Vocabulary

Question 1

A shareholder derivative suit is a lawsuit brought by a shareholder on behalf of a corporation. Generally, a shareholder can only sue on behalf of a corporation when the corporation has a valid cause of action, but has refused to use it.

Answer 1

Derivative Suit (262)

Question 2

Prohibit someone from performing (a particular action) by issuing an injunction.

Answer 2

Enjoin (264)

Question 3

The shameful failure to fulfill one’s obligations.

Answer 3

Dereliction (266)

Question 4

A person who receives a gift of real property by will.

Answer 4

Devisee (351)

Question 5

Common Law Rule for when a devisee dies before the testator?

Answer 5

A gift made by will is subject to a condition that the devisee survive the testator, UNLESS the testator specifies otherwise. (351)

Question 6

These state that, under certain circumstances, if a devisee dies before a testator, another beneficiary will be substituted for the predeceased devisee.

Answer 6

Antilapse Statutes (351)

Question 7

What happens when property bequeathed under a will is no longer in the testator’s estate at the time of the testator’s death.

Answer 7

Ademption by Extinction (373)

Question 8

To take away

Answer 8

Adeemed (374)

Question 9

Ademption only applies to what kind of property?

Answer 9

Specific Property (374)

Question 10

A person who is authorized to perform business-related transactions on behalf of someone else (the principal). In order to become someone’s attorney in fact, a person must have the principal sign a power of attorney document.

Answer 10

Attorney-in-Fact (374)

Question 11

(especially of a gift as opposed to a legacy) between living people.

Answer 11

Inter vivos (380)