A trust that becomes funded at the incapacity of the grantor

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Reference no: EM132243754

1. All of the following are methods to be employed in handling the affairs of an incompetent person except:

A. Oral instructions

B. A Durable Power of Attorney for Health Care

C. A Durable Power of Attorney

D. Guardianship

2. A trust that becomes funded at the incapacity of the grantor is referred to as:

A. A Power of Appointment Trust

B. A Standby Revocable Living Trust

C. A By Pass Trust

D. A QTIP Trust

E. A Crummey Invasion Trust

3. Acidic sulfates and nitrates from fossil fuel emissions

a. have been firmly connected with the loss of aquatic life in many lakes and streams, particularly in the Northeast.

b. have been firmly connected with the "Forest Death" that is ongoing in Germany.

c. always fall to the earth in the form of rain.

d. probably have little impact on human health.

e. have had an observed impact on agricultural productivity.

4. Pencils Unlimited, Inc. (“PU”), a national retailer of pencils, sends a purchase order to Pencilmakers, Inc., a national manufacturer of electronic pencils, indicating that PU will buy all of the pencils that Pencilmakers manufacturers next month.  Pencilmakers replies to the purchase order stating “we accept and will ship all pencils in 100,000 lots FOB Pencilmakers.”  Which, if any, of the following are true concerning the Pencils Unlimited-Pencilmakers relationship?

a. PU can reject non-conforming lots if they substantially impair the value of the contract

b. Title to each lot of 100,000 pencils transfers to PU upon Pencilmaker's deliver to a common carrier.

c. Pencilmakers may not enter into another contract with another retailer next month.

d. All of these are true.

e. None of these are true.

Reference no: EM132243754

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