Real/Personal Property
The key distinction between real and personal property.
What are taxation and how acquired (need writing)?
Final declaration of how a person wants to distribute their property after death.
What is a will?
A market where there is one seller or limited number of sellers.
What is a monopoly?
The two basic kinds of automobile insurance.
What are liability and collision insurance?
An impropriety involving embezzlement in a client's books.
What is defalcation?
What are donative intent, delivery, and acceptance?
5 requirements for a valid will.
What are testator capacity, testamentary intent, written document, testator's signature, and signature of witnesses?
Any agreement that restrains competition between rival firms in the same market.
What is a horizontal restraint?
The name of two common insurance contract clauses.
What are antilapse and incontestability clauses?
The 4 elements for fraud.
What are misrepresentation of a material fact, intent to deceive, justifiable reliance, and injury for damages?
Nonpossessory right to make limited use of another person's real property.
What is an easement?
Statutes regulating property distribution when a person dies without a will.
What are intestacy laws?
Where a seller charges different prices to competing buyers for identical goods or services.
What is price discrimination?
A policyholder having a legitimate financial interest in the insured person or property.
What is an insurable interest?
The law that requires accountants to maintain working papers for client review.
What is the Sarbanes-Oxley Act?
Three requirements for a transfer to become a bailment.
What are personal property, delivery/possession (without title), and agreement to return/dispose?
4 essential trust elements.
What are designated beneficiary, designated trustee, fund identified to permit title to pass to the trustee, and delivery by grantor with intention of passing title?
The 4 factors considered under the rule of reason.
What are purpose of the agreement, ability to implement the agreement, effect of agreement on competition, and whether less restrictive means could have been used?
Two main categories of life insurance.
What are term and permanent (whole) life insurance?
The majority common law rule for accountant-client communications.
What is that accountants must disclose information about their clients in court?
Two phases of eminent domain.
What are the taking and just compensation?
A trust imposed by a court in the interest of fairness and justice.
What is a constructive trust?
An agreement between firms at different levels of the manufacturing and distribution process.
What are vertical restraints?
Type of incident generally not covered by fire insurance.
What is "friendly fire" (fire intentionally started and contained in its intended location - grill or fireplace)?
The 3 common state laws regarding potential criminal liability for accountants.
What are knowingly certifying false reports, falsifying or destroying books of account, and obtaining property or credit through use of false financial statements?