Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

34. Archibald and Priscilla, are unmarried co-own a house. Priscilla automatically became the owner of the house upon Archibald's death. What kind of a co-ownership

image text in transcribed
34. Archibald and Priscilla, are unmarried co-own a house. Priscilla automatically became the owner of the house upon Archibald's death. What kind of a co-ownership did they have? A. Tenancy in common B. Tenancy by the entirety C. Joint tenancy D. Cooperative ownership 35. A gift causa mortis is a type of A. conditional gift B. cy pres gift C. unconditional gift D. concurrent contract 36. Jones and Alex decide to create a partnership, and begin to bake and decorate cupcakes for weddings. They create a partnership agreement, whereby Jones will do all of the baking and Alex will do all of the decorating, and they will share in the delivery duties. Alex puts in $15,000 to the business, and Jones puts in $850. Their agreement states that "losses are to be divided as follows: Alex will contribute 20% toward any losses and Jones will contribute 80% to cover any losses. That was the extent of the agreement. A year later, they had made $200,000 in profits. According to RUPA, how should the profits be shared? A. Jones share is 20% and Alex's share is 80% B. Jones share is 50%, and Alex's share is 50% C. Jones share is 80%, and Alex's share is 20% D. Alex should get the first $15,000 in profits, and then they share 50%-50%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics Principles, Problems and Policies

Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn

20th edition

978-0077660819, 77660811, 978-1259450242

Students also viewed these Law questions

Question

3. On the playground, raise a hand or whistle to indicate Line up.

Answered: 1 week ago