Froggy Jumps Legal Terminology QuizOnline version Test your knowledge of legal terms with this quiz game! by marco rabadan 1 What is the right of a mortgagor to redeem his property after the mortgage is past due? a Equity of Redemption b Foreclosure c Estoppel 2 What is absolute ownership of real property called? a Guarantee b Fee Simple c Fixture 3 What is the valuation of inventory on a first-in, first-out basis? a Gross Profit b FIFO Inventory c Guaranty 4 What is a chattel permanently affixed to real estate called? a Garnishment b Fixture c Equity of Redemption 5 What is the legal process by which property due to a debtor is attached? a Estoppel b Garnishment c Fee Simple 6 What is sales minus Cost of Goods Sold (COGS) called? a FIFO Inventory b Guarantee c Gross Profit 7 What is the act by which the owner of a mortgage cuts off the rights of the mortgagor? a Foreclosure b Fixture c Guaranty 8 What is the rule of law that precludes a person from denying certain facts? a Estoppel b Gross Profit c Garnishment 9 What is assuming liability for the debts of another in case of default? a Equity of Redemption b Foreclosure c Guarantee 10 What is a contract to be liable for the debt of another person in case of default? a Fixture b FIFO Inventory c Guaranty
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