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

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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 of $1,000, stock dividends of $6,000, interest on certificates of deposit of $3,000, municipal bond
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 per share on Singh’s common stock.Payment was made on July 30, 1993 to shareholders of record on
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. Sidewalk assessments.d. Depreciation.
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 Ellis broad powers to sell and repurchase stock as she saw fit. On June 25, a few days before the
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 of the trust? Who is the trustee?Who is the beneficiary?
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 grandchildren). His will provides that all his Chapter 52 Decedents’ Estates and Trusts 1255
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 and has learned that he just purchased a new and rather large home. She is concerned about the
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 Fine’s office. Fine retained the original will, and gave a blue-backed photocopy to Tolin. 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. Sharron’s children contested the will, offering evidence that Sharron was a very sick man, physically as
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 Estate of Gordon, 519 SW2d 902 (Tex)]
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 evidence as to the circumstances under 1254 Part 8 Real Property and Estates which this had been done.
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, however, seemed to understand the will when she discussed it with an attorney. The will disinherited her
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. This was the only place where she signed her name on any of the papers. Was this signature sufficient
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 box. There was no evidence that anyone other than Field had ever opened the box. A proceeding was
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 his death, the disliked child claimed that the will was void and had been obtained by undue influence.
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 was the first will and tore it up because the first will had been revoked. Iona died shortly
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. Often, Irene did not get along with W. T., and she spent a great deal of time living on Charles’s
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 the trust, each grandchild who survived him was to receive $500,000, and each great-grandchild who
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 public liability insurance.d. A requirement that the landlord will perform all structural repairs to
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 be sublet for less than the full remaining term.b. Bronson may not assign the lease.c. The
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 Yesd. No 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 summer. The landlord was Chapter 51 Leases 1231 dissatisfied with the current rent, and although 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 out, and she and the railing fell to the ground. Andres filed suit against Roswell-Windsor for its
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 no guard rail between the clothesline and the skylight. Green’s friend, who was 14 years old, 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 for a year. Owing rent, Smith moved out sometime later without Donald’s knowledge or consent. Donald
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 death. Ross contended that she did not have control over the stairway and therefore was not liable for
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 that he was losing his tenant, entered the premises without Cantanese’s permission and made
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. They had rented the very specialized and large apartment because it was suitable to use as a
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 third persons were not reasonably foreseeable?
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 against the landlord, alleging that the landlord had breached the implied warranty of habitability. Is
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, to pass furniture to a friend on the ground below. While perched in this precarious position, Ramos
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 Mon Ami’s rented offices were located, claiming the landlord had breached a duty to provide
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 Alvina Jansma. The step became loose during the time Ms. Pritchard rented the home. Prior to the fall,
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 for a year and then, owing two months’rent, moved out without Darwood’s knowledge or consent.
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 that the house was not habitable and that it violated the housing code. Is this defense valid?
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 the apartment at the time of the fire, as required under Hattiesburg City Ordinance 2021. The
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 environmental impact statement be provided if any proposed federal legislation may significantly affect
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 Agency(EPA) for the expense of cleaning up a hazardous waste disposal site?I. The current owner or
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 Protection Agency to Enforce Compliance State Suits to Enforce the Laws Against Violators Citizen Suits
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 Manufacturer’s took possession of the property. The EPA then notified the bank that underground storage
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, however, a San Diego zoning ordinance precluded him from operating there. Isbell applied for a variance
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 consent was required by a restrictive covenant to which the Norpel house was subject. The
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 marital relationship between most of the occupants. Bossenberry rented his building to Kay-Jan,
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 hillsides to be surrounded by more open land than in the balance of the city. Sellon owned land 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 it was made to a lake where the pipe was used to construct a water line to bring water to a nearby
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 Controls 1209 litigation, an agreement was executed giving the board of governors power to veto
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 and one-half stories, not exceeding 35 feet. When Taback learned of this violation, he applied for
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 validity of the ordinance. He contended that the ordinance violated the rights of the owners of property
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 screwdriver through each spent battery and then sell them to a battery-cracking plant operated by Morris
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 the developer of the property. The McConnells built a dog pen in their yard that consisted of a
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 sold the land to Smith Land &Improvement Corp. The EPA notified Smith that unless it took steps to
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 water pollution. It raised the defense that it had exercised due care, was not at fault in any way, and
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 emissions. Will Union be able to obtain a permit from the EPA to build and operate the new power plant?
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 no actual knowledge of the Lyn mortgage. Nunn defaulted on the payments to Jay. If both Lyn and Jay
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 mortgageed. Include a description of the debt and land involved
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 mortgagor and the mortgagee.c. It does not have to be recorded to be effective against third parties
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 title to the property?
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 seventh anniversary of their son’s death, the Mallocks went to their son’s grave at 11:00 A.M. for
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 mortgage on the land and building. The mortgage was duly recorded. Martin sold the property to
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 surrounded by the land owned by Smikahl and third persons. To get onto the highway, it was necessary
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 notified Adams that he was terminating the lease. Adams accepted the termination and told Long that
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. Bradt later brought an action against Chapter 49 Real Property 1187 Giovannone to determine who owned
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 damaged the house.Sarah Crick sued the contractors, Terry & Wright, who claimed that Lile should be
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 in the National Bank that had been rented in the names of Miller and Zieg. After Miller’s death,
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 trustees of the church and given to Robinson as mortgagee. The court found that the church was not
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. Refrigeration/freezer units in a grocery storee. Mini-refrigerator in a student dorm
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 drawn to a stairwell that provided access to the building’s laundry room and roof. Corson and the
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 Sylvia Sheppard, when she returned to Key West. This closet was in the home that Fernandez shared
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 complex contained a provision that the use of the apartment complex’s swimming pool would be
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 winter and summer, and their activities included motorboats, jet skis, and wave runners. In 1991, the
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 owes a fiduciary duty to the shareholders but not to the corporation.c. A promoter of a corporation
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 compensation of directorsd. Amend the articles of incorporation
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 provided by a corporate officerd. Unilaterally grant a corporate loan to one of Active’s shareholders
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 rival business, which Gurtler was going to join in the near future. Moreover, Gurtler sold Unichem
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 his new one, having gained the advantage of specific information about the deals in progress while
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 responsible for operations and maintenance. Klinicki owned one-third of the stock, and Lundgren
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 the order of Waipahu Auto Exchange. These were then indorsed by its president, “Waipahu Auto
Hamway and other minority shareholders brought an action against majority shareholders of Libbie Rehabilitation Center, Inc., including Frank Giannotti, CEO-director; Alex Grossman, president-director; Henry Miller, vice president–director; Ernest Dervishian, secretary and corporate attorney; and
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. Appraise this statement.
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 contractors for floor coverings and ceilings on construction projects. Hill prepared and submitted a
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 restructured in 1989 and changed its name to the Enstar Group, Inc. Between 1985 and 1990, while
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 sales that might take place.
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 applications for two cars so that the rebate money was paid to Christy Pontiac instead of its
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 directors and some of the other employees of MEA on the theory that they had caused MEA to break 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 doing this, he negotiated a side noncompete agreement with Eckerd, giving Dunaway $300,000 plus a
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 president and CEO utilized Bank Advisory Group, Inc. (BAG), to calculate the fair value of individual
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 implied value of $10 per share while the company’s stock had previously reached a 15-month high of

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

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