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Explain the difference between a secret partner an

Explain the difference between a secret partner and a silent partner. List and briefly explain five different types of partners.QUESTION 1:Write short notes on all of the following:Personal InsuranceReal PropertyLease ContractPartnershipsEmployee contractsQUESTION 2:Berger checked into a motel and left a valuable stamp collection in his room because the motel did not provide safe-deposit boxes. The stamps were stolen. Was the motel liable for the value of the collection? Explain your answer.QUESTION 3:Explain the difference between a secret partner and a silent partner. List and briefly explain five different types of partners.QUESTION 4:Fox, who was going into the army, contracted with Scutti Auto Sales to sell his car for a commission. Scutti Auto Sales advanced $500 to Fox, with the understanding that the advance would be paid back out of the proceeds of the sale. Three weeks later, before the car was sold, Fox changed his mind and tried to terminate the agency. Was Fox legally able to terminate the agency?MULTIPLE CHOCIE 30 MARKS1. An example of a special bailment is the liability imposed on aa. person who rents a car.b. trucking company.c. parking garage.d. service station.2. A special bailee is not liable for losses resulting from a typhoon becausea. a typhoon is a natural disaster that could not have been anticipated.b. special bailments require only a reasonable level of care.c. special bailees are exempt from all liabilities.d. special bailees always have agreements with bailors to limit their liability3. A common carrier whose equipment is detained by a customer for an unreasonable period of time can make a special charge calleda. containerage.b. detonage.c. a bailee’s charge.d. demurrage.4. A carrier that transports goods for certain customers only is aa. limited carrier.b. common carrier.c. contract carrier.d. mutual carrier.5. The least costly type of life insurance isa. endowment insurance.b. limited payment life insurance.c. term insurance.d. whole life insurance.6. In his application for life insurance, Meany lied about his health. The insurance company cannot cancel the policy if it discovers the lie after the policy has been in effecta. one year.b. two years.c. three years.d. five years.7. At age thirty-five, Grimsby took out a life insurance policy and stated her age as twenty-nine. Grimsby died five years later. What effect, if any, does the misrepresentation have on the payment to the beneficiary?a. The insurer does not have to pay the beneficiary anything because the policy is void.b. The insurer must pay the beneficiary only half the face value of the policy.c. The insurer must pay the beneficiary an amount adjusted for the insured’s correct age.d. The insurer must pay the beneficiary the face value of the policy because the misrepresentation had no effect on the performance of the contract.8. When Pogue retired from her job at age sixty-five, she became eligible for government-subsidized health insurance calleda. Medicare.b. Medicaid.c. unemployment insurance.d. disability income protection9. Patent and copyright protection is granted bya. state governments.b. warranty.c. the chamber of commerce.d. the federal government.10. On the death of a joint tenant, the property automatically belongs to thea. surviving joint tenants.b. state.c. spouse.

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