Question

TRUE / FALSE.

1. In order to be used in the disposition of property, both trusts and wills must be probated.
2. A Totten Trust (POD account) transfers funds outside of probate.
3. In a contract, behavior can modify the terms of a written contract.
4. Inherited wealth will not be taxed as income if it is less than the estate tax exemptions.
5. In the division of community property in a California divorce, each party will get ½ of the total assets of the parties regardless of whether or not the assets were acquired before, during, or after marriage.
6. A prenuptial agreement is to family law as a will is to probate law.
7. Promissory estoppel is at least a partial remedy for potential damages flowing from detrimental reliance.
8. Without intent, a crime is reduced to a civil wrong.
9. A unilateral "contract becomes formally finding only upon fulfillment of the requested act by the offeree.

Answer 1

FALSE. Trusts can avoid probate, while wills go through probate.

TRUE. Totten Trusts (POD accounts) transfer funds outside of probate.

TRUE. Behavior can modify the terms of a written contract through an implied amendment.

TRUE. Inherited wealth is generally not taxed as income if it is below the estate tax exemption threshold.

FALSE. Community property in a California divorce is divided equally, but not necessarily 50/50. Factors such as earning capacity and contributions to the marriage may be considered.

TRUE. A prenuptial agreement is a contract that can determine the distribution of property in case of a divorce, similar to how a will determines the distribution of property after death.

TRUE. Promissory estoppel can be used as a remedy for damages resulting from detrimental reliance on a promise.

TRUE. Intent is a necessary element for a crime.

TRUE. A unilateral contract becomes binding only upon the completion of the requested act by the offeree.

Step-by-step explanation: