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Joyce's Son,Al,borrowed Money from Verity Finance

Question 52

True/False

Joyce's son,Al,borrowed money from Verity Finance.Al lost his job last month and has not made the latest payment on the debt.When Verity's collections department telephones,Joyce answers the phone.She agrees to make the payments if Al does not because she is worried about his state of mind due to his job loss.
-Sigmund has been named as executor of his father's estate.Sigmund's father was a very wealthy man who had made a lot of money in real estate and then reinvested his money in mutual funds,and other long-term investments.The finances were in a position to be quickly liquidated.Since his father's death,bills have been piling up and creditors are starting to knock on his door.Sigmund has decided that because there is no way to utilize his father's money in the near future,he will pay the debts out of his own pocket and be reimbursed later from his father's estate.Sigmund is allowed to do this,but must clearly state the intention in writing as outlined in the Statute of Frauds.

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