Per Capita and Per Stripes Distribution
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Added on 2019-10-01
Per Capita and Per Stripes Distribution
Added on 2019-10-01
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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, who have two surviving children. So, if the estate is to be distributed Per Stripes, then the percentage which 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 devolve on her two children in equal shares, and that is one tenth of the total estate. So, the share for two children 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 an incompetent person to contract, and thus contract with a minor is ab initio void [ CITATION Moh03 \l 1033 ]. Provided that, the contract by the minor is for necessities as laid down in section 68 of the [ CITATION Ind72 \l 1033 ]. But, in the instant facts of the case, purchase of computer cannot be of any necessity like that of purchasing food to sustain life[ CITATION Nas08 \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,s WILLDeceased1st BrotherLiving2nd BrotherLiving3rd BrotherLiving4th BrotherLivingSisterDeadSurviving 1st childSurviving 2nd child
can apply under section 33 of the [ CITATION The63 \l 1033 ], after registering the contract with the minor as void, provided that, the computer owner store must have no prior knowledge about 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 two statements have the force to turn the statements in to a valid contract. Since the offer becomes 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 the promisor, followed by acceptance in totality by the promisee, which must be unambiguous and also communicated to the offeror was held in case of [ CITATION Ban55 \l 1033 ] and also in [ CITATION Lal13 \l 1033 ], along with a lawful consideration which moves from the promisee to the promisor [ CITATION Chi82 \l 1033 ] was held in case of [ CITATION New93 \l 1033 ]. But, most importantly, the consent to contract must be free and without any fraud or undue influence or misrepresentation, and there must be an intention to create legal relation [ CITATION Ros24 \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 the agreement, and hence is bound by the contract just like the principal debtor. So, basically surety is equally liable just like the principal debtor. On the other hand, a guarantor signs only a separate undertaking where the principal does not join. So, liability of the surety is much more stringent than that of the guarantor and so, the security of the guarantor is collateral whereas the security of the surety is direct. So, if this definition is made applicable 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 be approached 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 to Social 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
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