RBM Final

Question 1

5 requirements for enforcable contract

Answer 1

Mutual Consent, consideration, genueness of consent, capacity, legallity.

Question 2

What contract must be written to be binding?

Answer 2

Transfer of title to real estate

Question 3

Contract between minor and adult

Answer 3

enforcable by the minor

Question 4

When does an offer end?

Answer 4

Stated ending time is reached
counter offer
death of the offerer

Question 5

Knowingly misrepresenting facts related to a contract.

Answer 5

Fraud

Question 6

Consideration can be

Answer 6

monetary, an act, anything of value

Question 7

adjustable cash lease

Answer 7

hard to pay in advance, less speculative to operator, landowner shares some risk

Question 8

Things should be added to a cattle contract?

Answer 8

shipping location, shrink, sale price, signitures

Question 9

Types of law

Answer 9

common law, case law, statutory law

Question 10

statements made by an auctioneer are

Answer 10

invitations to negotiate

Question 11

4 types of leases

Answer 11

share lease, fixed cash, adjustable cash, per head basis

Question 12

administrative law

Answer 12

ag should be interested in because of the agencies included.

Question 13

types of contracts

Answer 13

void, voidable, formal

Question 14

unemployment compensation tax payments are due how often

Answer 14

4 times per year

Question 15

compensation tax rates are set after how many months?

Answer 15

18

Question 16

unemployment compensation taxes include what taxes?

Answer 16

federal and state

Question 17

injury records must be kept for how long?

Answer 17

5 years

Question 18

define a contract

Answer 18

yeet

Question 19

Tennancy in common

Answer 19

no right of survivorship

Question 20

joint tenancy

Answer 20

right of survivorship

Question 21

general warranty deed

Answer 21

guaranteeing a clear title

Question 22

special warranty deed

Answer 22

seller has placed no encumbrances on the property

Question 23

community property does not include

Answer 23

land owned before marriage

Question 24

to establish a lein the livestock feeder must

Answer 24

have contorl of cattle and have contracted with the owner for care and feed

Question 25

decendnts gross estate would include

Answer 25

property given away, survivor payments and all property and things on it

Question 26

Testamentary trust is

Answer 26

created by a will

Question 27

irrevocable trust

Answer 27

reserves no power over the property of the creater

Question 28

revocable trust

Answer 28

creator can cancel at any time

Question 29

profits of a corp are taxed twice if a dividins are payed to people

Answer 29

true

Question 30

property owned by a corporation is

Answer 30

never subject to estate tax becuae the corp doesnt die

Question 31

3 major factors in establishing a partnership

Answer 31

splitting ownership, management and profit/loss