securities Exchange Act of 1934. b. Section 11 of the Securities Act of 1933. c. Both A and B. d. Neither A nor B.
Problem 5. If a tenant transfers only some of his rights under a lease to another party, such that the original tenant is still liable on the lease, it is called a(n): a. illegal action. b. sublease. c. lease renewal. d. restrictive covenant. e. assignment.