Informal Proceedings That May Be Followed When Someone Dies Owning

question 26

Multiple Choice

Informal proceedings that may be followed when someone dies owning assets below a specific value are called

• A) unsupervised administration.
• B) independent probate.
• C) voluntary administration.
• D) All of the answers are correct.

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Definitions:

Unforeseeable Events

Circumstances or incidents that could not have been predicted or expected and therefore may relieve parties from liability in contracts under the doctrine of force majeure.

Contract Obligations

Responsibilities and duties that parties are legally bound to perform as per the terms of a contract.

Commercial Impracticability

A doctrine in contract law that excuses a party from fulfilling their contractual obligations due to unforeseen, extreme hardships.

Revoking Acceptance

The act of legally rejecting a product or service after initially accepting it, based on certain conditions being met.