Mrs. Smith held a life estate in a single-family residence. The estate was based upon her own life. She leased the residence to Mr. Jones for a five-year period, but died a few weeks after the lease began. The lease was:

A: Invalid on its face, because the holder of a life estate does not have the right to lease the property;
B: Valid for the remaining term of the lease;
C: Valid only during the life of the lessor;
D: Valid only if Mr. Jones was unaware of the life estate when the lease was created.

Answer: C: Valid only during the life of the lessor;

Business

You might also like to view...

Howard Consumer Products has a small car division that operates as a profit center

Below is a partially completed responsibility report for the first quarter. Complete the responsibility report. (Round percentages to one decimal place.) Howard Consumer Products Responsibility Report Product Type Actual Results Flexible Budget Flexible Budget Variance (F or U) Sales Volume Variance Sales Revenue $688,200 $700,000 Variable Expense 309,000 320,000 Contribution Margin Traceable Fixed Expense 371,000 369,000 Divisional Segment Margin What will be an ideal response

Business

Dormentor, Inc produces converts and markets packaging products including boxboard, container board, and numerous other specialty packaging products. In an attempt to increase its organic growth, the company decides to introduce new products

It asks the managers and employees to send in ideas for new products. Before launching products based on any of these ideas, what are the stages that the company has to go through?

Business