A Trust Made When a Settlor Retains Title to Property

question 17

Short Answer

A trust made when a settlor retains title to property and simply declares himself or herself trustee of the property for the benefit of another person
A) active trust
B) inter vivos trust
C) purchase-money resulting trust
D) failed trust
E) excessive endowment trust
F) spendthrift trust
G) sprinkling trust
H) Totten trust
I) declaration of trust
J) irrevocable living trust

• A) active trust
• B) inter vivos trust
• C) purchase-money resulting trust
• D) failed trust
• E) excessive endowment trust
• F) spendthrift trust
• G) sprinkling trust
• H) Totten trust
• I) declaration of trust
• J) irrevocable living trust

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Definitions:

Long-Run Equilibrium

A state in which all factors of production and outputs in an economy are fully adjusted so that economic inputs meet outputs in a sustainable way, leading to no excess demand or supply.

Monopolistic Competition

Monopolistic competition is a market structure characterized by many producers selling products that are similar but not identical, allowing for some degree of market power and product differentiation.

Economic Inefficiencies

Situations where resources are not used optimally according to consumer preferences, often leading to wasted resources or unmet demands.

Product Variety

Refers to the different types and variations of products available in a market or offered by a company.