An Ownership Interest in Property (An Estate) That Lasts Until

question 19

Multiple Choice

An ownership interest in property (an estate) that lasts until a named person or persons die is a(n)

• A) Totten trust.
• B) life estate.
• C) chose in action.
• D) inter vivos trust.

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Definitions:

Federal Law

Federal Law consists of the body of law created by the federal government of a country, governing relationships, powers, and structure of its entities and individuals.

Restatement Test

A legal principle used to clarify the law by restating existing statutes or case law in a simplified manner.

Liability for Negligence

The legal responsibility that arises when someone fails to exercise a reasonable standard of care, resulting in harm or damage.

Substantial Performance

Substantial performance is a legal principle indicating that if a party has performed enough of its contract obligations, it can demand payment or compensation, minus deductions for unfinished or incorrect work.