PACE Test Exam Questions and
Answers 100% Solved | Graded A+
Abatement - ✔✔the process of determining the distribution of bequests as
directed by the decedent in his/her will when there are not assets sufficient
to satisfy the bequests
abstract of title - ✔✔A brief, chronological summary of the recorded
documents affecting title to a particular parcel of real property
acceptance - ✔✔one of three requisites to a valid contract under common
law (the other two being offer and consideration)
accord and satisfaction - ✔✔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 party (usually money of a lesser amount) in
lieu of enforcing the contract and holding the other party to its obligation.
This discharges the contract.
acknowledgment - ✔✔A formal declaration before an authorized official by
the person who executed an instrument that it is his/her free act and deed
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Ad hoc - ✔✔(adj.) for this specific purpose; improvised; (adv.) with respect
to this
Adjudication - ✔✔giving or pronouncing a judgment or decree; also, the
judgment given
Adjusted basis - ✔✔The basis of property used when computing gains for
income tax purposes; the cost minus depreciation plus capital
improvements
Ad litem - ✔✔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 - ✔✔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 - ✔✔agencies created by the legislative branch of
government to administer laws pertaining to specific areas such as taxes,
transportation and labor
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, administrative authority - ✔✔the rules, regulations and decision created by
federal, state, and local agencies; the executive orders of the President and
governors
administrator - ✔✔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 - ✔✔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 - ✔✔Paperback pamphlets published by law book
publishers weekly or monthly that contain reporter cases, including correct
volume number and page number. When there are sufficient cases, they
are replaced by a bound volume.
adversary proceeding - ✔✔One having opposing parties, such as a plaintiff
and a defendant. Individual lawsuit(s) brought within a bankruptcy
proceeding
affidavit - ✔✔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
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Answers 100% Solved | Graded A+
Abatement - ✔✔the process of determining the distribution of bequests as
directed by the decedent in his/her will when there are not assets sufficient
to satisfy the bequests
abstract of title - ✔✔A brief, chronological summary of the recorded
documents affecting title to a particular parcel of real property
acceptance - ✔✔one of three requisites to a valid contract under common
law (the other two being offer and consideration)
accord and satisfaction - ✔✔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 party (usually money of a lesser amount) in
lieu of enforcing the contract and holding the other party to its obligation.
This discharges the contract.
acknowledgment - ✔✔A formal declaration before an authorized official by
the person who executed an instrument that it is his/her free act and deed
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Ad hoc - ✔✔(adj.) for this specific purpose; improvised; (adv.) with respect
to this
Adjudication - ✔✔giving or pronouncing a judgment or decree; also, the
judgment given
Adjusted basis - ✔✔The basis of property used when computing gains for
income tax purposes; the cost minus depreciation plus capital
improvements
Ad litem - ✔✔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 - ✔✔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 - ✔✔agencies created by the legislative branch of
government to administer laws pertaining to specific areas such as taxes,
transportation and labor
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, administrative authority - ✔✔the rules, regulations and decision created by
federal, state, and local agencies; the executive orders of the President and
governors
administrator - ✔✔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 - ✔✔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 - ✔✔Paperback pamphlets published by law book
publishers weekly or monthly that contain reporter cases, including correct
volume number and page number. When there are sufficient cases, they
are replaced by a bound volume.
adversary proceeding - ✔✔One having opposing parties, such as a plaintiff
and a defendant. Individual lawsuit(s) brought within a bankruptcy
proceeding
affidavit - ✔✔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
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
