1. a. How do property rules and liability rules each protect property rights? b. Which one is ideal, and why do we need to use the other one regardless? c. How do property rules and liability rules apply to trespass and nuisance?
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- Amy is caring for her aging mother, Milly. Milly has a number of health issues. She has given Amy a power of attorney so that Amy can help pay her bills and handle her business affairs. Amy is concerned that Milly will eventually use up all her assets, including losing her house, to provide for her health care needs. To protect against that eventuality, Amy intends to use her power of attorney to put Milly’s house into Amy’s name. True or False: Amy’s transfer of the house is a breach of her fiduciary duty as Milly’s agent.1. Which liability policy is BEST suited to protect someone who manages private pensions and employee plans? a. Eros and omissions b. Malpractice c. Fiduciary liability d. Directors and officers 2. Under personal automobile expenses, the insurer pays personal expenses for a. Medical or funeral services b.Rental car reimbursement c. Pain and suffering d. Long- term disability care 3. Which of the following is NOT part of the common policy conditions under a businessowners policy (BOP)? a. Vandalism b. Cancellation c. Policy Period d. Premium payment 4. Which of the following is an example of an unfair claim settlement practice? a. Delaying the settlement of claims submitted in which liability has become clear. b. Replacing a police when it is in the best interest of the insured c. Adopting and implementing standards to settle claims in a timely manner d. Disclosing the settlement terms and provisions of the contract of insurance 5. The purpose of the New York State Disability…a. What business was LaVista Lottery in? b. What is keno? c. Was this a profitable business? d. So what was the problem? e. Did Bellino discuss his concerns with Anderson? f. What did he do? g. Is there anything wrong with that? h. What is the point of this doctrine? i. But both Bellino and Anderson had a chance to bid on the keno contract. Didn’t they both have the same opportunity? Richard Bellino and Robert Anderson formed LaVista Lottery, Inc. (Lottery) to operate a restaurant, lounge, and keno game in LaVista, Nevada. They each owned 50 percent of the stock of Lottery, and both were officers and directors. Over the next nine years, the Lottery company grossed more than $100 million. Bellino and Anderson each received over $4 million in salary and dividends. Bellino spent more time than Anderson working for the company, in part, because of his personal relationship with Lottery’s lounge manager. Frustrated by Anderson’s unequal contribution, Bellino encouraged the…
- Is it possible to be used partly for public purpose and partly private purpose without violating the limitation that a tax must be for public purpose?A. No, the purpose shall either be private or public. It cannot be bothB. Yes, The purpose is not important as long as the tax of the property can be accounted forC. No, the purpose to be accomplished by taxation need not be exclusively public. To benefit private individuals will be tantamount to deprivation of property of those who paid the tax without due processD. Yes, The purpose to be accomplished by taxation need not be exclusively public. Although private individuals are directly benefited such as the victims of flood victims, the tax will be valid provided such benefit is only incidental1a. What are the general principles of consumer protection? 1b. Discuss the nature of and parties in a consumer protection suit. Who can bring a suit and why? 1c. Who is held accountable under the consumer protection laws?1) A misdemeanor is a more serious crime than a felony. Why its false? 2) You accidentally take someone’s mink coat by mistake. You have committed theft. Why its false? 3) Robbery is the taking of property without force. Why its false? 4) If you find a signed and endorsed check, and you cash it, you have committed forgery. Why its false? 5) If you break into an apartment in order to escape a meteor shower, you have committed burglary. Why its false? 6) If a bank robber forces you, a bank customer, to kill a teller, and you do, you will be found innocent. Why its false? 7) If you buy a stolen 60-inch television out of the back of a truck at 2am for $15, you have committed no crime. Why its false? 8) If a person is a suspect in a crime, they mut cooperate fully with law enforcement and answer all questions. Why its false? 9) If you get drunk and then rob a bank, you will be found not guilty. Why its false? 10) A person is guilty of shoplifting if they take merchandise from one part of…
- Ownership rights for real property include: a) free flow of air rights. b) inheritance rights. c) solar rights. d) defeasible rights. e) subsurface rights.Penny is seen organizing racks at a local clothing store one day while she shops, and the manager offers her a job. The next day, Penny’s boss from the clothing store across the street comes in and accuses the manager of trying to interfere with Penny’s non-competition agreement. Which of the following is true? The manager has done nothing wrong because non-competition agreements are never used in clothing retail. The manager is guilty of interference with a business relationship. The manager has interfered with a contractual relationship and will be liable for interfering with a contractual relationship. The manager has done nothing wrong because she did not know about the non-competition agreement.Your insured lives in an apartment but takes a temporary position in another city and must store some me for fur ture items in a storage ware apartment is sublet to a friend. Subsequently, the warehouse is broken into and some of your Insured's furniture is stolen. What Would a Tenant © A) The actual cash value or replacement cost of the property stolen less the policy deductible, subject to the 10% limitation on property temporanlite O B Nothing. The loss is not covered © C The actual cash value or replacement cost of all the personal property stolen, less the policy deductble, subject to the polis limit © D That proportion of the loss which the value of the property at the warehouse bears to the total value of all of his her personal property
- On January 1, 2020 Alan made an interest-free loan of $200,000 to his son who used the loan to buy a house. Alan’s son has made no payments on the loan during the year. What are the income and gift tax consequences if the applicable federal rate is 5% and if Alan’s son had no investment income during the year? Which of the following is eligible for the annual exclusion? 1. Frank designates his daughter, Holly, beneficiary of his 401(k) plan. 2. Frank designates his wife, Betty, as beneficiary of his life insurance policy. 3. Frank funds an irrevocable trust with $1,100,000 for the benefit of his son. The terms of the trust allows a payout at the discretion of the trustee. 4. Frank funds an irrevocable life insurance trust with the amount necessary to pay the premiums of the policy. The beneficiaries can take a distribution equal to the contribution each year.Skip and Jack are the shareholders of the Blue Fish Event Corporation. Skip and Jack regularly put on classy events on or near the beach, so they have a special insurance policy to protect their assets. Business has been slow as fewer large beach weddings are taking place, so Skip and Jack use a large fan to blow down and damage most of their décor assets, some of which were personal assets of Skip and Jack, to collect the insurance benefits. (a) Assuming their acts are proven, will a court allow Skip and Jack to recover the insurance money? (b) Is this a situation where the corporate veil may be pierced? Why or why not? (c) What would it mean for Skip and Jack if the corporate veil is pierced in this situation?To determine the location of an employment under the totality of facts approach, the following factors are usually taken into consideration except: Select one: a. Where the person rendered services. b. Which entity bears the person’s remuneration. c. Whether the remuneration forms part of the expenses of the Hong Kong entity. d. Where the person has a functional reporting line.