Question

business law

21. Sunil and his brother Leandro set up an investment account with a bank, as Tenants in Common. Each puts $25,000 into the account, and they buy and sell stock together, splitting all interest and dividend income equally, and sharing any losses equally. After about thirty years of doing this, the account has grown to a total of about $200,000. Sunil got married, and had one child, Arjun. Sunil’s wife unfortunately died in 2015. Leandro has never married, and has no children. Sunil died in February, 2020. Leandro is claiming ownership of the entire Investment account. Result if Arjun challenges Leandro in court? Everyone lives (or lived) in the State of Washington.

A. Leandro will be awarded ownership of the entire account.

B. Arjun will be awarded half of the account.

22. Billy-Bob owns a condo in Seattle, and a farm in Yakima. His older brother, Bobby-Lee, has some severe health problems and is unable to work anymore, and just has Social Security Disability income of about $800/month. Billy-Bob records a deed giving a “life estate” to Bobby-Lee as long as he lives, with the “remainder” to go to Billy-Bob’s sister, Judy.

A. Bobby-Lee now owns the “fee simple” title to the property, as long as he lives.

B. Once Bobby-Lee dies, Judy will own the “fee simple” title to the property.

C. No one will own the “fee simple” title to the property.

23. What is an “easement”?

A. The exclusive right to buy someone’s land if they want to sell it.

B. The right to enter someone’s land, and take something from it, like minerals.

C. The temporary right to be on someone’s land.

D. The permanent right to cross over or be on someone’s land for a particular purpose.

24. Serena has a large garden on her property in Seattle, but she wants to make it bigger. She enlarges her garden to go over onto her next-door-neighbor Nel’s land by about ten feet, and she puts up a wooden fence to keep anyone else from using the garden area. No one objects, so Serena continues to use the enlargened garden area as her own for the next 21 years! Finally, her next-door-neighbor Nel dies, and Nel’s estate sells the property to a new owner. The new owner has a survey done, and finds out that Serena’s fence is on Nel’s former property. Serena refuses to take the fence down, and the new owner takes Serena to court. Who wins?

A. The new owner will win – Nel never gave Serena this land, so it should belong to the new owner!

B. Serena will win – she now owns the land by “eminent domain.”

C. Serena will win – she now owns the land by “adverse possession.”

D. Serena will win – she now owns the land by “specific performance.”

25. Leilani signs a lease to take possession of a house near Greenlake, beginning April 1, 2020, and ending December 31, 2020. She will pay rent of $2,000 per month on the first day of each month. This is an example of:

A. a periodic tenancy

B. a tenancy for years

C. a tenancy at will

26. Jun rents an apartment in the University District in Seattle. He invites a few friends over for dinner on the weekend. While preparing the food, he spills some water on the kitchen floor, and forgets to clean it up. One of his guests (Zhang) walks into the kitchen, slips on the water, and falls and breaks his leg. Who is legally responsible for the medical expenses, and lost wages for Zhang?

A. The Landlord

B. Jun, the Tenant

C. Zhang

27. Maha has a lease to rent an apartment until December 31, 2020, at $1,500 per month. The owner of the apartment building has just sold the building to Jean-Louis. Jean-Louis sent Maha a notice, telling Maha that he is raising her rent to $1,600 per month, immediately.

A. The new owner has the right to increase rents – he is not bound by the previous owner’s agreements.

B. Maha can enforce her lease against Jean-Louis, just as she could against the previous owner.

28. True or False Copyrights are a type of property.

29. True or False A patent will usually last for the lifetime of the inventor.

30. True or False A trade secret has to be filed with the US Copyright Office in order to enforce it in court.

Answer 1

21) The correct answer is B. Arjun will be awarded half of the account.

Arjun will be awarded half of the account that is $200000/2= $100000

22) A life estate is an estate interest in land that lasts for the life of the life tenant. The holder of a life estate has a full right to possess the property during their life.

The correct answer is A. Bobby-Lee now owns the “fee simple” title to the property, as long as he lives.

23)An easement is a limited right to use another person's land for a stated purpose. Examples of easements include the use of private roads and paths, or the use of a landowner's property to lay railroad tracks or electrical wires.

The correct answer is B. The right to enter someone’s land, and take something from it, like minerals.

24)Adverse possession is a legal doctrine that allows a person to claim a property right in land owned by another. Common examples of adverse possession include continuous use of a private road or driveway, or agricultural development of an unused parcel of land.

The correct answer is B. Serena will win – she now owns the land by “eminent domain.”

25)A lease binding the parties to each other for a specified period of time, such as a month or a year. That is, the fixed-term lease requires the lessee to make periodic payments and requires the lessor to surrender use of his/her property. A fixed term lease is also called a tenancy for years.

The correct answer is B. a tenancy for years

26)Every state has premises liability laws that require landlords to maintain a safe environment for tenants and visitors. Any injuries to tenant due to poor maintainance of flats apartment and other area lead to legal liabilities on owner.

However following are the example when Renter's are at fault for Guest injuries : One evening, Steve had a few friends over for pizza.When Sharon, one of his guests, walked into the bathroom, she slipped on a puddle of water and fell, cracking her face against the marble sink counter. She suffered a concussion and had to have several stitches to close the gash over her cheek. The wound was likely to result in permanent scarring.

The correct answer is B. Jun, the Tenant

27)While purchase of a property with tenants in possession ,whatever agreement they have in place with the previous owner and after that when new owner  take over as the owner then new owners are not allowed to increase the rent unless it’s by the allowable guideline.

The correct answer is B. Maha can enforce her lease against Jean-Louis, just as she could against the previous owner

28)TRUE:  Copyright is a form of intellectual property protection provided by the laws of the United States. Copyright protection is available for original works of authorship that are fixed in a tangible form, whether published or unpublished

29)FALSE: A U.S. utility patent is generally granted for 20 years from the date the patent application is filed; however, periodic fees are required to maintain the enforceability of the patent. A design patent is generally granted protection for 14 years measured from the date the design patent is granted.

30)FALSE:A trade secret has to be filed with the US Copyright Office in order to enforce it in court.