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Question
Charles creates a revocable living trust. What are the typical advantages of creating a revocable living trust?
A. Estate tax advantages
B. Management advantages
C. Both estate and income tax advantages
D. Management advantages as well as estate and income tax advantages
Answer
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Related questions
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Turban, an immigrant who speaks little English, enters into a contract to pay $300 per month for ten years to purchase an auto from Travel Motor Co. The appraised retail value of the car is $5000. What legal remedy would release Turban from his contract?
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Seth was the highest bidder for an antique chest at an auction sale. There was nothing to indicate whether the auction was with or without reserve. The auctioneer withdrew the chest from the auction without accepting Seth's bid because the bid was too low. Is the auctioneer legally entitled to withdraw the chest from the sale? Explain.
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B. Buyers cannot place insurance on goods.
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Q:
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A. It governs only the formation of a sales contract and the rights and duties that arise from it.
B. It is concerned with the validity of a contract that would be governed by other laws.
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D. It applies to auctions sales, sales of stocks, securities, negotiable instruments or money.
Q:
Which of the following is true of oral contracts for the sale of goods of $500 or more?
A. Oral contracts can occur between merchants and consumers for sale of good of $500 or more.
B. A written conformation is received and signed by one party, and sent to the other for approval.
C. A written conformation is received by a party and to which it does not object to within 10 days.
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A. Future goods
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In a contract for which no delivery is required, title to the goods does not pass to the buyer until the buyer receives the goods.
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In a shipment contract, risk of loss does not pass from the seller to the buyer until the buyer receives the goods.
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A sale of goods contract offer is silent concerning the method of acceptance. It may be accepted in any reasonable manner.
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D. speculative damages.
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A. a constructive breach of contract.
B. substantial performance.
C. abandonment of contractual obligations.
D. a repudiation of contract.