BUL 3130 EXAM 2 UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
Question:
1. What is Fraud and Misrepresentation
Answer:
occurs when someone is deceived into doing something they would not have done (or bought/sold). can be
based on intentional or negligence.
Question:
2. What are the key elements
Answer:
1.Misstatement of an important or material fact, 2. Scienter (intent to defraud) ,
3. The seller must know or have some reason to know that the statement she is making is false. 4.) The
receiptient must rely on the information in making the decision to go ahead with the deal.
5. Prvitiy- the parties must have been in a relationship that created a legal obligation, third party observing
fraud can't sue. 6.) Casuation. 7.) Proximate Damages.
Question:
3. Strict Liability
Answer:
MANUFACTURER ARE LIABLE EVEN THOUGH they used reasonable care
Question:
4. Warranty Deed
Answer:
transfers realty from seller (grantor) to buy (grantee) and grantor warrants has good legal, and marketable
title and will defend that title for the buyer as against anyone, at anytime who asserts they have title to the
property.
Question:
5. Quitclaim Deed
Answer:
means the grantor gives title to realty but does not indicate he has any interest in the realty, only that a
transfer of whatever right, title and interest the grantor may have in and said realty, not indication he has
title. (Bankruptcy, Divorce)
Question:
6. What are the Forms of Ownership
Answer:
Joint Tenants with rights of survivorship Tenancy by Entirety, Tenants in Common
Question:
7. What is Joint Tenants with rights of survivorship
CORRECT ANSWERS
Question:
1. What is Fraud and Misrepresentation
Answer:
occurs when someone is deceived into doing something they would not have done (or bought/sold). can be
based on intentional or negligence.
Question:
2. What are the key elements
Answer:
1.Misstatement of an important or material fact, 2. Scienter (intent to defraud) ,
3. The seller must know or have some reason to know that the statement she is making is false. 4.) The
receiptient must rely on the information in making the decision to go ahead with the deal.
5. Prvitiy- the parties must have been in a relationship that created a legal obligation, third party observing
fraud can't sue. 6.) Casuation. 7.) Proximate Damages.
Question:
3. Strict Liability
Answer:
MANUFACTURER ARE LIABLE EVEN THOUGH they used reasonable care
Question:
4. Warranty Deed
Answer:
transfers realty from seller (grantor) to buy (grantee) and grantor warrants has good legal, and marketable
title and will defend that title for the buyer as against anyone, at anytime who asserts they have title to the
property.
Question:
5. Quitclaim Deed
Answer:
means the grantor gives title to realty but does not indicate he has any interest in the realty, only that a
transfer of whatever right, title and interest the grantor may have in and said realty, not indication he has
title. (Bankruptcy, Divorce)
Question:
6. What are the Forms of Ownership
Answer:
Joint Tenants with rights of survivorship Tenancy by Entirety, Tenants in Common
Question:
7. What is Joint Tenants with rights of survivorship
