To properly handle the orderly transfer of business ownership at death, it is necessary to have:
A) an unfunded buy-and-sell agreement
B) a life insurance contract to fund the purchase and a buy-and-sell agreement
C) a verbal understanding of the valuation method
D) a verbal commitment of the heirs to sell the business
B
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Indicate whether the statement is true or false
Which of the following statements is true about the Supremacy Clause of the U.S. Constitution?
A) A particular federal statute cannot exclusively regulate a specific area or activity. B) Any state or local law that "directly and substantially" conflicts with valid federal law is preempted. C) A particular federal statute can expressly provide for exclusive jurisdiction. D) Any state or local law that "directly and substantially" conflicts with valid federal law is held valid until such a time that the relevance of the federal law is tested and held in harmony with the cultural diversity in the state.