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business
essentials business law
Understanding Business And Personal Law, Student Edition (BROWN: UNDER BUS & PERS LAW) 1st Edition McGraw-Hill Education - Solutions
What happens when a person dies without a will?
How can a will be changed or revoked?
What are the formal requirements of a will?
Who may make a will?
Describe a traditional IRA, a Roth IRA, a Coverdale Education Savings Account, a Simplified Employee Pension Plan, and a Keogh plan.
What are the pension rights given to people under ERISA?
Explain the difference between a noncontributory and a contributory pension plan.
What is the purpose of social security?
Is a surviving spouse given any legal protection when omitted from a deceased spouse’s will?
Does the state take the property of a person who dies without a will?
From whom do adopted children inherit?
May workers transfer pension benefits from one job to another?
How does a contributory pension plan differ from a noncontributory pension plan?
Respond Do you think it is the government’s responsibility to provide health insurance for those over 65 years of age?
Question Insurance companies rely on statistics to determine the cost they charge policyholders. Is this fair? Why or why not?
Connect Is there any type of insurance you think you should have at your age?Explain.
Predict Why do you think people buy insurance? Why wouldn’t they just save for a problem that might occur?
How to obtain quotes for life, health, and renter’s insurance through a Web site.
What types of insurance Denise can purchase online.
Accident Insurance William Galindo, Jr. suffered a broken neck while playing in a high school football game. As a result of that injury, Galindo is a quadriplegic. The high school had an accident insurance policy that paid the following: $10,000 for the loss of both hands or both arms and $10,000
Life Insurance Chester Henrikson, Sr. purchased a $10,000 life insurance policy on the life of his son, Chester, Jr.For the first nine years of the policy’s life, Chester, Sr. and his wife were listed as primary beneficiaries of the policy. In the tenth year, Chester, Sr. had his wife’s name
After paying premiums for five years, Zane died, and the insurance company discovered his correct age. The company refused to settle on the policy, claiming material misrepresentation. Will the insurance company have to pay the claim? Explain your answer.
Zane Lewis stated in his application for life insurance that he was 22 years old, when he was actually
Yang Pak insured his house for $32,000, under a fire insurance policy that contains an 80 percent coinsurance clause. The house is worth $80,000. An accidental fire caused $10,000 of damage to the house.How much money will Yang receive from the insurance company?
Alphonse Weible purchased a straight life insurance policy on his life. After paying premiums regularly for six years, he lost his job and stopped making payments. After a grace period, the insurance company canceled the policy. Is Alphonse entitled to a refund of some of the money he paid to the
Antoinette Gareau is seriously ill and needs to be hospitalized. A friend recommends a certain hospital that specializes in treating her illness. An HMO provides Antoinette’s health insurance. Will it cover services in any hospital that she chooses? Why or why not?
Al Zuni Trading, Inc. purchased a $1 million life insurance policy on the life of Thomas McKee, one of its officers. McKee resigned from the company three months later, and died two years after that. Is Al Zuni Trading, Inc. entitled to the million dollars? Explain your answer.
What type of insurance would you recommend that Arlen purchase first? Explain your answer.
Explain the importance of life, health, and property insurance to Arlen.
Negotiate with the agents, and review their quotes to determine which agent made the best overall offer.
Contact four different insurance agents, and ask for premium quotes on life, health, and property insurance.
What is the purpose of a binder?
Which features should you look for when you purchase term insurance?
Why is it usually less expensive to buy life insurance when you are young?
Would it be possible for you to take out an insurance policy on your teacher’s car?Why or why not?
Present your discussion to the class.
With a partner, role-play a conversation with an insurance agent to discuss your insurance needs.
With a partner, create an agenda for an imaginary meeting with an insurance agent. Use as many of the key terms as possible.
Explain marine insurance coverage.
What is a coinsurance clause? What does it mean if your policy has an 80 percent coinsurance clause?
What types of losses are covered by homeowner’s insurance? fire insurance?
What benefits are provided by basic health insurance? major medical?
What risks are generally not covered by insurance?
What are the principal types of life insurance? Briefly describe each one in your own words.
What is the difference between the policyholder and the beneficiary?
Can people take out life insurance on anyone they want?
Can policyholders borrow money on a term insurance policy?
Does a homeowner’s policy cover damage to personal property left at someone else’s house?
Is the full amount of a loss covered when a house is insured for half its value?
Question Do you think you would be able to obtain a mortgage while you are still in high school?
Connect Do you plan to own a house one day? Why or why not?
Predict Why do you think people consider home ownership the “Great American Dream”?
Whether Rochelle and Octavio would be able to secure a mortgage backed by Fannie Mae or Freddie Mac.
The similarities and differences between the two organizations.
The purpose of Fannie Mae and Freddie Mac.
Adverse Possession George Woodruff owned a land lot in Beatrice, Nebraska. For seven years, he planted a vegetable garden on a vacant lot next to his land, with the owner’s permission. Later, he placed a fence about three feet beyond his property line, on the vacant lot. He planted a row of cedar
Transferring Interest in Property Walter and Emma Barrett jointly executed a warranty deed conveying three lots of land to Chandler and Jean Clements as joint tenants with the right of survivorship. Six years later, Jean Clements conveyed her one-half undivided interest in the property to Wheeler.
The county government has determined that Shrewsbury needs another elementary school. Martha Jones owns a large tract of land in the area in which the school is needed. The government offers to purchase the land from Jones for a fair price. Jones, however, refuses the offer and claims that she does
Rob and Lucy Whitney, newlyweds, are interested in buying a home. Their income is relatively small right now, but they expect to make more money in the future, when Lucy finishes law school. What type of mortgage might Rob and Lucy wish to consider?
Two years after Smith starts raising pigs on her property, the neighborhood in which she lives is rezoned. The new zoning law prohibits raising of certain animals, including pigs. Must Smith stop raising pigs? Why or why not?
Assume the Ruedas in Cases 2 and 3 take title to a property as tenants by the entirety in a state that follows the common-law doctrine on that subject. One day, Cordero refuses to allow Miel to enter the premises.Is Cordero within his legal rights? Explain your answer.
How much of a down payment would Cordero and Miel need in Case 2 to obtain a mortgage?
Cordero and Miel Rueda want to buy a house that costs $100,000. How much monthly income would they need to afford a 7 percent, 30-year mortgage(see Figure 34.2)?
Henry DiRito and Oskar Henrich own a parcel of real property as tenants in common. When Henrich dies, who owns the property? Explain your answer.
What might have happened if you had signed the contract without your attorney reviewing it?
You really want the house. What could you do to convince Kyle to add the changes to the contract?
What are your options?
Compare your dream home with the homes that are advertised. Based on the prices of the homes in the ads, how much would you be able to sell your home for?
Distinguish between liens, licenses, and easements.
Why are single-family homes more popular than other types of housing?
Why do local governments and public utilities usually obtain easements?
What common law doctrine is tenancy by entirety based upon? What is the advantage of this type of ownership?
What is the purpose of the Real Estate Settlement Procedures Act (RESPA)?
What type of home ownership is the most popular? Explain your answer.
What information does a lender use to judge your ability to repay your mortgage loan?
Present your role-play to the class.
With a partner, role-play a scenario between a real estate attorney and a person who is buying a home. Use as many of the key terms as possible in your role-play exercise.
Using the local real estate section of your newspaper as a guide, write a brief de scription of the home in which you would like to live. Be sure to include the cost, the location, and the size of the home.
Distinguish between liens, licenses, and easements.
Describe legal aspects of a mortgage.Include information on the types of mortgages and the federal protection offered to borrowers.
Describe the five types of home ownership.
Is it possible to buy a home with no down payment? Explain your answer.
What are the advantages and disadvantages of buying a home?
Do people always have the right to rent out an apartment in their house?
What does owning property as tenants in common mean?
Is a quitclaim deed the best kind of deed to have?
Respond What can you do to make sure the premises where you live are as safe as possible?
Question Do you think a landlord has the right to enter the premises you rent?Explain your answer.
Connect Who is liable if the apartment you sublet to a friend is damaged?
Predict Why do you think it is important to have a written lease when you rent a place to live?
Use apartment locator services and online apartment guides as a place to start.
Help Selina research apartments online.
Eviction Lolita Pentecost rents an apartment from M. Harward, an apartment manager. According to Harward, Pentecost did not pay her rent. Pentecost alleges that Harward forcefully evicted her and her two children and kept her furniture and possessions. Harward claims that he kept Pentecost’s
Injury Liability The Kings lease a residential dwelling from a partnership called JA-SIN. The lease agreement provides that the tenants are to “take good care of the house” and “make, at their own expense, the necessary repairs caused by their own neglect or misuse.” A guest of the Kings
Michael Fernandez signs a one-year lease for an apartment in the Executive Suites.During the winter, ice and snow pile up over the front entrance to the building, and the janitor makes no effort to remove it. A friend who visits Michael slips and falls on the ice, suffering a serious injury. The
The furnace that heats Elizabeth Cain’s apartment breaks down. She notifies the landlord, but the furnace is not repaired.Winter is approaching. On what legal ground may Elizabeth seek relief?
Maria Manzueta rents an apartment to Gregory Shenker for $450 per month.Gregory loses his job and falls behind in his rent payments. Maria threatens to throw him out if he does not leave. Can Maria forcibly evict Gregory? Why or why not?
Bruce Yerkes rents an apartment from Scenic Acres, Inc., signing a three-year lease. After living there for one year, Bruce assigns his lease to Pamela Pelletier and notifies Scenic Acres, Inc. of the assignment. Pamela, however, fails to pay the rent for three months. Can Scenic Acres, Inc.
Chanda Epstein rents an apartment for$500 a month. She does not sign a lease, and nothing is said about the length of her stay. Can Chanda end the tenancy whenever she wishes, without giving notice to the landlord? Why or why not?
If you were Pete, what would you do?
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