What Is the Legal Effect of a Testator Executing a Second

question 66

Multiple Choice

What is the legal effect of a testator executing a second will,when the testator already has an earlier existing valid will?

• A) The second will is invalid, unless the first will has been expressly revoked.
• B) The second will automatically revokes the first will.
• C) The presence of two wills invalidates both of them until one is revoked.
• D) The probate court will determine which of the two wills more accurately represents the desires of the decedent.
• E) The two wills are read together to the fullest extent possible, but where the wills are inconsistent, the second will controls.

Grasp the market equilibrium concept and the effect of supply and demand shifts on equilibrium.

Comprehend the income elasticity of demand and its impact on quantity demanded following an income change.

Recognize the difference between normal and inferior goods based on income elasticity values.

Understand elasticity of supply and its relevance in market dynamics.

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Definitions:

Perfectly Inelastic

Refers to a scenario in which the amount demanded or supplied shows no reaction whatsoever to changes in price.

Total Revenue

The total amount of money earned by a business from the sale of its goods and services.

Price-elastic

Refers to the responsiveness of demand or supply to changes in price, with high elasticity indicating significant response to price changes.

Quantity Demanded

The sum of a product or service that buyers are prepared and able to buy at a specific price.