Assignment Overview This assignment will help you better understand what you have read about in this chapter.
Grading
This assignment is worth 50 points. Use the important information below to determine if you are meeting the objectives of the assignment for full credit.
Assignment Instructions
Step 1. Consider the following scenario. Answer the questions that follow:
Alice, Billy, and Charlie decide to purchase a commercial real estate property, which they intend to own and manage as business partners. When asked by
the seller how they want the deed conveyed to them, Alice, Billy, and Charlie tell the seller that they want to own the property as "joint tenants." The deed is
so prepared and reads as follows: 0 to Alice, Billy, and Charlie as joint tenants. After the partners have successfully operated the commercial property for 15
years, Charlie dies. Alice and Billy assume that because the deed has named them as "joint tenants they will succeed to Charlie's ownership interest in the
property. However, when Charlie's will is probated, the executor of Charlie's estate determines that Charlie's spouse and sole beneficiary under the will are
entitled to Charlie's interest in the property.
1. If Alice and Billy challenge the decision by the executor in court, will they prevail?
2 What factors should the court consider in deciding who should succeed in Charlie's interest?
3. What weight should be given to each of those factors?