The Terms of a Will Currently Undergoing Probate Are: "A

question 78

Multiple Choice

The terms of a will currently undergoing probate are: "A gift to my brother David of $25,000 cash; to my son James, $50,000 from my savings account; and to my Daughter Lila, all of my remaining property." At the time of death, the balance in the savings account was $40,000, and there was additional cash (after payment of funeral expenses and all claims against the estate) of $70,000.
The gift to James is a

• A) general legacy.
• B) specific legacy.
• C) demonstrative legacy.
• D) residual legacy.
• E) devise.

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Definitions:

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing and able to sell, typically sloping upward.

Cotton Crop

Cotton crop refers to the cultivation of cotton plants for the harvesting of cotton fibers, which are used in the textile industry.

Pesticides Resistant

The ability of pests to withstand or overcome the effects of pesticides due to genetic mutations or adaptations, leading to a decrease in the effectiveness of the pesticides.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where the quantity supplied equals the quantity demanded.