A Lapsed Legacy Will Occur If the Testator Predeceases the Legatee

question 27

True/False

A lapsed legacy will occur if the testator predeceases the legatee.

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Definitions:

Construction Company

A business entity engaged in the building of structures, infrastructure, and other large-scale projects.

Intermediate Good

A product used to produce a final good or finished product.

Gross Domestic Product

The total market value of all final goods and services produced within a country in a given period of time, typically annually.

Inventories

Raw materials, work-in-progress goods, and completely finished products that companies hold to facilitate business operations.