Paralegal Advanced Competency Exam - Legal Terminology Questions With Complete Solutions

American Law Reports correct answer: A publication that reports cases from all United States jurisdictions by subject matter Amicus Curiae correct answer: A Friend of the Court; Refers more specifically to a person asking for permission to intervene in a case where they are neither the plaintiff or defendant Ancillary probate correct answer: a probate proceeding conducted in a different state from the one the deceased person resided in at the time of death. Usually ancillary probate proceedings are necessary if the deceased person owned real estate in another state. Annual Exclusion correct answer: The amount of money that a person can "gift" each year which is free from federal gift tax; requires the filing of a gift tax return. Annuity correct answer: Similar to an insurance policy. A contract between the owner f the annuity provider and the purchaser (annuitant). The annuitant funds the account and interest accrues. The annuitant is then able to receive a yearly payment of a fixed amount for specific period of time or for a specific amount until all of the value has been paid to the owner. Antitrust acts correct answer: federal and state statutes to protect trade and commerce fro unlawful restraints, price discrimination, price fixings, and monopolies Appeal correct answer: To as a more senior court or person to review a decision of a subordinate court or person