NALA Certified Paralegal Exam Concepts
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Questions and Answers

What is estate administration?

The process in which a decedent's personal representative settles the affairs of the decedent's estate, collects assets, pays debts and taxes, and distributes the remaining assets to heirs, usually overseen by a probate court.

What is an inter vivos trust?

A trust created by the grantor (settlor) and effective during the grantor's lifetime.

What constitutes assault?

Any word or action intended to make another person apprehensive or fearful of immediate physical harm, a reasonably believable threat.

What is battery?

<p>The intentional and offensive touching of another without lawful justification.</p> Signup and view all the answers

What does contributory negligence refer to?

<p>A theory in tort law under which a complaining party's own negligence contributed to his or her injuries, serving as an absolute bar to recovery in some jurisdictions.</p> Signup and view all the answers

What is comparative negligence?

<p>A theory in tort law under which the liability for injuries resulting from negligent acts is shared by all persons guilty of negligence based on each person's proportionate carelessness.</p> Signup and view all the answers

What is negligence per se?

<p>An action or failure to act in violation of a statutory requirement.</p> Signup and view all the answers

What is strict liability?

<p>Liability regardless of fault; in tort law, it may be imposed on a merchant introducing a defectively dangerous good into commerce.</p> Signup and view all the answers

What entitlements does a trademark owner have once established?

<p>Exclusive use of the trademark</p> Signup and view all the answers

What is a Trade Name?

<p>A term indicating part or all of a business's name related to its reputation and goodwill.</p> Signup and view all the answers

What is a Trade Secret?

<p>Information or processes that give a business an advantage over competitors.</p> Signup and view all the answers

What is Real Property?

<p>Immovable property consisting of land and its buildings and plant life.</p> Signup and view all the answers

What is Personal Property?

<p>Any property that is not real property.</p> Signup and view all the answers

What does Fee Simple Absolute refer to?

<p>Ownership rights allowing the holder to use, possess, or dispose of property.</p> Signup and view all the answers

What is Eminent Domain?

<p>The power of a government to take land for public use with just compensation.</p> Signup and view all the answers

What is an Easement?

<p>The right to make limited use of another person's real property.</p> Signup and view all the answers

What is Tenancy In Common?

<p>A form of co-ownership where each party owns an undivided interest.</p> Signup and view all the answers

What is Joint Tenancy?

<p>Joint ownership of property by co-owners where interest passes to surviving owners upon death.</p> Signup and view all the answers

What are the Steps Involved in the Sale of Real Estate?

<p>Buyer's purchase offer, seller's response, purchase and sale agreement, title examination, and closing.</p> Signup and view all the answers

What is a Mortgage?

<p>A written instrument granting a creditor interest in a debtor's property as security for a debt.</p> Signup and view all the answers

What is a Deed?

<p>A document that transfers title to property from one party to another.</p> Signup and view all the answers

What is a Lease?

<p>A contractual agreement to rent property for a specified time period.</p> Signup and view all the answers

What does Risk mean in terms of property?

<p>A prediction concerning potential loss based on known and unknown factors.</p> Signup and view all the answers

What is Risk Management?

<p>Planning to reduce the risk of loss from events.</p> Signup and view all the answers

What is Guardian ad Litem?

<p>A person appointed by the court to represent the interests of a child or mentally incompetent person.</p> Signup and view all the answers

What are the validity requirements for a contract?

<p>All of the Above (D)</p> Signup and view all the answers

What is Property Settlement?

<p>The division of property between spouses upon the termination of a marriage.</p> Signup and view all the answers

What is Marital Property?

<p>All property acquired during the course of a marriage, except inheritances and gifts.</p> Signup and view all the answers

What is an agreement in the context of contract law?

<p>A meeting of the minds between parties that involves an offer and its acceptance.</p> Signup and view all the answers

What is Separate Property?

<p>Property owned by a spouse before marriage, plus inheritances and gifts received during marriage.</p> Signup and view all the answers

What is an offer?

<p>A promise or commitment to do or refrain from doing something specified in the future.</p> Signup and view all the answers

What is Community Property?

<p>Property acquired during marriage, except for inheritances or gifts.</p> Signup and view all the answers

Who is the offeror?

<p>The party making the offer.</p> Signup and view all the answers

Who is the offeree?

<p>The party to whom the offer is made.</p> Signup and view all the answers

What does acceptance mean in contract law?

<p>The offeree's indication that they agree to the terms of the offer.</p> Signup and view all the answers

What is the Mirror Image Rule?

<p>A rule that requires the terms of acceptance to mirror the terms of the offer.</p> Signup and view all the answers

What is the Mailbox Rule?

<p>Acceptance takes effect when communicated by the mode authorized by the offeror.</p> Signup and view all the answers

What is consideration in contract law?

<p>Something of value that motivates the formation of a contract.</p> Signup and view all the answers

What is Promissory Estoppel?

<p>A doctrine making a promise binding if relied upon by the promisee.</p> Signup and view all the answers

What is Contractual Capacity?

<p>The mental capacity required by law for a party to be bound by a contract.</p> Signup and view all the answers

What is the Statute of Frauds?

<p>A state statute requiring certain types of contracts to be in writing.</p> Signup and view all the answers

What is a shareholder?

<p>One who has an ownership interest in a corporation through the purchase of corporate shares or stock.</p> Signup and view all the answers

What is a share?

<p>A unit of stock; a measure of ownership interest in a corporation.</p> Signup and view all the answers

What is the Uniform Commercial Code (UCC)?

<p>Statutes that contain uniform laws governing business transactions.</p> Signup and view all the answers

Who is a director?

<p>A person elected by the shareholders to direct corporate affairs.</p> Signup and view all the answers

What is rescission?

<p>An action to undo or terminate a contract.</p> Signup and view all the answers

What is restitution in contract law?

<p>An equitable remedy restoring a person to their original position prior to loss.</p> Signup and view all the answers

Who is an officer in a corporation?

<p>A person hired by corporate directors to assist in the management of the day-to-day operations of the corporation.</p> Signup and view all the answers

What is reformation?

<p>An equitable remedy to correct a written contract to reflect true intentions.</p> Signup and view all the answers

What are Articles of Incorporation?

<p>The document filed with the appropriate state official when a business is incorporated.</p> Signup and view all the answers

What is a Certificate of Incorporation?

<p>The document issued by a state official granting a corporation legal existence.</p> Signup and view all the answers

What are the forms of intellectual property?

<p>Patent, Copyright, Trademark, Trade Secret.</p> Signup and view all the answers

What is a patent?

<p>A government grant giving an inventor exclusive rights to an invention.</p> Signup and view all the answers

What is a Limited Liability Company (LLC)?

<p>A hybrid form of business organization that provides limited liability to its owners while passing profits through to them.</p> Signup and view all the answers

What does copyright protect?

<p>The exclusive right of an author to publish or sell their intellectual production.</p> Signup and view all the answers

What is a Limited Liability Partnership (LLP)?

<p>A hybrid form of business organization allowing professionals to enjoy tax benefits while limiting their normal joint and several liabilities.</p> Signup and view all the answers

What is a trademark?

<p>A distinctive mark or emblem used to identify goods' origin.</p> Signup and view all the answers

What is a Professional Corporation (PC)?

<p>A corporation formed by professionals, such as attorneys or accountants.</p> Signup and view all the answers

What is a fiduciary relationship?

<p>A relationship involving a high degree of trust and confidence.</p> Signup and view all the answers

What is Respondeat Superior?

<p>A doctrine in agency law holding a principal-employer liable for wrongful acts committed by agents within the scope of their employment.</p> Signup and view all the answers

What is vicarious liability?

<p>Legal responsibility placed on one person for the acts of another.</p> Signup and view all the answers

What is IRS Form 709?

<p>United States Gift (and Generation-Skipping Transfer) Tax Return.</p> Signup and view all the answers

What is IRS Form 706?

<p>Figures the estate tax imposed by Chapter 11 of the Internal Revenue Code.</p> Signup and view all the answers

What is IRS Form 1040?

<p>Standard form to file annual income tax returns.</p> Signup and view all the answers

What is IRS Form 1041?

<p>Required if the estate generates more than $600 in annual gross income.</p> Signup and view all the answers

What does NALA's Code of Ethics and Professional Responsibility Canon 1 state?

<p>A paralegal must not perform duties that only attorneys may perform.</p> Signup and view all the answers

What does NALA's Code of Ethics and Professional Responsibility Canon 2 state?

<p>A paralegal may perform any task that is properly delegated and supervised by an attorney.</p> Signup and view all the answers

Which of the following is NOT a restriction under NALA's Code of Ethics and Professional Responsibility Canon 3?

<p>Disclose paralegal status (D)</p> Signup and view all the answers

What is the main responsibility outlined in NALA's Canon 4?

<p>A paralegal must use discretion and professional judgment but not render independent legal judgment.</p> Signup and view all the answers

What must a paralegal do at the outset of any professional relationship according to NALA's Canon 5?

<p>Disclose their status as a paralegal.</p> Signup and view all the answers

What must a paralegal strive to maintain according to Canon 6?

<p>Integrity and competency (A)</p> Signup and view all the answers

According to Canon 7, a paralegal must violate the confidentiality of a client if necessary.

<p>False (B)</p> Signup and view all the answers

What does Canon 8 require a paralegal to disclose?

<p>Any pre-existing client or personal relationship that may conflict with their employer's interests.</p> Signup and view all the answers

What does Canon 9 state a paralegal must do?

<p>All things incidental or necessary for ethical responsibilities as defined by statute or court rule.</p> Signup and view all the answers

Which guides a paralegal's conduct according to Canon 10?

<p>Bar associations' code of professional responsibility (C)</p> Signup and view all the answers

What is a Long Arm Statute?

<p>A state statute that allows jurisdiction over nonresidents with specific 'minimum contacts' with that state.</p> Signup and view all the answers

A warranty is an express or implied promise by a seller that specific goods meet certain standards or ______.

<p>criteria</p> Signup and view all the answers

What does the term limitations refer to in a legal context?

<p>The length of time claimants have to file a case.</p> Signup and view all the answers

What is a Joint Venture?

<p>A short term business venture for a very specific purpose.</p> Signup and view all the answers

What does a prenuptial agreement provide for?

<p>Division of property in case of divorce (B)</p> Signup and view all the answers

What term describes the process involving wills and trusts?

<p>Estate-planning process</p> Signup and view all the answers

What is a will?

<p>Final declaration of how a person wishes to have his or her property disposed of after death.</p> Signup and view all the answers

Who is a testator?

<p>One who makes a valid will.</p> Signup and view all the answers

Being testate means having died without a valid will.

<p>False (B)</p> Signup and view all the answers

Intestate means having died with a valid will.

<p>False (B)</p> Signup and view all the answers

What are intestacy laws?

<p>State statutes that specify how property will be distributed when a person dies intestate.</p> Signup and view all the answers

What is an executor?

<p>A person appointed by a testator to serve as a personal representative on the testator's death.</p> Signup and view all the answers

Who is an administrator?

<p>A person appointed by a court to serve as a personal representative for a person who died intestate.</p> Signup and view all the answers

What does probate mean?

<p>To prove and validate a will.</p> Signup and view all the answers

What are the requirements for a valid will?

<p>Must be signed by the testator (A), In writing (B), Witnessed (D)</p> Signup and view all the answers

What is a trust?

<p>An arrangement in which property is transferred by one person to another for the benefit of a third party.</p> Signup and view all the answers

What is a testamentary trust?

<p>A trust that is created by will and that does not take effect until the death of the testator.</p> Signup and view all the answers

What is a sole proprietorship?

<p>The simplest form of business in which one person owns the business.</p> Signup and view all the answers

What are some advantages of sole proprietorships?

<p>Entitled to all profits (B), Decision-making independence (C)</p> Signup and view all the answers

What are some disadvantages of sole proprietorships?

<p>Unlimited personal liability (B), Difficult to raise capital (C)</p> Signup and view all the answers

What is a partnership?

<p>Two or more individuals who undertake to do business together.</p> Signup and view all the answers

What is joint liability?

<p>Shared liability in partnership law.</p> Signup and view all the answers

What does joint and several liability mean?

<p>Shared and individual liability.</p> Signup and view all the answers

What is a limited partnership?

<p>A partnership consisting of one or more general partners and one or more limited partners.</p> Signup and view all the answers

Who is a general partner?

<p>A partner who participates in managing the business of a partnership.</p> Signup and view all the answers

What is a limited partner?

<p>One who invests in a limited partnership but does not play an active role in managing the operation.</p> Signup and view all the answers

Study Notes

Estate Administration and Trusts

  • Estate administration involves a decedent's representative settling the estate's affairs, including asset collection, debt payment, and asset distribution to heirs, typically under probate court oversight.
  • An inter vivos trust is established during the grantor's lifetime and not through a will.

Tort Concepts

  • Assault refers to actions or words that create apprehension of imminent harm; it must be a reasonable threat.
  • Battery is the intentional and unauthorized physical contact with another person.
  • Contributory negligence bars recovery if the injured party's negligence contributed to their harm.
  • Comparative negligence assigns shared liability based on each party's negligence, including the injured party.
  • Negligence per se is the failure to act according to a statutory requirement, resulting in a violation.
  • Strict liability holds a party liable without fault, commonly applied in cases involving defective products.

Contract Law Fundamentals

  • Valid contracts require agreement, consideration, contractual capacity, and legality.
  • Agreement includes an offer and acceptance between distinct parties.
  • An offer is a promise to do or refrain from doing something in the future.
  • The offeror initiates the offer, while the offeree receives it.
  • Acceptance indicates the offeree's agreement to be bound by the offer.
  • The mirror image rule mandates literal acceptance of the offer's terms for a valid contract.
  • The mailbox rule states acceptance is effective upon communication, not receipt.
  • Consideration is something of value exchanged that binds the contract.
  • Promissory estoppel can enforce a clear promise if there is reasonable reliance.
  • Contractual capacity refers to the mental ability required to engage in contracts.
  • The statute of frauds necessitates certain contracts to be in writing to be enforceable.

Business Organizations

  • The Uniform Commercial Code (UCC) standardizes business transaction laws across states.
  • Rescission cancels a contract, restoring parties to their original positions.
  • Restitution restores parties to their pre-breach state, accounting for losses.
  • Forms of intellectual property include patents, copyrights, trademarks, and trade secrets.

Property Concepts

  • Real property encompasses land and immovable structures, while personal property includes movable or intangible assets.
  • Fee simple absolute grants full ownership rights during one’s lifetime.
  • Eminent domain allows government acquisition of private land for public use with compensation.
  • Easements permit limited use of another's property without ownership transfer.
  • Tenancy in common allows co-ownership with heirs inheriting interests; joint tenancy features automatic transfer to surviving co-owners.

Real Estate Transactions

  • Steps in selling real estate include an offer from the buyer, seller's acceptance, a purchase agreement, title checks, and closing.
  • Mortgages provide creditor interest in property as debt security, while deeds transfer property title.

Family Property Law

  • Property settlements divide assets during marital dissolution.
  • Marital property includes all assets acquired during marriage, excluding inheritances or gifts.
  • Separate property consists of pre-marital assets and inherited gifts.
  • Community property laws in certain states allocate half ownership of jointly acquired assets.

Estate Planning and Wills

  • The estate-planning process typically involves wills and trusts.
  • A will outlines property distribution intentions after death, while a testator is the will maker.
  • Testate individuals die with a valid will, whereas intestate individuals die without one, leading to distribution via intestacy laws.
  • Executors manage the will’s implementation, while administrators represent intestate decedents.
  • NALA’s Code of Ethics stipulates that paralegals cannot perform tasks reserved for attorneys and must maintain discretion, integrity, and confidentiality.
  • Paralegals may perform delegated tasks under attorney supervision and must avoid unauthorized practice of law.
  • Continuous education and disclosure of potential conflicts are mandated for paralegals.

Taxation Forms

  • IRS Form 709 pertains to gift tax returns, while Form 706 is for estate tax calculations.
  • Form 1040 is the standard income tax return, and Form 1041 is required for estates generating significant income.### NALA's Code of Ethics and Professional Responsibility Canon 10
  • Governs paralegal conduct by establishing professional ethical standards.
  • Aligns with bar associations' codes to maintain integrity and professionalism.
  • Ensures adherence to rules of professional conduct by legal professionals.

Long Arm Statute

  • Allows a state to exercise jurisdiction over individuals or entities outside its boundaries.
  • Requires nonresidents to have "minimum contacts" with the state for jurisdiction to be valid.
  • Used to facilitate legal actions against parties who may not reside in the jurisdiction where the case is filed.

Warranty

  • Represents a promise from the seller regarding the quality or performance of goods sold.
  • Can be either express (explicitly stated) or implied (assumed based on sales context).
  • Offers buyers assurance and recourse if goods do not meet the promised standards.

Limitations

  • Refers to the statutory period within which claimants must initiate legal proceedings.
  • Varies by jurisdiction and type of claim; essential for ensuring timely justice.
  • Key concept in tort, contract, and civil litigation contexts to prevent indefinite litigation.

Joint Venture

  • A collaborative arrangement between two or more parties for a specific business purpose.
  • Typically utilized for short-term projects, allowing shared resources while limiting exposure to risk.
  • Parties maintain individual identities while working towards a common goal, enhancing operational efficiency.

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Description

Test your knowledge of essential terms and concepts related to the NALA Certified Paralegal Exam. This quiz covers key terms such as estate administration and inter vivos trust, which are critical for paralegal studies. Prepare to enhance your legal terminology and understanding.

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