Mary has a life estate and her daughter has been named remainderman. Mary leases the property to Susan for 5 years. One year later, Mary dies. Mary's daughter serves notice on Susan to vacate the property. Which of the following is correct?
a. the lease is valid for four more years because it is Susan's private property
b. the lease was valid from the beginning because the tenant did not commit waste
c. the lease was valid only during Mary's lifetime because it was one of the sticks in the bundle
d. the lease was invalid because it violates the statue of frauds
Answer: c. the lease was valid only during Mary's lifetime because it was one of the sticks in the bundle
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Justin Company invested in 100 shares of Sara Company's common stock on January 2, 2004, and classified them as Trading Securities. Justin purchased the stock for $30 a share, and paid brokerage fees of $150. On October 20, 2004, Justin sells 60 shares of Sara stock for $28 per share, and paid brokerage fees of $100. The entry to record the sale on October 20 will involve a:
A) Debit to Loss on Sale of Investments of $120 B) Credit to Investment in Trading Securities of $1,860 C) Debit to Loss on Sale of Investments of $310 D) Credit to Investment in Trading Securities of $1,580 E) Debit to Loss on Sale of Investments of $200
A small community organization takes in stray animals. Many of them are given out to foster families who take care of them until they are adopted by someone
They need a database that will track the animals, which foster families and have the animals and the adoption history of each animal. Which of the following is the best statement of scope?A) The database will use Microsoft Access on Windows 7. The main database will be kept at the reception desk and a copy will be kept on the supervisor's desk B) The animal table will contain the following columns: Animal Number, Animal Name, Animal Species, Animal breed, Date turned into the clinic, Condition. The Foster table columns will include Name, address, The date they were vetted, etc. C) The database will track each animal that is taken in. It will track all available adoptive families and which animals are being tended by each adoptive family. It will also track when each animal is adopted and by whom D) None of the above