Question

48. Asher transfers an apartment building to a trust. Asher does not maintain any right to the income nor the right to change beneficiaries or any other provision of the trust. Asher has created?

  

1. a living will.  
2. a voting trust.
3. an irrevocable trust.

49. A contract or a provision of a contract that is blatantly unfair is referred to as?

1. Lack of consideration.
2. Unconscionable.
3. Unilateral mistake.

Answer 1

48. (C) an irrevocable trust
It refers to that type of trust in which no changes can be made in terms of provisions and rules. Here, Asher does not maintain any right to change any provisions or beneficiaries without her consent. So she maintains an irrevocable trust.

49. (B) unconscionable
These are contracts that are unfair in nature. It would be favorable to one party but unfavorable to another. There would be a major difference in bargaining power among the parties.