Haseena grants a life estate to John. John owns the estate until he dies. Haseena designated that after John's death, the estate would pass to Hila (a third party). What can Hila be described as? the reversionary interest the remainderman the conditional heir the determinable grantor
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- Delmas Mudozwa Delmas Mudozwa is a director of a private company. Director’s fees are voted annually by the shareholders shortly after the company’s financial year end. For the financial year ended 28 February 2020 the company voted him a director’s fee of R90 000.This resolution was dated 15 April 2020 Required: Discuss the accrual for gross income purposes of Alfred Agenda’s R90 000 director’s fees.a WI Thi aw poin loqua yd olM : Jane was tired of living in the jungle with Tarzan and entered into a sales contract to purchase a small house from Tarzan that he had inherited. Tarzan later changed his mind, because he liked Jane swinging in the trees with him. If Jane decides to seek legal assistance to acquire the house, which remedy should she ask for? O Quantum meruit O Promissory estoppel O Specific performance O Legal ejectment dead artFor 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
- Alex, Bart and Charlie are co-owners of a small urban land, they having inherited the same from their wealthy aunt. Dante owns the adjoining land. Charlie donated a portion of the land that he co-owns with Alex and Bart to Excel, and Bart sold his portion to Ferleine. a. Has Dante the right of redemption with respect to the portion of Bart? Explain.Ay-Bee-Cee-Dee Corp. has filed a Subchapter S election under the Internal Revenue Code for taxation purposes. As you know, S corporations are allowed only a limited number of shareholders and, regardless of the number, certain types of entities, including other corporations, cannot be shareholders in S corporations. Carter wants to transfer his shares of Ay-Bee-Cee-Dee Corp. to CarCor, Inc., a corporation that he and his brothers own. If Able, Baker, and Dennis want to preserve their Subchapter S election and, thus, block the transfer of Carter's shares to CarCor (without being stuck having to purchase Carter's shares themselves), which of the following transfer restrictions would best allow them to accomplish their goal?Under our NCC, an heir may institute an action for rescission of a rescissible contract in his capacity as a representative or successor-in-interest of a person who suffers from lesion or of the creditor who is defrauded. Suppose, however, that it can be established that the decedent, during his lifetime, entered into a contract with another in order to defraud him of his legitime, can he institute an action for the rescission of such contract after the death of the decedent?
- A married couple with two children owns a property that they have homesteaded. If the wife dies, what estate will the husband have in the property? a life estate, with their children as remaindermen a fee simple estate No estate: the children will inherit the house fee simple. It depends on what was in the wife's witt.Skip and Jack are the shareholders of the Blue Fish Event Corporation. Skip and Jack regularly put on classy events on or near the beach, so they have a special insurance policy to protect their assets. Business has been slow as fewer large beach weddings are taking place, so Skip and Jack use a large fan to blow down and damage most of their décor assets, some of which were personal assets of Skip and Jack, to collect the insurance benefits. (a) Assuming their acts are proven, will a court allow Skip and Jack to recover the insurance money? (b) Is this a situation where the corporate veil may be pierced? Why or why not? (c) What would it mean for Skip and Jack if the corporate veil is pierced in this situation?Grace Peterson, a never-married and childless woman, then age seventy-four, asked Chester Gustafson, a Minneapolis attorney, to draw a will for her. Gustafson, who had also probated Peterson’s sister’s estate, drew this first will and six subsequent wills and codicils free of charge because he claimed that she had no money to pay for his services. Over the five-year period during which Gustafson redrew Peterson’s will, an increasing amount of property was devised to Gustafson’s children, until, finally, the seventh will so devised Peterson’s entire estate. Peterson, however, hardly knew the children except from several chance encounters ten years before. She died without ever having changed the seventh will, and Gustafson, who was named as executor, now seeks to have the will admitted to probate. Discuss whether the seventh will should be probated.
- 93. Where a partnership contract is rescinded on the ground of fraud or misrepresentation of one of the parties thereto, the party entitled to rescind is entitled to, except: O a. Right of lien or right of retention O b. Right of dissolution O c. Right of subrogation d. Right of indemnificationWhich of the following may be a cause for involuntary dissolution? Express will of any partner Insolvency of any partner O Termination of the term O Expulsion of any partnerCCS Pty Ltd is registered with Mira and Aaron as its directors. CCS Pty Ltd hasissued five shares, with the following persons owning one each: Mira, Aaron, Ryan(Mira's son), Janice (Aaron's daughter) and Marilyn (Aaron's friend). CS Pty Ltdoperates a business that manutactures and sells widgetsFor each of the following developments, explain whether the shareholders and/ordirectors would be personally liable to the landlord, NAB Bank, Janice or AcmeComputers Pty Ltd.(d)CCS Pty Ltd enters into a lease for new premises where the business is to beheadquartered.CCS Pty Ltd borrows $100 000 from NAB Bank on an unsecured basis. Mirapersonally guarantees the repayment of the loan.CCS Pty Ltd purchases a block of land from Janice for $500 000 to build anew warehouse. CCS Pty Ltd grants Janice a mortgage over the land equal tothe $500 000 purchase price.CCS Pty Ltd purchases several computers from Acme Computers Pty Ltd.One third of the purchase price is paid on delivery and the balance is…