Debra Owns a Farm

question 66

Multiple Choice

Debra owns a farm. She has the right to own and possess the farm until her death. She is not allowed to waste the property, and she cannot use the property in such a way as to destroy its value to future holders. Which of the following interests in real property does Debra have?

• A) fee simple absolute
• B) conditional estate
• C) life estate
• D) future interest

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Definitions:

Bullwhip Effect

A phenomenon in supply chain management where small fluctuations in demand at the retail level cause progressively larger fluctuations in demand at the wholesale, distributor, and manufacturer levels.

Supply Chain

The supply chain is a system of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer.

Buffer Inventory

Inventory kept in reserve to protect against unforeseen supply or demand fluctuations.

Supply Chain Inventory

This is the total of all the goods and raw materials held by different companies participating in the supply chain from production to the sale of the final product.