If Bella Grants Alvin a Life Estate in Her Property

question 6

Multiple Choice

If Bella grants Alvin a life estate in her property and Bella dies before Alvin,what happens to the land when Alvin dies?

• A) It goes to Alvin's heirs.
• B) It goes to the state.
• C) It reverts to Bella's heirs.
• D) It passes under Alvin's will.

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Definitions:

Demand Function

A mathematical equation that describes the relationship between the quantity of a good consumers are willing to buy and the good’s price, holding other factors constant.

Supply Function

A mathematical expression that shows the relationship between the quantity of a good supplied by producers and the price of the good.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price in a market.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, resulting in market stability.