Sylvia Obtained a Full Release from the Payment of Her

question 32

Multiple Choice

Sylvia obtained a full release from the payment of her car loan when she gave the car to her friend, Victoria, who agreed to make all the remaining payments. The arrangement was acceptable to the bank that had made the loan. The bank cancelled the loan and replaced it with one in Victoria's name. This is

• A) an example of a chose in possession.
• B) an example of a chose in action.
• C) a novation.
• D) a guarantee.
• E) an equitable assignment.

Calculate and differentiate between marginal and average tax rates under various tax structures.

Identify qualifying conditions for health care insurance coverage exemptions.

Understand employer and employee responsibilities in tax reporting.

Recognize primary and secondary sources of tax authority.

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Definitions:

Condition Precedent

A condition that must be satisfied before a contract may come into effect.

Purchase Agreement

A legal document outlining the terms and conditions of a sale of property, including price and terms of payment.

Necessary Funds

are the essential monetary resources required to achieve a specific objective or to meet obligations.

Specific Performance

A legal remedy in which a court orders a party to perform a specific act, usually in accordance with a contract.