Jamie Acquired a Block of Land in Fee Simple Under

question 93

True/False

Jamie acquired a block of land in fee simple under a crown patent.He divided the block into two parcels: Whiteacre and Blackacre.He kept Whiteacre,but granted Blackacre to Victoria for life,then to Tina.Jamie died possessed of Whiteacre,leaving the land to Patti.
-Tina is called a remainderman.

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Definitions:

Inheritance

Inheritance involves the passing of assets, properties, and debts from the deceased to their heirs or beneficiaries.

Command Economy

An economic system where the government controls all major aspects of production, investment, and distribution.

Laissez-Faire

An economic theory from the 18th century that is strongly against the government interfering in the marketplace.

Invisible-Hand

A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individual self-interest inadvertently benefits society at large.