A Person's Explanation to the Police That Last Year He/she

question 32

True/False

A person's explanation to the police that last year he/she stole money while under extreme duress is admissible under the Mental or Physical State Exception to the Hearsay Rule.

---

Definitions:

Fair Value

The estimated market price of an asset or liability, reflecting the amount for which it could be exchanged in an arm's length transaction.

Goodwill

An intangible asset that arises when a business is acquired for more than the fair value of its net identifiable assets, representing the premium paid for the company's reputation, customer base, or brand identity.

Separate Incorporation

A legal entity distinct from its shareholders or owners, recognized as such by law and capable of rights, privileges, and liabilities.