Mary Young Has a Checking Account in Her Name and a Joint

question 10

True/False

Mary Young has a checking account in her name and a joint savings account with her husband at her bank.The maximum amount of deposit insurance she has is $100,000.

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Definitions:

Operation of Law

Changes in rights, duties, or obligations automatically enforced by the legal system without the need for action by the parties involved.

Condition Precedent

A condition in a contract that must be met before a party's promise becomes absolute.

Avoidable

Capable of being prevented or circumvented through careful action or strategic planning.

Collateral Agreement

An agreement that has its own consideration, but supports another agreement.