What Is the Process of Abatement

question 23

Multiple Choice

What is the process of abatement?

• A) an attempt to determine the deceased's intentions when the terms of the will are unclear.
• B) a reduction of various bequests when the estate is not adequate to satisfy them completely.
• C) selling of assets included in an estate to be able to pay creditors.
• D) payment of the claims of creditors.
• E) the establishment of how the creditors will be paid.

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Definitions:

Penal Statutes

Laws enacted to punish violations serving as deterrents against the commission of crimes.

Common Law Remedies

Legal solutions or compensations available under common law systems, typically including damages, injunctions, and restitution.

Sale of Goods Act

Legislation that regulates the sale of goods, ensuring certain standards for transactions, such as the goods being as described, of satisfactory quality, and fit for purpose.

Duty Not to Injure

A legal obligation to avoid causing harm to others, typically in the context of negligence or tort law.