Hamid Zahir

Business Law
Chapter 38 Test
9/14/2014
1. The difference etween a testat!r and intestate is that a testat!r has a wi"" made
!ut# whi"e an intestate has died with!ut creatin$ a %a"id wi"".
2. The f!rma" e"ements !f a wi"" c!nsist !f &1' the testat!r must e !f "e$a" a$e and
s!und mind &2' the wi"" must e in writin$ &3' a f!rma" &n!nh!"!$raphic' must e
si$ned ( the testat!r &4' a f!rma" &n!nh!"!$raphic' must e witnessed and
c!nfirmed t! e authentic ( tw! pe!p"e &)' s!metimes a wi"" must e pu"ished
( the testat!r# !ra""( dec"arin$ t! the witnesses that the d!cument the( are a!ut
t! si$n is his !r her wi"".
3. T! pr!ate a wi"" is t! esta"ish and c!nfirm its "e$a"it( and %a"idit(# and a"s! t!
carr( the administrati!n !f the estate thr!u$h a c!urt pr!cess.
4. *n e+ecut!r is a pers!n wh! is ch!sen ( a testat!r t! super%ise and carr( !ut the
testat!r,s wi"".
). *n administrat!r is a pers!n that is ch!sen ( a c!urt ecause there is n! testat!r
&wi""'- he/she is t! hand"e the pr!ate in p"ace !f the wi"".
.. T! "e$a""( chan$e a wi"" the testat!r can simp"( write a c!dici" &a separate f!rma"
d!cument amendin$ !r re%!/in$ the e+istin$ wi"" that re0uires a"" the same
f!rma"ities as a re$u"ar wi""'. 1h(sica" acts such as tearin$ !r de"ierate"(
destr!(in$ part !r a"" !f a wi""# a new wi""# marria$e# di%!rce !r annu"ment# and
the irth !f a chi"d after a wi"" has een written can a"" chan$e a wi"".
2. The e"ements !f a trust are &1' a eneficiar( &2' a trustee &3' a fund sufficient"(
identified t! ena"e !wnership t! pass t! the trustee &4' de"i%er( t! the trustee with
intensi!n !f passin$ !wnership.
8. The eneficiaries are immediate"( entit"ed t! recei%e their share under a trust
un"ess it is a testamentar( trust in which case n!thin$ ta/es effect unti" the
testat!r,s death.
9. * h!"!$raphic wi"" is a testat!r,s wi"" that is in the testat!r,s handwritin$ ut
in%a"id ecause it is n!t !fficia""( witnessed.
10. Contract: * set !f assurances f!rmin$ an a$reement etween $r!ups !f pe!p"e
that states certain 3!s f!r each $r!up and if !ne part( can as/ f!r dama$es if a 3!
is n!t c!mp"eted. ei. 4! 5ac/s!n# a asea"" her!# p"a(s asea"" f!r the 6!(a"s.
The 7wner te""s him if he p"a(s f!r them f!r an!ther tw! seas!ns and sh!ws up t!
9)8 !f the practices# 4! wi"" $et 40 mi""i!n d!""ars. 4! a$rees t! this !ffer and
sha/es the !wners hand.