Registered Paralegal (PACE / RP) Substantive Areas of Law Flashcards

24 sample cards from the Substantive Areas of Law deck

Sampled from the end of the deck, so these are different cards from the ones shown on the syllabus page.

1. What is the primary purpose of the Securities Act of 1933 versus the Securities Exchange Act of 1934?

   The 1933 Act governs the initial issuance/registration of securities and requires disclosure to investors at issuance. The 1934 Act governs secondary (post-issuance) trading, created the SEC, and imposes ongoing reporting and anti-fraud rules.

2. What are SEC Forms 10-K, 10-Q, and 8-K?

   Form 10-K is the comprehensive annual report; Form 10-Q is the quarterly financial report; Form 8-K reports material/current events between periodic filings (e.g., mergers, leadership changes).

3. What is a Regulation D exemption in securities filings?

   Regulation D provides exemptions from SEC registration for private/limited offerings (Rules 504, 506(b), 506(c)), often limited to accredited investors. Issuers file Form D as a notice of the exempt offering.

4. What are the grounds for dissolution of marriage, distinguishing fault from no-fault divorce?

   No-fault divorce is granted based on irreconcilable differences or irretrievable breakdown without proving wrongdoing. Fault divorce requires proving grounds such as adultery, cruelty, abandonment, or imprisonment, which may affect property or support awards in some states.

5. Distinguish community property from equitable distribution in dividing marital assets.

   In community-property states, marital assets/debts are generally split 50/50. In equitable-distribution states, marital property is divided fairly (not necessarily equally) based on factors like contribution, length of marriage, and earning capacity.

6. What standard governs child custody determinations?

   The 'best interests of the child' standard, weighing factors such as each parent's caregiving ability, the child's relationships and stability, the child's wishes (age-dependent), and each parent's willingness to foster the other's relationship.

7. Distinguish legal custody from physical custody.

   Legal custody is the right to make major decisions about the child (education, health, religion). Physical custody concerns where the child lives and day-to-day care. Either can be sole or joint.

8. What are the basic requirements for a valid will?

   The testator must have legal capacity (typically 18+) and testamentary intent, the will must be in writing, signed by the testator, and witnessed/attested by the required number of competent witnesses (usually two), all per state law.

9. Distinguish a will from a trust.

   A will takes effect at death, must go through probate, and directs distribution of the estate. A trust can take effect during life (living trust), avoids probate for the assets it holds, and is managed by a trustee for beneficiaries under the terms set by the grantor.

10. What is the difference between a revocable and an irrevocable trust?

    A revocable (living) trust can be amended or revoked by the grantor during life and offers no asset protection or estate-tax shelter. An irrevocable trust generally cannot be changed once created; the grantor relinquishes control, gaining potential asset protection and tax benefits.

11. What is probate and what is its general purpose?

    Probate is the court-supervised process of validating a will, appointing a personal representative/executor, identifying and inventorying assets, paying debts and taxes, and distributing remaining assets to heirs or beneficiaries.

12. What does it mean to die 'intestate,' and what governs distribution?

    Dying intestate means dying without a valid will. The deceased's property passes according to the state's intestacy (descent and distribution) statutes, typically to the surviving spouse and children, then to other relatives in a defined order.

13. Distinguish a guardian of the person from a guardian of the estate (conservator).

    A guardian of the person makes personal, medical, and living decisions for an incapacitated ward. A guardian of the estate (or conservator) manages the ward's finances and property. One person may serve in both roles.

14. What is the difference between a durable power of attorney and a non-durable power of attorney?

    A non-durable power of attorney terminates if the principal becomes incapacitated. A durable power of attorney expressly remains in effect (or springs into effect) upon the principal's incapacity, allowing the agent to continue acting.

15. What is the difference between a general warranty deed and a quitclaim deed?

    A general warranty deed conveys property with full covenants guaranteeing clear title against all defects, even from prior owners. A quitclaim deed transfers only whatever interest the grantor has, with no warranties of title.

16. What is the difference between joint tenancy and tenancy in common?

    Joint tenancy includes the right of survivorship — a deceased co-owner's share passes automatically to the surviving joint tenants. Tenancy in common has no survivorship; each owner holds a divisible share that passes to their own heirs/estate.

17. What is the purpose of title insurance in a real estate transaction?

    Title insurance protects the buyer (owner's policy) and/or lender (lender's policy) against losses from defects in title, liens, or encumbrances existing at the time of purchase that a title search did not reveal.

18. Distinguish the warranty of habitability from the covenant of quiet enjoyment in landlord-tenant law.

    The implied warranty of habitability requires the landlord to keep the rental in livable condition (heat, water, safe structure). The covenant of quiet enjoyment guarantees the tenant's right to use and enjoy the premises without substantial interference by the landlord.

19. What is the difference between eviction and constructive eviction?

    Eviction is the landlord's legal process to remove a tenant for cause (e.g., nonpayment). Constructive eviction occurs when the landlord's failure to maintain the premises makes them uninhabitable, effectively forcing the tenant to leave and relieving them of rent obligations.

20. What is zoning, and what is a variance in land-use law?

    Zoning is a government's division of land into districts regulating permitted uses (residential, commercial, industrial). A variance is official permission to deviate from zoning requirements when strict application would cause undue hardship and the variance does not harm the public interest.

21. What is the role of an administrative agency, and what is rulemaking?

    Administrative agencies are executive/independent bodies that implement and enforce statutes within their jurisdiction. Rulemaking is the agency process of creating regulations with the force of law, typically through public notice-and-comment under the Administrative Procedure Act.

22. What is the difference between a felony and a misdemeanor?

    A felony is a serious crime punishable by more than one year of imprisonment (or death). A misdemeanor is a lesser crime punishable by up to one year in jail and/or a fine. Below misdemeanors are infractions/violations.

23. What is the standard of proof in a criminal case versus a civil case?

    Criminal cases require proof 'beyond a reasonable doubt.' Most civil cases require a 'preponderance of the evidence' (more likely than not); some civil matters use the intermediate 'clear and convincing evidence' standard.

24. What are the two general elements of a crime?

    (1) Actus reus — the guilty act or unlawful conduct, and (2) Mens rea — the guilty mind or criminal intent. Both generally must concur for criminal liability, along with causation of the prohibited harm.

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