Sally's Will Passes Real Estate to Otto (Her Surviving Husband)

question 131

True/False

Sally's will passes real estate to Otto (her surviving husband). The real estate is worth $8,000,000 but is subject to a mortgage of $2,000,000. The transfer provides Sally's estate with a marital deduction of $6,000,000.

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Definitions:

Promissory Estoppel

A legal principle that prevents a promisor from retracting a promise which the promisee has relied upon to their detriment, in the absence of a formal contract.

Unilateral Contract

An agreement in which one party makes a promise, but the other party is not required to respond with a promise in return; performance is the only acceptance needed.

Invitation Seeking Offers

An invitation to negotiate or an invitation to the public to make an offer, which is a common practice in contract law, particularly in the context of tenders.

Valid Acceptance

An agreement to the terms of an offer in a manner required by the contract, resulting in a binding contract between the parties.