David Delivered a Deed to His Farm to an Independent

question 6

Multiple Choice

David delivered a deed to his farm to an independent third party, Ann, with instructions that the deed be delivered to Sissy at his death.At David's death, his only heirs, sons Larry and Harry, claim ownership of the farm.The owner of the farm is:

• A)David's estate.
• B)Sissy.
• C)Ann.
• D)Larry and Harry.
• E)None of the above.

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Definitions:

Producer Surplus

The difference between what producers are willing to sell a good for and the market price they actually receive.

Negotiated Price

The final price agreed upon by the buyer and seller after discussions or bargaining, reflecting both parties' interests.

Dominant Strategy

is a strategy that yields the best outcome for a player, regardless of the opponent's actions, in game theory and economic analysis.

Rebate

A partial refund to someone who has paid too much for tax, rent, or a utility.