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garik1379 [7]
4 years ago
7

After Elizabeth’s son proposes to his girlfriend, she tells her that she will be passing on the family heirloom (a diamond neckl

ace and earrings set). However, the night Elizabeth was supposed to give the diamond set to her future daughter in law, she died in a car accident. Can the fiancée sue and prevail in an action against Elizabeth’s estate for the necklace and earrings?
Business
1 answer:
Semmy [17]4 years ago
7 0

Option:

Yes, Elizabeth clearly wanted the fiancée to take possession of the necklace and earrings.

Yes, as a gift beneficiary, the fiancée can sue the estate for possession of the necklace and the earrings.

No, Elizabeth died before she could deliver the gift to the fiancée, therefore, the gift fails.

No, the fiancée gave no consideration; hence she cannot enforce the gift.

Answer:

No, Elizabeth died before she could deliver the gift to the fiancée, therefore, the gift fails.

Explanation: For a gift to be binding it must possess three main characteristics which includes

(1) The intention to give the gift by the donor

(2) The transfer or giving of the gift to the donee

(3) The acceptance of the gift by the donee.

A PROMISE TO GIVE SOMEONE A GIFT THAT DOES NOT POSSESS THESE CHARACTERS IS CONSIDERED MEANINGLESS)IT IS OF NO LEGAL VALUE AND CAN NIT BE ENFORCED BY THE COURTS.

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Susan participates in a Section 403(b) plan at work that includes loan provisions. Susan has recently enrolled in college and ha
stiks02 [169]

Answer:

Susan qualifies for the loan under section 403(b) plan at work. However, this loan should be well negotiated as regards repayment of the interest elements and the principal.

Explanation:

When a loan is taken up, one has invariably taken up the pledge to repay the Principal component and the Interest element. At the point of funding the loan, a good and favorable interest rate should be well negotiated. As an active employee, the repayment is taken from the monthly pay, after the deduction of statutory tax payment.

It must be advised that Susan should pursue the intention of applying for the loan with utmost faithfulness, as a deviation from this will be frowned upon. Such loan are not to be invested and/or diverted for other purposes.

Susan should properly understand the attending obligation before her - the repayment of principal and interest within the agreed period of time. A default is not advised as this comes with a penalties. The entirety of the loan may be treated as an income, and subsequently taxed in same breath. Plus other penalties.

8 0
4 years ago
Backstreets Co. recently acquired all of Jungleland, Inc.'s net assets in a business acquisition. The cash purchase price was $7
kirill [66]

Answer:

The goodwill that resulted from the transaction is $1.3 million, the excess paid by Backstreets Co. over the net assets of Jungleland Inc. acquired

Explanation:

Goodwill is the excess of purchase consideration over net assets acquired in a business combination.

The total net assets acquired can be deduced as total assets less total liabilities:

Land                       $2m

Buildings                $3.7m

Inventory                <u>$2.5m</u>

total assets               8.2m

Liabilities                  ($1.8m)

Net Assets                 $6.4 m

Purchase price           $7.7 m

Goodwill is $1.3m ($7.7m -$6.4m)

The goodwill is the advantage that the owners business have over the new owners being the pioneers that set the business on the right path

5 0
4 years ago
Individual credit card balances for a decedent are listed on which schedule of form 706?
lozanna [386]
<span>Individual credit card balances for a decedent should be listed on Schedule K of form 706. Schedule K includes the debts of the decedent, including unpaid credit card bills, mortgages, liens, and other debts. A credit card balance belongs with these debts.</span>
5 0
3 years ago
A higher earnings per share (eps) does not necessarily translate into a higher stock price
nikdorinn [45]
This doesn't seem to be a question, but rather, a statement.
4 0
4 years ago
The Tolar Corporation has 500 obsolete desk calculators that are carried in inventory at a total cost of $720,000. If these calc
grandymaker [24]

Answer:

It is more profitable to upgrade the calculators.

Explanation:

Giving the following information:

The Tolar Corporation has 500 obsolete desk calculators that are carried in inventory at a total cost of $720,000. If these calculators are upgraded at a total cost of $140,000, they can be sold for a total of $200,000. As an alternative, the calculators can be sold in their present condition for $50,000.

We need to determine whether it is more convenient to upgrade the calculators or sell them as they are.

Upgrade:

Effect on income= 200,000 - 720,000 - 140,000= -$660,000

Not upgrade:

Effect on income= 50,000 - 720,000= -$670,000

It is more profitable to upgrade the calculators.

5 0
3 years ago
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