AIC 301 EXAM QUESTIONS AND ANSWERS LATEST
VERSION (ALREADY GRADED A+)
A landlord-tenant estate created for a definite period.
Estate for years
A landlord-tenant estate with no fixed termination date and automatic renewal until one of the
parties gives notice of intent to terminate.
Periodic tenancy
A tenant who has a lease for a number of years and, at the expiration of the lease, continues to
occupy the premises.
Holdover tenant
A legal document that provides title to the goods in storage and assures delivery to the holder of the
receipt.
Warehouse receipt
A document acknowledging receipt of goods from the shipper, given by the carrier, which includes the
terms of the contract of carriage for the goods.
Bill of lading
A person or organization in the business of transporting property of others.
Carrier
The party who is shipping goods.
Consignor
The person or organization that receives property being transported by a carrier.
Consignee
The body of federal law that allows debtors who are unable to pay their creditors to divide their
assets among their creditors to discharge the debts.
Bankruptcy law
An interest in property (real or personal) that allows the property to be sold on default to satisfy the
debt for which the security interest was given.
Security interest
The failure to exercise the degree of care that a reasonable person in a similar situation would
exercise to avoid harming others.
, Negligence
A wrongful act or an omission, other than a crime or a breach of contract, that invades a legally
protected right.
Tort
A person or an organization that has committed a tort.
Tortfeasor
The person or entity who files a lawsuit and is named as a party.
Plaintiff
The party in a lawsuit against whom a complaint is filed.
Defendant
An element of negligence that exists when parties are in such a relationship that the law imposes on
one party the responsibility for the exercise of care toward the other party.
Legal duty
A written law passed by a legislative body at either the federal or state level.
Statute
Laws that develop out of court decisions in particular cases and establish precedents for future cases.
Common law (case law)
A standard for the degree of care exercised in a situation that is measured by what a reasonably
cautious person would or would not do under similar circumstances.
Reasonable person test
Airlines, railroads, or trucking companies that furnish transportation to any member of the public
seeking their offered services.
Common carriers
A cause that, in a natural and continuous sequence unbroken by any new and independent cause,
produces an event and without which the event would not have happened.
Proximate cause
A rule used to determine whether a defendant's act was the proximate cause of a plaintiff's harm
based on the determination that the plaintiff's harm could not have occurred but for the defendant's
act.
"But for" rule
A rule used to determine proximate cause of a loss by determining which of the acts are significant
factors in causing the harm.
VERSION (ALREADY GRADED A+)
A landlord-tenant estate created for a definite period.
Estate for years
A landlord-tenant estate with no fixed termination date and automatic renewal until one of the
parties gives notice of intent to terminate.
Periodic tenancy
A tenant who has a lease for a number of years and, at the expiration of the lease, continues to
occupy the premises.
Holdover tenant
A legal document that provides title to the goods in storage and assures delivery to the holder of the
receipt.
Warehouse receipt
A document acknowledging receipt of goods from the shipper, given by the carrier, which includes the
terms of the contract of carriage for the goods.
Bill of lading
A person or organization in the business of transporting property of others.
Carrier
The party who is shipping goods.
Consignor
The person or organization that receives property being transported by a carrier.
Consignee
The body of federal law that allows debtors who are unable to pay their creditors to divide their
assets among their creditors to discharge the debts.
Bankruptcy law
An interest in property (real or personal) that allows the property to be sold on default to satisfy the
debt for which the security interest was given.
Security interest
The failure to exercise the degree of care that a reasonable person in a similar situation would
exercise to avoid harming others.
, Negligence
A wrongful act or an omission, other than a crime or a breach of contract, that invades a legally
protected right.
Tort
A person or an organization that has committed a tort.
Tortfeasor
The person or entity who files a lawsuit and is named as a party.
Plaintiff
The party in a lawsuit against whom a complaint is filed.
Defendant
An element of negligence that exists when parties are in such a relationship that the law imposes on
one party the responsibility for the exercise of care toward the other party.
Legal duty
A written law passed by a legislative body at either the federal or state level.
Statute
Laws that develop out of court decisions in particular cases and establish precedents for future cases.
Common law (case law)
A standard for the degree of care exercised in a situation that is measured by what a reasonably
cautious person would or would not do under similar circumstances.
Reasonable person test
Airlines, railroads, or trucking companies that furnish transportation to any member of the public
seeking their offered services.
Common carriers
A cause that, in a natural and continuous sequence unbroken by any new and independent cause,
produces an event and without which the event would not have happened.
Proximate cause
A rule used to determine whether a defendant's act was the proximate cause of a plaintiff's harm
based on the determination that the plaintiff's harm could not have occurred but for the defendant's
act.
"But for" rule
A rule used to determine proximate cause of a loss by determining which of the acts are significant
factors in causing the harm.
