Ponce and Velma are husband and wife, live in a community property State and hav
ID: 451870 • Letter: P
Question
Ponce and Velma are husband and wife, live in a community property State and have 1 child named Timmy. Velma is the only one who has ever been employed during the marriage. Velma purchases a new car and puts the title to the car in her name only. The car is:
owned 100% by Velma.
owned 50% by Velma and 50% by Ponce.
owned equally by Velma, Ponce and Timmy.
owned 75% by Velma and 25% by Ponce.
1.93 points
QUESTION 32
The purpose of a Living Will is to allow a person to express their wishes to be allowed to die a natural death and not kept alive by heroic or artificial methods.
True
False
1.93 points
QUESTION 33
You enter into a consignment agreement with Big Sal's Used Car Sales for the purpose of Big Sal's selling your car. This type of consignment is a mutual benefit bailment.
True
False
1.93 points
QUESTION 34
You have 2 children who are twins and are 10 years old. You want to leave all of your property to them equally. In order to avoid them inheriting your property at age 18, assuming you were to die before they reach that age, you decide to include a trust in your Last Will and Testament that requires your children to have reached the age of 25 before they receive their share of your estate. The type of trust you have created in your will is known as (select the most correct answer):
an inter-vivos trust.
testamentary trust.
children's trust.
age delaying trust.
1.93 points
QUESTION 35
You and your spouse have a child. You do not have to leave any of your estate to your child.
True
False
1.93 points
QUESTION 36
You borrow your friend's lawn mower and it's out of gas and oil. You have to pay for the gas and oil since any ordinary and expected expense incurred in the use of another's property must be borne by the bailee.
True
False
1.93 points
QUESTION 37
You are walking through a public park and see something glistening in the grass. You bend down and find a beautiful and obviously expensive ring. Since the ring is probably lost, you don't need to do anything to try to find it's owner because you always heard it's "finders keepers, losers weepers."
True
False
owned 100% by Velma.
owned 50% by Velma and 50% by Ponce.
owned equally by Velma, Ponce and Timmy.
owned 75% by Velma and 25% by Ponce.
Explanation / Answer
Answer to Question 31
The car is owned 100 % by Velma. The car is purchased in Velma and the title is also in the name of Velam. The ownership is completly owned by Velma and the title of the car is registered on her name.
Answer to Question 32
False. The purpose of Living will is to allow a person to appoint a health care agent who can take medical decision when they can’t do so himself and it allows them to decide what care they want to receive and what they don’t want to receive at the end of their life.
Answer to Question 33
False. When a consignment agreement is entered he possession get transferred to Consignee to sell the goods. In a mutual benefit bailment, the possession is transferred to Bailee and he is compensated for keeping the goods and the goods are not transferred for the purpose of them to be sold.
Answer to Question 34
The Type of trust is age delaying trust. In this type of trust, the benefits transferred after achieving a particular age i.e. trust with age provision.
Answer to Question 35
True. The estate will get transferred o child after the death of parent directly or other person specified.