PACE Test Questions With Complete Solutions
3 categories of patents Correct Answers 1. Utility - covers
useful process, machine, article of manufacture and composition
of matter
2. Design - covers the ornamental characteristics
3. Plant - covers a new variety of asexually reproduced plant
Abatement Correct Answers 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 Correct Answers A brief, chronological
summary of the recorded documents affecting title to a
particular parcel of real property
acceptance Correct Answers one of three requisites to a valid
contract under common law (the other two being offer and
consideration)
accord and satisfaction Correct Answers 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 Correct Answers A formal declaration before
an authorized official by the person who executed an instrument
that it is his/her free act and deed
,Ad hoc Correct Answers (adj.) for this specific purpose;
improvised; (adv.) with respect to this
Ad litem Correct Answers 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
Adjudication Correct Answers giving or pronouncing a
judgment or decree; also, the judgment given
Adjusted basis Correct Answers The basis of property used
when computing gains for income tax purposes; the cost minus
depreciation plus capital improvements
administration of estate Correct Answers 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 Correct Answers agencies created by
the legislative branch of government to administer laws
pertaining to specific areas such as taxes, transportation and
labor
administrative authority Correct Answers the rules, regulations
and decision created by federal, state, and local agencies; the
executive orders of the President and governors
administrator Correct Answers 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 Correct Answers 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 Correct Answers 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 Correct Answers One having opposing
parties, such as a plaintiff and a defendant. Individual lawsuit(s)
brought within a bankruptcy proceeding
affidavit Correct Answers 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 Correct Answers 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.
3 categories of patents Correct Answers 1. Utility - covers
useful process, machine, article of manufacture and composition
of matter
2. Design - covers the ornamental characteristics
3. Plant - covers a new variety of asexually reproduced plant
Abatement Correct Answers 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 Correct Answers A brief, chronological
summary of the recorded documents affecting title to a
particular parcel of real property
acceptance Correct Answers one of three requisites to a valid
contract under common law (the other two being offer and
consideration)
accord and satisfaction Correct Answers 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 Correct Answers A formal declaration before
an authorized official by the person who executed an instrument
that it is his/her free act and deed
,Ad hoc Correct Answers (adj.) for this specific purpose;
improvised; (adv.) with respect to this
Ad litem Correct Answers 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
Adjudication Correct Answers giving or pronouncing a
judgment or decree; also, the judgment given
Adjusted basis Correct Answers The basis of property used
when computing gains for income tax purposes; the cost minus
depreciation plus capital improvements
administration of estate Correct Answers 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 Correct Answers agencies created by
the legislative branch of government to administer laws
pertaining to specific areas such as taxes, transportation and
labor
administrative authority Correct Answers the rules, regulations
and decision created by federal, state, and local agencies; the
executive orders of the President and governors
administrator Correct Answers 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 Correct Answers 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 Correct Answers 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 Correct Answers One having opposing
parties, such as a plaintiff and a defendant. Individual lawsuit(s)
brought within a bankruptcy proceeding
affidavit Correct Answers 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 Correct Answers 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.
