A mutual will cannot be unilaterally revoked after one of the parties has died. true or false
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A mutual will cannot be unilaterally revoked after one of the parties has died. true or false
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- In Salomon v Salomon it was held that following a proper incorporation, the company becomes a legal entity separate from its members. Discuss the consequences of incorporation of a limited company.Raphael, a minority shareholder of the Sample Corporation, claims that the following sales are void and should be annulled. Explain whether Raphael is correct. a. Smith, a director of the Sample Corporation, sells a piece of vacant land to the Sample Corporation for $500,000. The land cost him $200,000. b. Jones, a shareholder of the Sample Corporation, sells a used truck to the Sample Corporation for $8,400, although the truck is worth $6,000.On Wednesday, March 9, 2022, Juniper Corporation, a calendar-year corporation, filed a consent to revoke its S corporation election. No date is specified in the consent as the effective date of the revocation. What is the effective date of the revocation? How would that change, if at all, if the consent to revoke was filed a week later, on March 16?
- Finn does not execute a will before he dies, with no surviving spouse or child. His survivors include his grandson Gage and his niece Hailey. In most states, his estate would pass to. Explain what constitutes an act of bankruptcy according to canadian lawDennis is the oldest among the four shareholders and is in the poorest health. He is concerned that upon his death his wife will be stuck with the shares, because there will be no market for them. However, he would like her to be able to use the proceeds from selling the shares for living expenses. For their part, Able, Baker, and Carter like Mrs. Dennis, but are not interested in being co-owners of the business with her. And they certainly do not want her to sell Dennis's shares to an unknown third party. So, they four have agreed that upon Dennis's death, Mrs. Dennis will be obligated to sell one third of the shares to Able, one third to Baker, and one third to Carter. Able, Baker, and Carter agree to buy the shares at a price figured according to a predetermined formula. What kind of transfer restriction is this? Multiple Choice Option agreement Right of first refusal Provision disqualifying purchasers Buy-and-sell agreement Consent constraint
- D established a trust for the benefit of her three adult children, appointing herself as trustee. Under the terms of the trust, the income was to be divided equally among the three, except that D retained the right to vary the distribution or invade the corpus to provide for "medical emergencies, professional education, and inability of any beneficiary to support himself or herself." At D's death, the trust terminates and the corpus is distributed to Y or Y's estate. What are the likely consequences of this trust at D's death? The value of the trust corpus will be excluded from her gross estate under sections 2036 and 2038 because the "ascertainable standard" rule of Jennings v. Smith and Old Colony Trust applies. The value of the trust corpus is included in her gross estate under sections 2036 and 2038 simply because she is the grantor of the trust. The value of the trust corpus is included in her gross estate under section 2033. The value of the trust corpus will be included in her…Little Switzerland Brewing Company was incorporated on January 28. On February 18, Ellison and Oxley were made directors of the company after they purchased some stock. Then on September 25, Ellison and Oxley signed stock subscription agreements to purchase five thousand shares each. Under the agreement, they both issued a note that indicated that they would pay for the stock “at their discretion.” Two years later in March, the board of directors passed a resolution canceling the stock subscription agreements of Ellison and Oxley. The creditors of Little Switzerland brought suit against Ellison and Oxley to recover the money owed under the subscription agreements. Are Ellison and Oxley liable? Why or why not?‘A holder in due course gets a better title free from equities’. Explain the statement and discuss the various privileges of a holder in due course.
- How does the concept of constructive bailment arise and what are its implications in legal cases?Olav starts Power Cells to make and sell batteries. Later, Olav contracts with Quinn to invest additional capital in the firm in exchange for 25 percent of the profits. Olav and Quinn are not partners in Power Cells becauseFor a decedent who has left a last will and testament, which of the following correctly state issues that may have to be proved in the probate proceeding? Whether the will was validly executed Whether the will disposes of all probate property Whether the decedent's gross estate exceeds the applicable exclusion amount Whether any trusts described in the will are entitled to the marital or charitable deduction