PACE TEST QUESTIONS AND ANSWERS LATEST
UPDATED
Abatement - ANSWER the process of determining the distribution of bequests
as directed by the decedent in his/her will when there are no assets sufficient to
satisfy the bequests
abstract of title - ANSWER A brief, chronological summary of the recorded
documents affecting title to a particular parcel of real property
acceptance - ANSWER one of three requisites to a valid contract under
common law (the other two being offer and consideration)
accord and satisfaction - ANSWER A term of contract law by which one party,
having complied with its obligation under a contract, accepts some type of
compensation from the other usually money of a lesser amount in lieu of
enforcing the contract and holding the other party to its obligation. This
discharges the contract.
Acknowledgement ANSWER A formal declaration before a notary public or
officer duly authorized by law to that effect, by the person executing such an
instrument, that it was his/her free act and deed
Ad hoc ANSWER adverb - for this special purpose; improvised; as regards this
Adjudication ANSWER pronunciation of a judgment or a decree in a court of
law upon parties.
,Adjusted basis - ANSWER The basis of property used when computing gains
for income tax purposes; the cost minus depreciation plus capital improvements
Ad litem - ANSWER person appointed to act, during the pendency of a matter,
as guardian for a minor child. Person may also bring action on behalf of the
child
administration of estate - ANSWER the management of a decedent's estate. An
administrator is appointed to collect all assets and debts of the decedent so that
administrative expenses and taxes are paid and the remaining assets are
distributed to the heirs or beneficiaries
administrative agencies - ANSWER agencies created by the legislative branch
of government to administer laws pertaining to specific areas such as taxes,
transportation and labor
administrative authority - ANSWER the rules, regulations and decision created
by federal, state, and local agencies; the executive orders of the President and
governors
administrator - ANSWER person who administers the estate of person
deceased; they are appointed by the court and is the person who would then
have power to deal with the debts and assets of a person who died intestate
advance directive - ANSWER may also be referred to as a "living will";
document that expresses a person's wishes about his/her medical care in the
event they are unable to communicate their desires or have a terminal illness
advance sheets - ANSWER Paperback pamphlets published by law book
publishers weekly or monthly that contain reporter cases, including correct
, volume number and page number. When sufficient are published they are
replaced by a bound volume.
adversary proceeding - ANSWER One having opposing parties, such as a
plaintiff and a defendant. Individual lawsuit(s) brought within a bankruptcy
proceeding
affidavit - ANSWER a statement that, before being signed, the person signing
takes an oath that the content are, to the best of his/her knowledge, true. it is
also signed by a notary or some other judicial officer who can administer oaths,
to the effect that the person signing the document was under oath when doing so
agency decisions - ANSWER Opinions issued by federal and state
administrative law judges as the result of disputes or controversies presented to
the agency's administrative law judge or other person charged with hearing
evidence and resolving issues involving matters under the agency's jurisdiction.
agency regulations - ANSWER rules written by federal and state
administrative agencies
agent - ANSWER a person who has received the power to act on behalf of
another, binding that other person as if he/she were making the decisions
personally; the person being represented is called the principal
aid and abet - ANSWER to actively, knowingly, or intentionally assist another
person in the commission or attempted commission of a crime
alien corporation - ANSWER a corporation that was formed in another country,
but is doing business in the United States or its territories
UPDATED
Abatement - ANSWER the process of determining the distribution of bequests
as directed by the decedent in his/her will when there are no assets sufficient to
satisfy the bequests
abstract of title - ANSWER A brief, chronological summary of the recorded
documents affecting title to a particular parcel of real property
acceptance - ANSWER one of three requisites to a valid contract under
common law (the other two being offer and consideration)
accord and satisfaction - ANSWER A term of contract law by which one party,
having complied with its obligation under a contract, accepts some type of
compensation from the other usually money of a lesser amount in lieu of
enforcing the contract and holding the other party to its obligation. This
discharges the contract.
Acknowledgement ANSWER A formal declaration before a notary public or
officer duly authorized by law to that effect, by the person executing such an
instrument, that it was his/her free act and deed
Ad hoc ANSWER adverb - for this special purpose; improvised; as regards this
Adjudication ANSWER pronunciation of a judgment or a decree in a court of
law upon parties.
,Adjusted basis - ANSWER The basis of property used when computing gains
for income tax purposes; the cost minus depreciation plus capital improvements
Ad litem - ANSWER person appointed to act, during the pendency of a matter,
as guardian for a minor child. Person may also bring action on behalf of the
child
administration of estate - ANSWER the management of a decedent's estate. An
administrator is appointed to collect all assets and debts of the decedent so that
administrative expenses and taxes are paid and the remaining assets are
distributed to the heirs or beneficiaries
administrative agencies - ANSWER agencies created by the legislative branch
of government to administer laws pertaining to specific areas such as taxes,
transportation and labor
administrative authority - ANSWER the rules, regulations and decision created
by federal, state, and local agencies; the executive orders of the President and
governors
administrator - ANSWER person who administers the estate of person
deceased; they are appointed by the court and is the person who would then
have power to deal with the debts and assets of a person who died intestate
advance directive - ANSWER may also be referred to as a "living will";
document that expresses a person's wishes about his/her medical care in the
event they are unable to communicate their desires or have a terminal illness
advance sheets - ANSWER Paperback pamphlets published by law book
publishers weekly or monthly that contain reporter cases, including correct
, volume number and page number. When sufficient are published they are
replaced by a bound volume.
adversary proceeding - ANSWER One having opposing parties, such as a
plaintiff and a defendant. Individual lawsuit(s) brought within a bankruptcy
proceeding
affidavit - ANSWER a statement that, before being signed, the person signing
takes an oath that the content are, to the best of his/her knowledge, true. it is
also signed by a notary or some other judicial officer who can administer oaths,
to the effect that the person signing the document was under oath when doing so
agency decisions - ANSWER Opinions issued by federal and state
administrative law judges as the result of disputes or controversies presented to
the agency's administrative law judge or other person charged with hearing
evidence and resolving issues involving matters under the agency's jurisdiction.
agency regulations - ANSWER rules written by federal and state
administrative agencies
agent - ANSWER a person who has received the power to act on behalf of
another, binding that other person as if he/she were making the decisions
personally; the person being represented is called the principal
aid and abet - ANSWER to actively, knowingly, or intentionally assist another
person in the commission or attempted commission of a crime
alien corporation - ANSWER a corporation that was formed in another country,
but is doing business in the United States or its territories
