A Terminable Interest Is One That Ceases Upon the Passage

question 90

True/False

A terminable interest is one that ceases upon the passage of time or the occurrence of some event.

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Definitions:

Breach of Contract

The failure to perform as specified in a contract without a legitimate legal excuse.

RLLP

A Registered Limited Liability Partnership, a form of partnership that offers some partners limited liability regarding the partnership's debts and obligations.

Collateralize

The act of using an asset as security for a loan, ensuring the lender can seize the asset if the borrower defaults.

UPA

Uniform Partnership Act, a standardized set of laws to regulate the formation and management of partnerships in the United States.