Business Law Study Guide Questions And Correct Answers

Whom are JT's popular for? {Ans: Spouses}Can interests in a Tenancy in Common (TIC) be acquired at different times? {Ans: Yes. Can be conveyed INTER VIVOS- during the life of the tenant in common, by will or by interstate succession}What form of co-ownership interest is conveyed by a deed under the following situations, and what ownership interest is held by each person? FLG Investments and SLG Investments get together to purchase a property and agree to share profits and losses together. {Ans: Tenancy in common (FLG Investments and SLG Investments each own 50%)}Alan and his wife Liz own real property as tenants by the entirety. Liz has a judgment entered against her personally. What advice would you give Alan regarding his liability for Liz's judgment? Is the creditor able to sell the property held by Alan and Liz as tenants by the entirety? {Ans: No, the creditor is not able to sell the property held by Alan and Liz as tenants by the entirety. Many courts hold that the creditors of one spouse may not attach the property because it would adversely affect the interest of the other, nondebtor spouse. The underlying debt must be a