Explain why the advice of independent counsel is so important for the purpose of reviewing a premarital agreement
What will be an ideal response?
The principle of conflict of interest demonstrates that no attorney can ethically draft an agreement by representing both parties equally. In a zero-sum calculation, such as division of property, each party should have a lawyer examine the document to determine both the legality and the fairness from each party’s perspective. [5/50]
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A limited liability partnership (LLP) can exist without having a general partner
Indicate whether the statement is true or false
The effective date of an owner’s title insurance policy should be the
A. date the deed was signed. B. date of recording of the deed. C. date of title examination. D. date of title commitment.
A person is officially “under arrest” when
a. he or she believes that he or she is under arrest. b. the officer believes that he or she is under arrest. c. a reasonable person would believe that he or she is under arrest. d. a judge declares that an arrest has been made.
Right of survivorship is unique because upon the death of one of the joint tenants, the other joint tenants:
a. Immediately own that joint tenant’s interest in the property b. Have for file a court claim to that property c. Have to allow for a relative of the deceased to claim that property d. Requires that all remaining tenants sell the property