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Business Law And The Legal Environment Comprehensive Volume 21st Edition David P. Twomey, Marianne M. Jennings - Solutions

Cox transferred assets into a trust under which Smart is entitled to receive the income for life. After Smart’s death, the remaining assets are to be given to Mix.In 1998, the trust received rent
On June 16, 1992, Eble placed 800 shares of Singh Corp.’s common stock in a trust for the benefit of Eble’s child. On June 1, 1992, Singh’s board of directors had declared a cash dividend of $2
Which of the following expenditures resulting from a trust’s ownership of commercial real estate should be allocated to the trust’s principal?a. Building management fees.b. Insurance premiums.c.
Rental property placed in the trust.1256 Part 8 Real Property and Estates
Stock splits after the trust is formed.
Stock dividends after the trust is formed.
Cash dividends received on the stock after formation of the trust.
Cash dividends received on the stock up to the formation of the trust.
Shares of stock purchased before the trust was formed and placed in the trust.
Match the letter in list A-D with the appropriate numbered item.A. Principal includes this.B. Income includes this.C. This is payable from principal.D. This is payable from income.
On July 1, Sutter created a living trust by transferring the legal title to 500 shares of Pine Corporation common stock to Ellis as trustee and named Clay as the sole beneficiary. The trust granted
Craig delivers bonds in the amount of $100,000 to White in trust to hold and to pay over the income in quarterly payments to Craig’s niece, Helen, during her minority. Who is the settlor or creator
James Horne’s will provides that his estate is to be distributed to his heirs per capita. Upon his death, two of his three children are surviving and his deceased child left two children (James’s
Can a murderer inherit property from his victim? Why or why not?
Valerie and Flora are the beneficiaries of a trust left to them by their mother upon her death. Their mother named Art Casanelli, a family friend, as the trustee. Flora has seen Art driving a new car
In 1984, Alexander Tolin executed a will under which the residue of his estate was to be devised to his friend Adair Creaig. The will was prepared by Steven Fine, Tolin’s attorney, and executed in
Jeanette Wall worked for D. J. Sharron for many years. Sharron executed a will leaving his entire estate to Jeanette. He reexecuted the same will sometime thereafter with the same provisions.
George Baxter executed a will that left the bulk of his estate to the Church of Christ in New Boston, Texas. Two members of the church served as the witnesses for the will. Is the will valid? [In re
Copenhaver wrote a will in ink, which was found with her other papers in her bedroom at her death. Pencil lines had been drawn through every provision of the will and the signature. There was no
Lingenfelter’s will was offered for probate and was opposed. The testatrix was sick, highly nervous, and extremely jealous, and she committed suicide a week after executing the will. She had,
Miller wrote a will that was 11 pages long and enclosed it in an envelope, which she sealed. She then wrote on the envelope “My last will & testament” and signed her name below this statement.
Field executed a will. On her death, the will was found in her safe deposit box, but the part of it containing the fifth bequest had been torn from the will. This torn fragment was also found in the
Logsdon, who had three children, disliked one of them without any reason. In his will, he left only a small amount to the child he disliked and gave the bulk of his estate to the remaining two. On
Iona wrote her will. The following year, she wrote another will that expressly revoked the earlier will. Later, while cleaning house, she came across the second will. She mistakenly thought that it
Irene Bracewell was married to W. T. Bracewell and they had a son, Charles.Although Irene loved both her husband and her son, it was clear to everyone that her husband and her son did not get along.
Joseph McKinley Bryan was an elderly, wealthy, and eccentric man. Before his death, he had made provisions for a testamentary trust for his grandchildren and great-grandchildren. Under the terms of
Which of the following provisions must be included in a residential lease agreement?a. A description of the leased premises.b. The due date for payment of rent.c. A requirement that the tenant have
Bronson is a residential tenant with a 10-year written lease. In the absence of specific provisions in the lease to the contrary, which of the following statements is correct?a. The premises may not
Which of the following provisions must be included to have an enforceable written residential lease?A Description of the Leased Premises A Due Date for the Payment of Renta. Yes Yesb. Yes Noc. No
Williams, an elderly man who was sensitive to heat, rented an apartment in the Parker House. His apartment was fully air-conditioned, which enabled him to stand the otherwise unbearable heat of the
Suzanne Andres was injured when she fell from the balcony of her second-floor apartment in the Roswell-Windsor Village Apartments. Andres was leaning against the railing on the balcony when it gave
Green rented an apartment from Stockton Realty. The three-story building had a washroom and clothesline on the roof for use by the tenants. The clothesline ran very near the skylight, and there was
Charles leased a house from Donald for four years. The rent agreed on was$850 per month. After two years, Charles assigned his rights under the lease to Smith, who moved in and paid rent regularly
Sargent rented a second-floor apartment in a building owned by Ross. Anna, Sargent’s four-year-old daughter, fell from an outdoor stairway and was killed.Suit was brought against Ross for her
Cantanese leased a building for the operation of his drugstore from Saputa. He moved his drugstore from Saputa’s building to another location but continued to pay rent to Saputa. Saputa, fearing
During the remodeling of an apartment building, tenants had so much dust from the construction settle in their apartment that they experienced damage to their expensive sound and recording equipment.
Morgan, who rented an apartment in the Melrose Apartments, wanted Melrose to hire additional security guards to protect the lessees from possible crimes.Was Melrose required to do so when crimes by
A tenant leased an apartment in which so much noise emanated from surrounding apartments late at night and in the wee hours of the morning that he could not get much sleep. The tenant brought suit
On June 21, 1997, Julio Ramos was helping his cousin move out of a secondfloor apartment. He positioned himself on the outer side of the second-floor balcony railing, his feet between its spindles,
Alexis Gale was shot and killed while working in the rented business offices of her employer, Mon Ami International. Gale’s husband sued the property owners and managers of the office complex where
Sue A. Merrill injured her right shoulder when she fell as she was ascending the front steps leading to the porch and front door of the mobile home that her daughter, Sherri Pritchard, rented from
Rod had a five-year lease in a building owned by Darwood and had agreed to pay $800 a month rent. After two years, Rod assigned his rights under the lease to Kelly. Kelly moved in and paid the rent
King leased a single dwelling to Moorehead. King brought an action against Moorehead to recover the premises because of nonpayment of rent and to collect the unpaid rent. Moorehead raised the defense
Johnny C. Carpenter and Harvey E. Hill died of asphyxiation when a fire broke out in their Hattiesburg, Mississippi, apartment on the morning of February 20, 1983. There were no smoke detectors in
Which of the following actions should a business take to qualify for leniency if an environmental violation has been committed?
The National Environment Policy Act was passed to enhance and preserve the environment. Which of the following is not true?a. The act applies to all federal agencies.b. The act requires that an
Under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), commonly known as Superfund, which of the following parties would be liable to the Environmental Protection
Which of the following remedies is available against a real property owner to enforce the provisions of federal acts regulating air and water pollution?Citizen Suits Against the Environmental
Manufacturer’s National Bank of Detroit had extended credit to Z&Z Leasing and had taken a mortgage on Z&Z’s property as security for the line of credit.Z&Z defaulted on its payments, and
Explain why a company would want to perform a self-audit to determine whether it has any environmental violations.
In 1997, Isbell purchased a building in San Diego with the intent to open an adult entertainment establishment there. Because this building was located within 1,000 feet of a residential area,
Kenneth and Mary Norpel purchased a house, and Kenneth attached a 35-foot flagpole to it. He did not obtain the permission of the architectural committee of the Stone Hill Community Association. This
Patrick Bossenberry owned a house in a planned community area. Each lot in the area was limited by a restrictive covenant to use for a single-family dwelling.The covenant defined family as a blood or
Some sections of the city of Manitou Springs have hills of varying degrees of slope. To protect against water drainage and erosion, the city adopted a hillside zoning ordinance that required homes on
The Stallcups lived in a rural section of the state. In front of their house ran a relatively unused, unimproved public county road. Wales Trucking Co.transported concrete pipe from the plant where
Bermuda Run Country Club, Inc., developed a tract of land, formed a country club, and sold some of the lots to individual buyers. Following various sales and Chapter 50 Environmental Law and Land Use
Taback began building a vacation home on a parcel of wooded land. It was to be a three-story house, 31 feet high. This height violated the local zoning ordinance that limited residential homes to two
A zoning ordinance of the city of Dallas, Texas, prohibited the use of property in a residential district for gasoline filling stations. Lombardo brought an action against the city to test the
General Automotive operates Grand Auto Parts Stores, which receive used automotive batteries from customers as trade-ins. General’s policy in disposing of these batteries had been to drive a
The McConnells bought a home in Sherwood Estates. The land was subject to a restrictive covenant that “no building, fence, or other structure” could be built on the land without the approval of
Philip Carey Co. owned a tract of land in Plymouth Township, Pennsylvania, on which it deposited a large pile of manufacturing waste containing asbestos.Carey sold the land to Celotex, and Celotex
Federal Oil Co. was loading a tanker with fuel oil when the loading hose snapped for some unknown reason and about 1,000 gallons of oil poured into the ocean. Federal Oil was prosecuted for this
Union Electric wishes to construct a new coal-fired plant in the northeastern corner of Arizona. Union plans to use the maximum achievement technology for the scrubbers on the plant to reduce
Which of the following deeds will give a real property purchaser the greatest protection?a. Quitclaimb. Bargain and salec. Special warrantyd. General warranty
Ritz owned a building in which there was a duly recorded first mortgage held by Lyn and a recorded second mortgage held by Jay. Ritz sold the building to Nunn. Nunn assumed the Jay mortgage and had
To be enforceable against the mortgagor, a mortgage must meet all the following requirements except:a. Be delivered to the mortgageeb. Be in writing and signed by the mortgagorc. Be recorded by the
Which of the following statements is correct with respect to a real estate mortgage?a. It must be signed only by the mortgagor (borrower).b. It must be recorded in order to be effective between the
O conveys property to A on December 1, 2006. O conveys the same property to B who does not know about A and who records his deed on December 2, 2006.O then conveys the same property to C. Who has
Christine and Steve Mallock buried their son in a burial plot purchased at Southern Memorial Park, Inc. Each year the Mallocks conducted a memorial service for their son at his burial plot. On the
Martin Manufacturing decided to raise additional long-term capital by mortgaging an industrial park it owned. First National Loan Co. agreed to lend Martin $1 million and to take a note and first
Smikahl sold Hansen a tract of land on which were two houses and four trailer lots equipped with concrete patios and necessary connections for utility lines.The tract Hansen purchased was completely
Robert E. Long owned land in the City of Hampton that he leased to Adams Outdoor Advertising Limited Partnership. Adams had an advertising billboard placed on the property. On October 6, 1993, Long
Bradt believed his backyard ran all the way to a fence. Actually, a strip on Bradt’s side of the fence belonged to his neighbor Giovannone, but Bradt never intended to take land away from anyone.
Henry Lile owned a house. When the land on which it was situated was condemned for a highway, he moved the house to the land of his daughter, Sarah Crick. In the course of construction work, blasting
Miller executed a deed to real estate, naming Zieg as grantee. He placed the deed in an envelope on which was written “To be filed at my death” and put the envelope and deed in a safe deposit box
Bradham and other members and trustees of the Mount Olivet Church brought an action to cancel a mortgage on the church property. The mortgage had been executed previously by Davis and other former
What is the relationship between trespass and adverse possession?
Determine whether the following would be fixtures or personal property.a. Refrigerator in a homeb. Refrigerators in an apartment complex with furnished unitsc. Refrigerators in a restaurant kitchend.
Kenneth Corson, 10, lived with his mother, Lynda Lontz, in an apartment building owned by Bruno and Carolyn Kosinski. While playing with other children who lived in the same building, Corson was
After executing the various deeds, J. M. Fernandez Jr. placed them in a closet(with other valuable papers) for safekeeping until they could be physically delivered to the various grantees, including
Bunn and his wife claimed that they had an easement to enter and use the swimming pool on neighboring land. A contract between the former owners of the Bunns’ property and the adjacent apartment
In 1972, Donald and Joyce Carnahan purchased a 1-acre lot located on a 22-acre lake. The purchase included a portion of the lake bed. The Carnahans used the lake for recreational activity in both
Which of the following statements is correct regarding fiduciary duty?a. A director’s fiduciary duty to the corporation may be discharged by merely disclosing his or her self-interest.b. A director
Absent a specific provision in its articles of incorporation, a corporation’s board of directors has the power to do all of the following except:a. Repeal the bylawsb. Declare dividendsc. Fix
Davis, a director of Active Corp., is entitled to:a. Serve on the board of a competing businessb. Take sole advantage of a business opportunity that would benefit Activec. Rely on information
William Gurtler was president and a board member of Unichem Corp., which produced and sold chemical laundry products. While president of Unichem, he encouraged his plant manager to leave to join a
Rudolph Redmont, the president of Abbott Thinlite Corp., left Abbott to run Circle Corp. in competition with his former employer. It was claimed that he diverted contracts from his former employer to
Klinicki and Lundgren incorporated Berlinair, Inc., a closely held Oregon corporation. Lundgren was president and responsible for developing business.Klinicki served as vice president and director
Anthony Yee was the president of Waipahu Auto Exchange, a corporation.As part of his corporate duties, he arranged financing for the company. Federal Services Finance Corp. drew 12 checks payable to
Hamway and other minority shareholders brought an action against majority shareholders of Libbie Rehabilitation Center, Inc., including Frank Giannotti, CEO-director; Alex Grossman,
A director of a corporation cannot lend money to the corporation because that would create the danger of a conflict of interest between the director’s status as a director and as a creditor.
Danny Hill, the general manager of Southeastern Floor Covering Co., Inc.(SE), had full authority to run the business. His responsibilities included preparing and submitting bid proposals to general
Richard Grassgreen was executive vice president and then president and chief operating officer of Kinder-Care, Inc., the largest proprietary provider of child care in the country. The company was
Discuss the power of a corporation president to employ a sales manager and to agree that the manager should be paid a stated amount per year plus a percentage of any increase in the dollar volume of
Directors must always own stock of the corporation to ensure they will be attentive to their duties. Appraise this statement.
Christy Pontiac, a corporation, was indicted for theft by swindle and forgery involving a GM cash rebate program. Hesli, a middle-management employee of Christy Pontiac, had forged the cash rebate
Larry Phillips was hired for a two-year period as executive secretary of the Montana Education Association (MEA). Six months later, he was fired. He then sued MEA for breach of contract and sued the
The majority shareholder and president of Dunaway Drug Stores, Inc., William B. Dunaway, was structuring and executing the sale of virtually all of the corporation’s assets to Eckerd Drug Co. While
In 1996, Congress offered national banks the opportunity to become Subchapter S entities. Amboy Bancorporation was a small, highly profitable New Jersey Bank that was overcapitalized. Amboy’s
Shareholders of Bear Stearns sued the directors of the corporation for damages for violation of the directors’ fiduciary duties in effecting a stock-for-stock merger with J. P. Morgan Chase for an

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