Per Capita and Per Stripes Distribution

Added on - 01 Oct 2019

  • 4


  • 1668


  • 135


  • 0


Showing pages 1 to 2 of 4 pages
QUESTION 1.Per Capita and Per Stripes DistributionTable 1- Distribution StructureAccording to the table above, Jack is survived by four living brothers, and one dead sister, whohave two surviving children. So, if the estate is to be distributed Per Stripes, then the percentagewhich the heirs of the same generation will get is one- fifth of the total estate, i.e. one fifth of$100, 000, which comes to $20,000 for each. But as the sister is dead, so her share will devolveon her two children in equal shares, and that is one tenth of the total estate. So, the share for twochildren of the sister comes to $ 10, 000 each.But, when the sister predeceases Jack, and the property if to be distributed under Per Capita, thenthe estate of Jack will be divided in equal shares, only between the four surviving brothers. So,under a Per Capita distribution, the two children of the deceased sister will receive no shares.QUESTION 2Based on the current case study, Little Billy is 16 years old and a minor, according to the[ CITATION Ind75 \l 1033 ]and[ CITATION Ind72 \l 1033 ]specifically holds a minor as anincompetent person to contract, and thus contract with a minor is ab initio void[ CITATIONMoh03 \l 1033 ]. Provided that, the contract by the minoris for necessities as laid down insection 68 of the[ CITATION Ind72 \l 1033 ]. But, in the instant facts of the case, purchase ofcomputer cannot be of any necessity like that of purchasing food to sustain life[ CITATIONNas08 \l 1033 ]. Again, there cannot be restitution of the contract as was held in case of[ CITATION RLe14 \l 1033 ], so under the present, the company, i.e. the computer store owner,Jack,sWILLDeceased1st BrotherLiving2ndBrotherLiving3rdBrotherLiving4thBrotherLivingSisterDeadSurviving1st childSurviving2nd child
can apply undersection 33 of the[ CITATION The63 \l 1033 ], after registering the contractwith the minor as void, provided that, the computer owner store must have no prior knowledgeabout the minority age of the Little Billy.QUESTION 3A.OfferB.Counter offerC.Counter offerD.AcceptanceE.Statement D is an acceptance to the offer made in Statement C, so only these twostatements have the force to turn the statements in to a valid contract. Since the offerbecomes accepted and thus can be turned in to contract. In order to be a valid contract,there are certain ingredients which need to be fulfilled. There must be an offer by thepromisor, followed by acceptance in totality by the promisee, which must beunambiguous and also communicated to the offeror was held in case of[ CITATIONBan55 \l 1033 ]and also in[ CITATION Lal13 \l 1033 ], along with a lawfulconsideration which moves from thepromisee to the promisor[ CITATION Chi82 \l1033 ]was held in case of[ CITATION New93 \l 1033 ]. But, most importantly, theconsent to contract must be free and without any fraud or undue influence ormisrepresentation, and there must be an intention to create legal relation[ CITATIONRos24 \l 1033 ].QUESTION 4A.Arthur Apple, is secondarily liable since he is a guarantor.B.Patty Pear, is primarily liable since he is the surety.C.Surety is the one who under the original contract along with the principal signs theagreement, and hence is bound by the contract just like the principal debtor. So, basicallysurety is equally liable just like the principal debtor. On the other hand, a guarantor signsonly a separate undertaking where the principal does not join. So, liability of the surety ismuch more stringent than that of the guarantor and so, the security of the guarantor iscollateral whereas the security of the surety is direct. So, if this definition is madeapplicable to the present facts of the case, then Big Bank for collecting the loan amount,must first approach Patty Pear, and only failure on their part, Arthur Apple can beapproached by the Big Bank, in the same line as was held in case of[ CITATION Amu07\l 1033 ].QUESTION 5The FICA (for Federal Insurance Contributions Act) tax is the contribution, which is made toSocial Security and also to the Medicare based on certain percentage of the salary of Lucy.So, the calculations are as follows:Social Security: 12.4% on the first $127,200 of wages= $ 15, 772. 80
You’re reading a preview

To View Complete Document

Become a Desklib Library Member.
Subscribe to our plans

Download This Document