When an additional partner is admitted to a partnership by contribution of assets to the partnership
A) the total assets of the partnership do not change
B) no liabilities can be contributed at the same time
C) the amount of the cash contribution is the same as the amount of the debit to the new partner's capital account
D) the total of the owner's equity accounts increases
D
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A fee simple owner has the right to exclusively possess and use his or her property to the extent that the owner has not transferred any interest in the property
Indicate whether the statement is true or false
An MRP system cannot answer the question:
A) "how much?" B) "when?" C) "what?" D) "why?"
Answer the following: a. What are the two types of fraud and what is the effect of each on the contract involved? b. Give an example of each type of fraud. c. What elements need to be proved to establish each type of fraud?
Joan and Jan Brewer own their home as joint tenants with ROS. Jan borrowed $375,000 from First Thrift Trust. First Thrift Trust took a mortgage on the property owned by Jan and Joan. Joan was unaware of the mortgage and did not sign any paperwork for the mortgage. Jan has died without paying off the First Thrift Trust loan. Which of the following statements is correct?
A) First Thrift Trust can foreclose on the mortgage on the property. B) Joan is personally liable for the First Thrift Trust loan. C) The property is not subject to the First Thrift Trust mortgage. D) Joan and First Thrift Trust own the property as co-tenants.