Explain the concept of gift giving.
What will be an ideal response?
Gifts are made to friends, family, and charities so that the monetary value of that property is removed from the donor’s estate at the time of death. In order to not pay a gift tax the value must be no more than $14,000 per person as of 2016. Married couples can effectively transfer twice the amount each year. Gifts that are eligible for the annual exemption must be gifts of a present interest. Gifts must be carefully coordinated.
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Hull, N. E., and Hoffer, P.C. (2001). Roe v. Wade: The Abortion Rights Controversy in American History. University Press of Kansas.
What will be an ideal response?
Only rights, not duties, under a contract may be assigned
Indicate whether the statement is true or false
A judgment creditor is a party that is now owed damages from the opposing party after a civil lawsuit
Indicate whether the statement is true or false
Cornelia contracted to refinish an antique dining room table for Diane for $950. After Diane made a $200 down payment, Cornelia refused to work on the table. Diane then contracted with another furniture restorer to refinish the table but for $1,500. The restoration increased the value of the table by $2,000. It will cost Diane $1,000 in attorney's fees to successfully sue Cornelia for breach of contract. If Diane does sue Cornelia for breach of contract, her net recovery would be:?
A. ?-$1,750 B. ?-$250 C. ?$ 950 D. ?$3,750