PACE Test Questions with Verified
Answers
Abatement - ANSWERSthe 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 - ANSWERSA brief, chronological summary of the recorded documents
affecting title to a particular parcel of real property
acceptance - ANSWERSone of three requisites to a valid contract under common law
(the other two being offer and consideration)
accord and satisfaction - ANSWERSA 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 - ANSWERSA formal declaration before an authorized official by the
person who executed an instrument that it is his/her free act and deed
Ad hoc - ANSWERS(adj.) for this specific purpose; improvised; (adv.) with respect to
this
Adjudication - ANSWERSgiving or pronouncing a judgment or decree; also, the
judgment given
Adjusted basis - ANSWERSThe basis of property used when computing gains for
income tax purposes; the cost minus depreciation plus capital improvements
Ad litem - ANSWERSperson 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 - ANSWERSthe 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 - ANSWERSagencies created by the legislative branch of
government to administer laws pertaining to specific areas such as taxes, transportation
and labor
, administrative authority - ANSWERSthe rules, regulations and decision created by
federal, state, and local agencies; the executive orders of the President and governors
administrator - ANSWERSperson 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 - ANSWERSmay 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 - ANSWERSPaperback 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 - ANSWERSOne having opposing parties, such as a plaintiff and
a defendant. Individual lawsuit(s) brought within a bankruptcy proceeding
affidavit - ANSWERSa 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 - ANSWERSOpinions 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 - ANSWERSrules written by federal and state administrative
agencies
agent - ANSWERSa 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 - ANSWERSto actively, knowingly, or intentionally assist another person in
the commission or attempted commission of a crime
alien corporation - ANSWERSa corporation that was formed in another country, but is
doing business in the United States or its territories
allegation - ANSWERSsomething to be proved or disproved through the introduction of
evidence
Answers
Abatement - ANSWERSthe 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 - ANSWERSA brief, chronological summary of the recorded documents
affecting title to a particular parcel of real property
acceptance - ANSWERSone of three requisites to a valid contract under common law
(the other two being offer and consideration)
accord and satisfaction - ANSWERSA 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 - ANSWERSA formal declaration before an authorized official by the
person who executed an instrument that it is his/her free act and deed
Ad hoc - ANSWERS(adj.) for this specific purpose; improvised; (adv.) with respect to
this
Adjudication - ANSWERSgiving or pronouncing a judgment or decree; also, the
judgment given
Adjusted basis - ANSWERSThe basis of property used when computing gains for
income tax purposes; the cost minus depreciation plus capital improvements
Ad litem - ANSWERSperson 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 - ANSWERSthe 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 - ANSWERSagencies created by the legislative branch of
government to administer laws pertaining to specific areas such as taxes, transportation
and labor
, administrative authority - ANSWERSthe rules, regulations and decision created by
federal, state, and local agencies; the executive orders of the President and governors
administrator - ANSWERSperson 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 - ANSWERSmay 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 - ANSWERSPaperback 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 - ANSWERSOne having opposing parties, such as a plaintiff and
a defendant. Individual lawsuit(s) brought within a bankruptcy proceeding
affidavit - ANSWERSa 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 - ANSWERSOpinions 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 - ANSWERSrules written by federal and state administrative
agencies
agent - ANSWERSa 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 - ANSWERSto actively, knowingly, or intentionally assist another person in
the commission or attempted commission of a crime
alien corporation - ANSWERSa corporation that was formed in another country, but is
doing business in the United States or its territories
allegation - ANSWERSsomething to be proved or disproved through the introduction of
evidence
