Quentin wants to give Rowena a pearl necklace that he has in his safe de-posit box at Security Bank. The bank is closed for a holiday. Quentin gives Rowena a key to the box and tells her to go to the bank after the holi¬day and take the necklace. Rowena does this. The next day, Quentin dies unex-pectedly. His heirs want the necklace. What type of gift was this? Can Rowena keep the necklace?
Yes, Rowena can keep the necklace. It was a gift inter vivos—a gift made during the donor's lifetime. (If the donor had presented the gift in expectation of his imminent death, it would have been a gift causa mortis. The donor died, but the death was unexpected.) The gift met all of the requirements for a valid gift: donative intent on the part of the donor, delivery, and ac¬ceptance by the donee. The necklace could not be physically de¬livered, be¬cause the bank was closed. Delivery of the key to the box was construc¬tive delivery of the necklace. The recipient of the gift is thus entitled to keep it.
You might also like to view...
As a new manager of a production division, you have made the decision to incur more quality costs than the previous manager of the division incurred. How can you defend quality costs to executive management?
Most reports are ?led for future reference
Indicate whether this statement is true or false.
If a bond is callable and if interest rates in the economy decline, then the company can sell a new issue of low-interest-rate bonds and use the proceeds to "call" the old bonds in and effectively refinance its debt at a lower rate.
Answer the following statement true (T) or false (F)
The capacity available with no regard for downtime, utilization and efficiency is:
A) measured capacity. B) finite capacity. C) theoretical capacity. D) available time.