In 2010, after surviving a heart attack, Arthur executed a valid will in which he left his entire estate to the Heart Fund. In 2014, Arthur was declared incompetent and was committed to an institution. At his death in 2017, his son, Brian, who was his sole survivor, contested the will claiming that Arthur was obviously incompetent. Will Brian prevail with this argument? Explain
No, Brian will not be likely to prevail if the evidence reveals that Arthur had testamentary capacity at the time he made the will. The fact that Arthur subsequently became incompetent would not affect the will.
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Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the issuance of materials to production is:
A. Debit Raw Materials Inventory $195,000; credit Accounts Payable $195,000. B. Debit Work in Process Inventory $195,000; credit Raw Materials Inventory $195,000. C. Debit Raw Materials Inventory $195,000; credit Work in Process Inventory $195,000. D. Debit Finished Goods Inventory $195,000; credit Raw Materials Inventory $195,000. E. Debit Work in Process Inventory $165,000; debit Factory Overhead $30,000; credit Raw Materials Inventory $195,000.
John is an AutoCAD designer with MotoCorp Ltd. He reports to the research and development manager as well as the operations manager of his company. He often receives conflicting directions from both these departments, which severely impact his productivity as he must redo machine designs every time. Which of the following is violated in this scenario?
A. Unity of command B. Chain of command C. Parity principle D. Controlling principle
A firm has a profit margin of 15 percent on sales of $20,000,000. If the firm has a debt of $7,500,000, total assets of $22,500,000, and an interest cost on a total debt of 5 percent, what is the firm's return on total assets (ROA)? (Round answer to two decimal places.)
A. 8.47% B. 10.94% C. 12.02% D. 13.33% E. 15.18%
Amy Stouffer had a valid holographic will dated October 9, 1987 and then decided to execute a formal will. The formal will was executed on May 5, 1991 and changed substantially the provisions of the holographic will. When Amy died, relatives found both wills. Which will is the proper one to probate?