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- T F The articles of partnership is a written contractdescribing the terms of a partnershipWhat are the legal implications of a partner's authority to bind the partnership to contracts and agreements?Ho, Io, and Jo formed an ordinary partnership, called 3OS, some 5 years ago. Question Ho is a sleeping partner, whereas Io and Jo are active in the running of the business. Ho’sliability for partnership debts was agreed between the partners to be limited to the amountof his capital contribution, £15,000.Which of the below best describes the liability of Ho, Io, and Jo for partnership debts?A It is joint and several which means that several of the partners can be sued and since Ho isa sleeping partner he is not liable for any of the debtsB It is joint and several which means that all partners, excluding Ho, have unlimited personalliability and could be sued and required to pay the full amount of all the debtsC It is joint and several which means that all partners, including Ho, are responsible for ashare of the partnership debts in the same proportion as they share out the profitsD It is joint and several which means that each and every partner, including Ho, is fully liablewithout…
- Non-forfeiture provisions are included in whole life and endowment policies to assure the policyowner that certain minimum policy benefits shall remain with him even under certain changed conditions. Non-forfeiture values guarantee to the policyowner that A) No death claim will be denied for any misstatement on the application B) Any guaranteed policy values will belong to the policy owner even if premium payments are discounted The face amount of the policy will remain the same even if the insured's health becomes impaired The premium on the policy will remain the same even when another beneficiary D) is added to the policy93. Where a partnership contract is rescinded on the ground of fraud or misrepresentation of one of the parties thereto, the party entitled to rescind is entitled to, except: O a. Right of lien or right of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 indemnificationCertain obligations exist with Life Estates in Effect: a) Owner does not possess the property, has no rights to rent the property, does not maintain the property, responsible for none of the costs and expenses, and you hold possession as long as you live. If you die, the estate reverts back to me as an 'estate in remainder. b) Owner does possess the property, has rights to rent the property, does maintain the property, is responsible for the costs and expenses, and you hold possession as long as you live. If you die, the estate reverts back to me as an 'estate in remainder'. c) Owner does not possess the property, has rights to rent the property, does not maintain the property, responsible for none of the costs and expenses, and you hold possession as long as you live. If you die, the estate reverts back to me as an 'estate in remainder'. d) Owner does not possess the property, has no rights to rent the property, does not maintain the property, responsible for none of the costs and…
- A mutual will cannot be unilaterally revoked after one of the parties has died. true or falseTo Partner or Not to Partner John Willis, who is 27 and single, had just completed his fifth year of employment as a carpenter for a very small homebuilder. His boss, the sole owner of the company, is Tyrone Young. A few days ago, Tyrone asked John if he would like to become a partner, which he could do by contributing $70,000. In turn, John would receive 40 percent of all prof- its earned by the business. John had saved $30,000 and could borrow the balance from his grandmother at a low-interest rate, but he would have to pay her back within 15 years. John was undecided about becoming a partner. He liked the idea but he also knew there were risks and concerns. He decided to talk to Tyrone at lunch. Here is how the conversation went. John: I've been giving your offer a lot of thought, Tyrone. It's a tough decision and I don't want to make the wrong one. So I'd like to chat with you about some of the problems involved in running a business. Tyrone: Sure. I struggled with these issues…explain the circumstances under which each of the following type of ownership would be most desireable for joint tenancy
- 2) Joan, a bedridden, lonely 80 year old woman, owned Greenacre (her family estate) outright. Al, her doctor and friend, visited her weekly and was held to the highest regard by Joan. Joan was terrified of pain and suffering and depended on Al to ease her fears. Several months before her death she deeded Greenacre to Al for $5000. The value of the land was well-over $5,000,000. Joan’s two children challenged the validity of the sale of the land to Al. Was it valid?1.In which of the following circumstances is an individual’s Will not automatically revoked? Destruction of the Will with the intention of revoking the Will Divorce Making another Will Marriage 2. John eight months ago served on the trustees of his complying superannuation fund a binding death benefit nomination in which he named his then spouse. John would like to make a change, but isn’t sure whether he can make a replacement nomination, and if so, whether he can make it now or whether he has to wait until two years after that nomination. Can John make replacement binding death benefit nomination: Now Never At the end of two years1.Subject to the terms of the Deed of Trust, the Appointor of a trust can ordinarily nominate a replacement "Appointor " in their Will? True False 2.Which of the following structures would you recommend as a tool by which an individual after their death can ensure the continued care of a disabled family member, whilst ensuring it does not consequentially risk the continued entitled to pensions or other government entitlements? Testamentary trust Life interest Deed of Family Arrangement Family trust Superannuation fund 3. Subject to the terms of the Deed of Trust, an individual Trustee of a trust can ordinarily nominate a replacement "Trustee" in their Will? True or False?