LOMA 311 REVIEW 2026 UPDATED
QUESTIONS VERIFIED ANSWERS
COMPLETE GUIDE
◉ Agent
Answer: A party who is authorized by another party, the principal, to
act on the principal's behalf.
◉ Actual Authority
Answer: The authority to act on behalf of the principal that the
principal intentionally gives to the agent, and the agent reasonably
believes is conferred to them.
◉ Apparent Authority
Answer: Authority that is not expressly conferred on an agent but
authority that a principal either intentionally or negligently allows a
third party to believe the agent possesses.
◉ Vicarious Liability
Answer: Indirect liability, i.e. when an employee commits a tort
while in the course of his employment, the employer is also liable.
, ◉ Joint and Several Liability
Answer: Situation where each defendant is independently liable for
the entire amount of damages awarded to a plaintiff regardless of a
defendant's share of responsibility for the losses.
◉ Property
Answer: Anything tangible or intangible that is capable of being
owned by someone.
◉ Real Property
Answer: Consists of land and whatever is affixed to the land.
◉ Security Interest
Answer: A claim against a debtor's property that gives a creditor the
right to possession of the property if the debtor defaults on a loan.
◉ Tenants In Common
Answer: 2 or more parties who each own an undivided portion of a
property.
◉ Joint Tenancy
Answer: 2 or more individuals on equal shares in property and who
have a right of survivorship.
QUESTIONS VERIFIED ANSWERS
COMPLETE GUIDE
◉ Agent
Answer: A party who is authorized by another party, the principal, to
act on the principal's behalf.
◉ Actual Authority
Answer: The authority to act on behalf of the principal that the
principal intentionally gives to the agent, and the agent reasonably
believes is conferred to them.
◉ Apparent Authority
Answer: Authority that is not expressly conferred on an agent but
authority that a principal either intentionally or negligently allows a
third party to believe the agent possesses.
◉ Vicarious Liability
Answer: Indirect liability, i.e. when an employee commits a tort
while in the course of his employment, the employer is also liable.
, ◉ Joint and Several Liability
Answer: Situation where each defendant is independently liable for
the entire amount of damages awarded to a plaintiff regardless of a
defendant's share of responsibility for the losses.
◉ Property
Answer: Anything tangible or intangible that is capable of being
owned by someone.
◉ Real Property
Answer: Consists of land and whatever is affixed to the land.
◉ Security Interest
Answer: A claim against a debtor's property that gives a creditor the
right to possession of the property if the debtor defaults on a loan.
◉ Tenants In Common
Answer: 2 or more parties who each own an undivided portion of a
property.
◉ Joint Tenancy
Answer: 2 or more individuals on equal shares in property and who
have a right of survivorship.
